Sparks wrote: ↑Wed Jul 10, 2024 11:12 pm
Smartguy67 wrote: ↑Wed Jul 10, 2024 8:15 pm
Good luck to Ford selling their UK stock of EV's. Hasn't anyone told them most people don't want them. Our government have pulled all the incentives now and EV owners will be paying VED from next year. Benefit in Kind tax is rising too. Not sure if the £40k threshold for VED will affect EV's.
The only way Ford are going to sell these to the masses is make them cheap enough. They may just be that second hand.
0-60 times are good though.
Problem is the manufacturers are committed, spending billions on new factories and facing £15,000 per car fines for each ICE car over the target.
The prices are starting to come down, especially on the Chinese ones, agreed not fast enough, but it will speed up as volumes increase.
I'm thinking the UK will become like Cuba in the future, keeping ICE cars going through back street mechanics for decades...
There could be some opportunities I think for some small engineering companies or large ones for that matter to manufacture engine components for ICE's for many years to come. There is a massive reluctance for people in the UK to move to an EV, same in Germany as well I believe. In Norway you save the VAT. That's a massive saving. What do we get here....zilch.
The manufacturers will be able to sell all or most new vehicles each year, about 1.5m to 2m cars a year. 60% of those sales are business users. The remaining 40% are like you and I. Not sure what % are motability customers. The average age of the car in the UK is 8.6 years old. Based on the average age, how many people will want to own or buy an EV at over 8 years old. I would guess the 1, 2 and 3 year old EV's may sell ok as they will be cheap but that will have a knock on effect of new PCP deals as the depreciation loss needs to be captured within the term. That will put a lot of the 40% of private buyers off.
In my opinion the only reason most people will look at an EV is if it becomes so expensive to run an ICE.
The government won't care about cost to the consumer. Thresholds haven't risen with inflation yet others things have like VED for instance. Cars have gone up by up to 25% in the last 5 years and obviously the 20% vat content has risen with that. Have a look at the statistics for how much the government has earned in VAT due to the high cost, £40b more now than in 2019/20, that's billions not millions. They say they have no money. WTF are they doing with it. Paying for the pandemic yes, but plenty of opportunities to increase thresholds prior to 2020.
https://www.statista.com/statistics/284 ... eipts-vat/
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