Will hybrid cars hold their value?
- This topic has 1 reply, 2 voices, and was last updated 1 year, 5 months ago by Couldabeen.
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6 July 2023 at 3:23 pm #1805529Claire HallidayModerator
You might have thought you were doing the right thing by the environment when you chose a hybrid but the news is that hybrid cars may not be doing the right thing by you.
That’s because the age of the plug-in hybrid electric vehicle (PHEV) that can charge from a power point and fill up at the service station is coming to a close.
And for Australian who invested in the vehicles, I wonder what that means for resale value?
The plug-in hybrids dominated EV sales not too long ago.
Now?
Interest in the vehicles sits at around 6 per cent of the total EV sales after a series of studies has revealed they are not as clean and green as we were led to believe.According to the latest motoring industry sales figures,EVs accounted for just under 10 per cent of news car sales in June this year (up from 1.7 per cent for same time in 2022).
But hybrids? They are declining as people choose fully battery electric vehicles (BEVs).
What that means for current owners may not be so positive…but could mean some bargain-hunting for buyers who don’t mind taking on a car that is less than popular as Australia continues to navigate this evolving EV market.Do you own a hybrid? Has it been a positive experience? Are you planning on buying an fully electric EV next? Share your experiences in the comments.
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12 July 2023 at 5:19 pm #1806056CouldabeenParticipant
You’ve only referred to the Plug In Hybrids. The PHEV is the worst of both worlds, when the only PHEV that gives a battery range greater than 100km has a listed price of >$149,000, it isn’t exactly a mass market car.
The general battery ranges of the PHEVs seems to be between 50 and 60 km and whilst suitable for around town, certainly no benefit in any way if you wish to visit someone more than 60 km away and the return will all be done under the ICE under the bonnet.
When this reality comes home, the PHEV will only be a vehicle to side step the ban on the sales of pure ICE vehicles that are being introduced in some jurisdictions .
The hybrid is a viable alternative for many people as it gives enhanced performance over the ICE version of that model, but often at an extra cost of over $10,000 in many cases. That $10,000 buys a lot of diesel or petrol travel. The claims of better economy with a hybrid over the ICE version will usually only be met in metropolitan use and remain very similar in highway travel.
If value of money is of concern, the PHEVs are best avoided and stay with the ICE for thousands less in all models (with a much greater range of cars to chose from). One of the least expensive PHEVs has their ICE version and more than $10,000 less so one wonders why would someone waste their money in this manner.
At this point in the market, the novelty remains, but as there are still concerns about battery life, their value on the second hand market when they are two to three years old remains to be seen,
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