Should I keep my Volvo EX30 for longer to even out depreciation?
The question
Should I keep a car my new (262), electric Volvo EX30 for five to seven years, so as to even out depreciation and overall costs per year, or change every four years or so like most people do?
Asked by PB ·
Expert answer
Hi there,
If your aim is to minimise the overall cost of ownership, I'd be inclined to suggest keeping your Volvo EX30 for longer. Assuming of course that decision is not affected by a PCP finance agreement or the like.
The biggest depreciation hit on new cars comes in the first few years, and changing regularly means repeatedly absorbing that initial loss.
Electric cars are no different in that respect, though their used values can be more unpredictable as battery technology improves and new-car prices change. Keeping the EX30 longer gives you more opportunity to spread that initial depreciation over several years.
The EX30's battery warranty covers eight years or 160,000km, whichever comes first, subject to Volvo's conditions, which provides some reassurance about longer-term ownership.
Answered by Shane O' Donoghue