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hello it's Martin and I thought I would
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share my opinions on the current Porsche
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Dayan situation because yes they are
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lovely vehicles in many aspects but they
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are most famous or at this point rather
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Infamous for the heavy depreciation they
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suffer big disclaimer before I proceed
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the reason why I think I can share my
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thoughts and they are of somewhat
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relevance is because I work for an
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independent used electric car dealer in
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London but my boss does not get to see
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this video before it goes out and I have
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no stake in the business so
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realistically it is what it is I thought
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I would just comment on the situation to
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understand how we got into this mess we
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need to rewind all the way back to 2015
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when Porsche first announced their
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thoughts on electrification with the
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mission e concept which was the
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predecessor for the takan and it really
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took the car World by storm because this
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normally regarded traditional
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manufacturer with a very rich history in
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combustion engines has committed to
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electrifying most of their Fleet
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especially with the focus on the mass
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Market models yet despite those facts
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the enthusiasts loved What Porsche came
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up with number one the car looked
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amazing it had the looks of a Porsche
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and the company promised that it would
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have the character and the feel of a
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Porsche as well on the electric side of
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things Porsche was really pushing the
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boundaries it was the first vision of a
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car to be announced with an 800 volt
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battery architecture which is basically
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double the voltage of any other car like
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Teslas which were on the market at that
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time the goal of all of this technology
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was to deliver extremely fast charging
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supporting up to 350 KW of peak power
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being able to recharge 80% of the
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battery in under 20 minutes and also for
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repeatable performance unlike some
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electric cars which would overheat after
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a couple of launches force was really
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targeting consistent truck performance
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and to be fair to them they pretty much
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delivered in 2019 some of the specs had
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to be slightly compromised to get the
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vehicle onto the market the peak
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charging performance was just under 300
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Kow but still super impressive and it
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really became the Benchmark in the
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segment and most importantly people
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actually loved it and not just on paper
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the order books started filling in not
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even a year later 2020 rolls around and
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we all know how that went with the covid
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pandemic this created a very interesting
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situation in the car market initially
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people were a little bit skeptical
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cutting back on expenses because the
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world was in a very uncertain state but
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as everything started returning somewhat
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back to normal people really started
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getting back into using cars instead of
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public transport for example to stay
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safe and isolated from everyone else on
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top of that we had various government
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support schemes to keep businesses
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afloat so there was a lot of kind of
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free covid money flowing about and lots
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of directors decided that they would
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treat themselves to an electric car
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because it also came with a lot of other
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tax benefits however on the supply end
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the story was completely different
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Porsche was struggling to make enough
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take accounts because there was the
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semiconductor shortage caused by just a
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few of the world's biggest factories for
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computer chips being shut down during
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the worst waves of Co but it was enough
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to trip up the supply for basically
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every piece of consumer electronics in
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the world you can imagine and to further
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exacerbate the problem in 2021 in the UK
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we were hit by the fuel shortages it's a
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very complicated reason why did happen
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there were multiple factors we've got
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the geopolitical situation in Ukraine
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Brewing up we had a shortage of delivery
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drivers to deliver fuel to petrol
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stations Etc so naturally the prices of
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petrol and Diesel at the pump are
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continuing to go up further
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incentivizing people to jump into
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electric especially if they want to keep
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on driving this really is economics 101
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you've got low Supply yet increasingly
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high demand so electric car sales are
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doing great Porsche is loving it but
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Porsche customers don't find this too
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shocking with some high-end models of
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Porsches it's quite normal that you put
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your name down on a waiting list and it
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may take a year or two for you to
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actually receive that car but naturally
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this means that it's slowly creeping the
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prices up and despite the takon being
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meant as more of a mass market car
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compared to something like your exotic
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versions of the 9911 it still means that
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you stons and quite honestly most EVS in
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general were going on the market for
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over list price ultimately the proof is
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in the numbers and in 2021 the take can
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officially outsold dead iconic 911 so
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everything was going great for Porsche
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and it seemed like this electrification
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strategy was working
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perfectly however everything starts to
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change in 2022 and 2023 after the
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initial waves of covid and the lockdowns
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everything is starting to return back to
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normal and that includes the supply of
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computer chips and eventually that kind
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of surge of demand which was there in
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2021 gets caught up with and we are back
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to being in balance with supply versus
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demand
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of course this isn't just the case for
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Porsche but for most car manufacturers
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and electronics manufacturers so people
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suddenly have a lot more Choice when
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they are shopping around for their next
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vehicle next up electricity became
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expensive do you remember how I
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mentioned that in 2021 there were the
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fuel shortages well this also affected
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natural gas but the way it works in the
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UK is that the electricity prices are
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dictated by gas pric prices to a large
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extent and that's because even though a
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significant portion of our grid is now
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run by Renewables gas is still used
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primarily to balance the grid and hence
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has a strong impact on the final price
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per kilowatt hour however because of the
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wholesale rates and how the businesses
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work on the back end and how everything
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gets passed onto the customer but with
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multiple steps in between there is a
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monthlong delay between the wholesale
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prices of fossil fu fuels and when that
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translates into increased or decreased
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electricity prices so fossil fuels or
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petrol diesel natural gas used to be
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expensive electricity was cheap
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everybody flued to EVS but suddenly the
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price of fossil fuels stabilized it
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started coming down but that Peak was
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now starting to manifest itself in 20122
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and 2023 in the price of electricity
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skyrocketing as a imagine if the cost of
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how much you pay for electricity has
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doubled in the recent months you are not
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exactly going to be Keen to run out and
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buy an electric car especially now that
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the price of petrol and Diesel have
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dropped and for the people who already
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had the electric cars and especially the
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tons and wanted to get all over the
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country they were stuck with another
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problem which was the lacking
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infrastructure there was meant to be a
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lot of expansion happening throughout
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2021 2022 but just like the supply
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shortages affected Vehicles it also
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affected the charging equipment
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manufacturers which means that charging
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providers here in the UK had plans to
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install the Chargers but there was
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nothing to install and likewise there
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was a lot of planning application and
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admin processes which were meant to be
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complete but many people were now
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working from home which obviously took
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the government completely by surprise
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and we were not ready for it so
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everything got massively delayed
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which what I'm trying to say meant that
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people really had to put up with
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inadequate infrastructure so if you had
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to travel up and down the country you
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had no choice but to share the very few
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Chargers which were operational between
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the influx of EV drivers who were now on
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the road because electricity was cheap
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and actually available to get you places
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in 2021 as I mentioned this more or less
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affected all electric cars but you have
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to keep in mind the take on specifically
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is a high performance luxury Saloon and
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all of those things in the UK Market are
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kind of wrong not that many people can
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afford luxury cars especially ones which
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are high performance because that by and
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large translates to expensive servicing
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and Skyhigh Insurance prices and it's a
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saloon which has historically been a
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shrinking segment especially in the last
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decade this means that as they are
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starting to trickle onto the used Market
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there's not much appetite and keep in
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mind it's a first generation Porsche
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electric car and I wouldn't even focus
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on the electric bit a first generation
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of any brand new platform will have its
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problems and the take can especially in
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the early days there were quite a few
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recalls a lot of them software based but
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it just showed that the product wasn't
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quite fully baked and ready for Mass
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markets so what's the result used car
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market which is not necessarily full of
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undesirable cars but cars which are
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unsuitable for most buyers in Market but
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let's Zoom back out and let's compare
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the situation with Tesla because like
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the brand or not they are a massive
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player and basically Benchmark in the EV
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game and as you probably know Tesla does
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most things a little bit differently to
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most manufacturers they have been
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steadily increasing the list price of
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their vehicles during the years when
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everything was going great but then as
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everything came to a stop Tesla took the
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radical action to slash thousands of
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pounds off of their price
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basically overnight without any prayer
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announcements as you can imagine this
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caused a lot of uproar but again it goes
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back to the basics of supply and demand
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and with Tesla not relying on dealers to
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kind of negotiate prices with the End
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customer they had to do this on their
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end centrally it very much was a method
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of ripping the Band-Aid off instantly
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and as you can imagine many owners who
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bought the vehicles the day before at
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the almost 10,000 pounds higher price
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we're not exactly delighted but you have
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to keep in mind who buys vehicles in
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which way in the UK if you're paying out
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right the chances are you're planning to
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keep the car long term and while
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obviously it's nice to save the
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significant thousands of pounds if you
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measure the difference per year over a
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lifespan of 10 years for example it
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doesn't make that much of a difference
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the people who were actually mostly
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upset were the finance companies because
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suddenly if you were on a 2 three four
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year PCP or on a fixed term lease it
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meant that the residual value of the
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vehicle was suddenly much much lower and
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that really manifests itself in these
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shorter term agreements either way we
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can have an endless discussion about
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whether this is moral and the correct
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thing to do from the company's
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perspective but in the end it worked as
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you probably know no public publicity is
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bad publicity and these massive price
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Cuts got the word out there onto the
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cover page of pretty much every single
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newspaper which worked as free
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advertising and people who really wanted
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to get into EVS for various other
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reasons whether that be tax reasons
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environmental reasons or they simply
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wanted the latest and greatest in the
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world of Car Technology but couldn't the
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four one before suddenly had the
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opportunity to get their hands on one
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brand new one for much cheaper than
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before so that was fantastic news and it
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really stimulated demand and it meant
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that there was no dip in sales I do
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appreciate while we are still not
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talking about a truly Mass Market
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affordable car they were within the
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means of most middle class families who
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would be otherwise buying for BMWs
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Mercedes or Audi products so unlike the
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high-end Porche Stans definitely
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attainable for a large portion of the UK
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population who would be buying a new
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vehicle anyway Porche took a very
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different view on the matter because
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they really got stuck between a rock and
00:12:35
a hard place as I mentioned earlier they
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had this massive electrification
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strategy to move most of their
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mainstream lineup into electric power
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within basically the next couple of
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years and remember how I mentioned in
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the beginning of the video that they
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take on outsold the iconic 911 that may
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sound like fantastic news and it really
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is a big achievement for a car
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Enthusiast brand to do so well with an
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electric model but these days even
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though you may think of Porsche as a
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sports car brand they really are not
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that's the minority of Porsche sales the
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majority are two models which were ahead
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of the takon and that's the mean and the
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Ken so realistically Porsche these days
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is an SUV company so there was a lot
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riding on the success of this Maan which
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meant that Porsche was slowly setting up
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to reposition the takon as the high end
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luxury technology Flagship whereas Maan
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would be the more affordable Mouse
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Market model which would slot directly
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underneath it which unfortunately in the
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short term meant that a car which wasn't
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particularly popular was
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counterintuitively getting slow but
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consistent price increases to be fair it
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worked the mechan is now live fully
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announced and you can place an order for
00:13:53
one in fact I done a detailed video
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going over the configurator and if
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you're in the market for one which
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options I would recommend picking for
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the best overall experience without
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going completely crazy with the price as
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you know with most German cars there's
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plenty of options to choose from I will
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leave that link in the top right hand
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corner if you want to learn more about
00:14:12
it but it's now a very suitable option
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for the people who are actually in the
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market for an electric Porsche there's
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also the new takon facelift which
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addresses most of the criticisms namely
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poor efficiency resulting in poor range
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of the first generation model but for
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most people that's not enough because
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it's the mean which really starts
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selling in high numbers we are at that
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point where deliveries are about to
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start happening but the order books are
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full according to Porsche and the demand
00:14:44
has been really really strong not
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surprising as I mentioned the mecan
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petrol and diesels were very good
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selling vehicles for their segment and
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price point and the mechan electric is
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no different and even if you forget
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about about the ice versions these means
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are just a better car compared to the
00:15:04
takan for the vast majority of people
00:15:07
who are in the market for a Porsche they
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offer a bigger battery than the standard
00:15:13
takan which results in more range they
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come with the all-wheel drive system as
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standard unlike the first generation
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take on they are very well equipped and
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they happen to be cheaper so there
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really is not much of a reason to go for
00:15:26
the takon unless you want the sportiest
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or the most technologically advanced
00:15:31
model in Porsches lineup however let's
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be honest most people are not buying
00:15:35
these cars because of those reasons it's
00:15:38
literally just a very tax efficient way
00:15:42
to get a nice premium luxurious vehicle
00:15:45
especially if you own a business while
00:15:47
being reasonably cheap to run on the
00:15:49
fuel and service side of things
00:15:51
naturally this pushes use take on prices
00:15:54
really really low and the depreciation
00:15:56
looks terrible in theory but before jump
00:15:59
into the conclusion about Porsche let's
00:16:01
look at other electric cars because they
00:16:03
didn't have it easy but they didn't
00:16:05
appreciate quite as badly as these tans
00:16:08
in my eyes as I mentioned multiple times
00:16:11
in the last few minutes it all comes
00:16:13
down to the suitability of the vehicle
00:16:15
for the market yes the takan looks
00:16:18
amazing but it's not what people are
00:16:20
shopping for because yes even though the
00:16:22
Teslas and the scod encs and Nissan Aras
00:16:26
have dropped in value people people are
00:16:29
after these versatile family sized SUV
00:16:33
crossover things as long as they can do
00:16:36
decent range of 200 plus miles on a
00:16:38
charge which most of them can and of
00:16:40
course Teslas especially had the added
00:16:42
benefit of the quite reliable and
00:16:44
already well-built out supercharger
00:16:46
Network so it was unaffected by the slow
00:16:48
roll out of the public charging
00:16:50
infrastructure that doesn't mean that
00:16:52
depreciation wasn't the thing for other
00:16:53
EVS there was a huge price adjustment
00:16:56
but what it feels like to me is that
00:16:57
there was that price adjustment and now
00:16:59
we are back to normal where yes electric
00:17:02
cars depreciate but that's just like
00:17:05
what they used to be for any car before
00:17:07
the pandemic of course you would know
00:17:09
that if you drive off any new car of the
00:17:12
lot it loses a significant chunk of its
00:17:15
value right there and then and the
00:17:18
depreciation gets a little bit more
00:17:20
stable as the years go on but now it's
00:17:23
more important than ever to realize that
00:17:24
L price does not mean anything with
00:17:28
Tesla the prices are fixed but even then
00:17:30
you have got the option of buying new
00:17:33
inventory cars and there you can see
00:17:36
that Tesla is starting to do price
00:17:38
adjustments like what we are used to
00:17:40
seeing from normal car dealer groups so
00:17:43
what realistically matters is the price
00:17:45
you pay for the car versus what is going
00:17:47
to be worth in a few years time rather
00:17:49
than the lovely High MSRP which nobody
00:17:52
is buying these cars at to illustrate
00:17:54
the situation with some numbers let me
00:17:56
actually get my iPad and we can look
00:17:58
look at the most popular used buying
00:18:01
site in the UK which is auto trader
00:18:03
everybody uses it and it's a very good
00:18:05
indicator of what is actually available
00:18:08
in the market and wisely Automotive we
00:18:11
sell a lot of BMW i3s we absolutely love
00:18:14
them and even though that car is
00:18:16
discontinued now if we filter just for
00:18:18
the full electric ones there is 533 of
00:18:22
them available in total to put it into
00:18:25
context with the afor mentioned takon if
00:18:28
we go into Porsche and filter the tons
00:18:31
out there's
00:18:34
776 of them yes you heard it right
00:18:37
there's fewer of those little i3s which
00:18:39
are very Marmite cars have been made in
00:18:43
huge numbers and over a long time span
00:18:46
compared to the take on which have only
00:18:48
been on the market for a few years yes
00:18:50
the I3 is technically discontinued so
00:18:52
let's use a different example which is
00:18:55
for example the skoda enyak a very
00:18:59
popular SUV in the VW group only 370 of
00:19:04
those on the market so it really just
00:19:06
highlights that the take on is not
00:19:09
really suitable for most buyers or at
00:19:12
least most buyers are not aware of how
00:19:14
affordably they can be bought on the
00:19:16
used market and they simply dismiss them
00:19:19
thinking that they are this Ultra
00:19:21
luxurious EV which they won't be able to
00:19:23
afford in case you have been actually
00:19:24
following theisle Automotive Channel you
00:19:26
may have realized we used to have a
00:19:28
Porsche Stan which was our director's
00:19:31
car but it didn't quite work out
00:19:34
perfectly for us he wasn't fully happy
00:19:36
with it so we sold it and as if by sheer
00:19:39
luck it was sold to a different Trader
00:19:42
while the values were still high
00:19:45
obviously it would have looked very
00:19:47
different if it was sold about half year
00:19:49
to a year later because a lot of money
00:19:51
would have been lost on it but this way
00:19:53
it worked out fine for us we haven't
00:19:55
been stung and in fact it's now that we
00:19:59
are really starting into getting these
00:20:02
tans in stock once in a while they are
00:20:04
still a pretty unique car it's important
00:20:07
to look for the right examples it's not
00:20:08
something for me to really discuss in
00:20:10
this video but we are selling them we
00:20:14
occasionally have them in stock and in
00:20:15
fact the last two ones we had have sold
00:20:18
fairly quickly and we haven't lost money
00:20:21
on them which is what you would expect a
00:20:22
business to do so it's not all bad but
00:20:26
bely is not my business so it's none of
00:20:28
my business to discuss these numbers in
00:20:30
further detail do to take this as
00:20:32
Financial advice it's only up to you to
00:20:34
decide you know what you value most in a
00:20:37
car and when you're shopping ground Etc
00:20:40
but if you are relying on depreciation
00:20:44
to below to squeeze out maximum lifespan
00:20:47
of a car without it costing much it's a
00:20:50
huge Gumble especially in the luxury car
00:20:53
market not necessarily just EV should I
00:20:56
remind you about the BMW M3 touring
00:20:58
situation you know they were going for
00:20:59
crazy prices and while they are still
00:21:02
high they have definitely started coming
00:21:04
down and stabilizing likewise on the
00:21:06
lower end of the spectrum you had the
00:21:08
Toyota Garis which were crazy popular
00:21:11
and high demand at some point but now as
00:21:13
Toyota has really started pushing them
00:21:16
out in greater numbers the residual
00:21:19
values have started coming down as well
00:21:21
so it's not like depreciation suddenly
00:21:23
only magically affects EVs and nothing
00:21:26
else in the market it's the conditions
00:21:28
which can change fairly quickly and I'm
00:21:30
afraid that's the reality of it there's
00:21:32
nothing an individual can do however
00:21:35
with everything you have heard you
00:21:37
actually have looked on auto trader and
00:21:39
you started seeing that there are some
00:21:41
Bargains to be had on these stay counts
00:21:44
and you want to go ahead but you're not
00:21:47
quite sure how I think it all depends on
00:21:50
what electric porge you're looking for
00:21:52
and how you are planning to run it and
00:21:54
buy it obviously if you're looking for
00:21:57
new ones then I would High recommend
00:21:59
looking at the mean it seems like very
00:22:01
good value for money especially if you
00:22:03
need a car which is not just a
00:22:05
director's car to drive up in down the
00:22:06
country but also to carry kids to school
00:22:10
have a dog in the boot Etc if you are
00:22:12
after the take on which are now very
00:22:14
good value for money on the used Market
00:22:17
especially if you're planning to buy
00:22:19
outright this is not consumer advice
00:22:21
this is what I would do if I had the
00:22:23
money I don't have the money at the
00:22:24
moment but I would definitely consider
00:22:27
buying one outright especially if you're
00:22:29
planning to keep it long term with the
00:22:32
only caveat being maybe look into
00:22:36
extending the Porsche warranty on it
00:22:38
because it's a Porsche and some of the
00:22:40
spare parts can get quite expensive and
00:22:42
as I mentioned it's a first generation
00:22:44
product so they can fail seemingly
00:22:47
randomly if you're planning to just dip
00:22:49
your toes into the electric wall and you
00:22:51
want to see how the ranges whether you
00:22:54
can run on longer trips using the public
00:22:56
charging infrastructure how much it
00:22:57
would cost ET ET then something like a
00:23:00
short-term lease or a PCP are obviously
00:23:03
fantastic options because with a lease
00:23:06
you have got a fixed monthly cost you
00:23:08
don't care PCP is something in between
00:23:11
where yes you do pay a monthly figure
00:23:12
and at the end you can decide whether
00:23:14
you keep the car or you hand it back to
00:23:16
the finance company for basically what's
00:23:18
guaranteed the residual value in the
00:23:20
form of the last balloon payment to be
00:23:21
fair the same thing applies when buying
00:23:23
a new one so just do your research and
00:23:24
see how the numbers Stack Up and which
00:23:27
option appeal the most to you and I
00:23:30
think that's where I'm going to leave it
00:23:32
thank you very much for watching if you
00:23:33
made it this far let me know in the
00:23:35
comments about how wrong I am about all
00:23:37
of this and you think that the situation
00:23:39
is different I mean I like EVS but
00:23:42
there's no sugar coating it the take on
00:23:44
did not have it easy if you found the
00:23:47
video useful and the perspective
00:23:49
informative definitely make sure to hit
00:23:51
the like button and make sure to
00:23:53
subscribe if you want to see more EV
00:23:55
content because there is actually going
00:23:57
to be more on the the world of Porsche
00:24:00
coming through in the next few videos as
00:24:02
well thank you again and see you in the
00:24:04
next one
