00:00here's a question that sounds ridiculous today and obvious in five years what happens when a
00:06petrol car is worth less than zero as transport less than zero not scrap or sentimental value
00:14just transport clean technicals paul foss has put a five-year bet on the table by 2031 an ordinary
00:25petrol or diesel car will be worth less than the fuel maintenance and repairs it takes to keep it
00:31once cheap used evs sit on the same lot if someone offered you a free petrol car and beside it
00:39sat a
00:40cheap used ev that costs almost nothing to run the free car is actually the worst deal that's what
00:48less than zero means norway shows how this actually starts in july batter electric cars were 98 of new
00:56car sales there the new car transition is done by the way the other two percent are not petrol or
01:02diesel
01:02they are hybrids but the fleet is only 35 at this point in time so only 35 of the cars
01:10on norway's
01:10roads are electric so more than 60 of cars on norwegian roads still burn something need expert
01:17advice on what car to buy what solar system to get what home battery to get or potentially for your
01:23business you can get guys a one-on-one consultation directly with me 60 minutes of tailored guidance
01:31this might help you avoid making a huge mistake spending money when you shouldn't or potentially
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01:43and why not the link is in the description instead of used petrol cars collapsing overnight the support
01:51system thins out circle k's burger station near oslo cut its pumps from eight to six in july
01:59and instead of those pumps there are now ev charges residual value doesn't die suddenly it gets
02:07slowly starved i've been saying this for years china is moving faster new energy vehicles were 65
02:15of passenger sales in july and domestic petrol car sales fell 42 year on year in may now the used
02:22market is turning from january to april 548 000 used evs changed hands up 29 and their resale values
02:32rose about 30 meanwhile used petrol cars were dropping 10 in value every month not one month but every
02:42month one dealer described losing around four and a half thousand us dollars about six and a half thousand
02:48australian on a single car and some in the trade now called used petrol cars unsellable i've actually
02:57heard the same thing even from some australian used car dealerships to be fair three-year-old petrol
03:03cars in china still retain 46 of their value that said that means in three years they've dropped 54
03:09percent of their value and evs retain about the same but that gap was huge two years ago and has
03:18clearly closed and here's the key evs are around two-thirds of new sales but under nine percent
03:26of the used market that wave of used evs hasn't hit the lots yet when it does leftover petrol cars
03:35get
03:35very hard to move the running costs explain why this is happening or why it will happen a typical
03:43petrol car doing 12 000 miles a year burns around 2 000 us dollars in fuel that's around 2 700
03:50australian
03:51plus around 1200 us dollars in maintenance an ev of the same distance costs about 600 us dollars in
03:58electricity unless you've got solar panels and then it's free and 600 in maintenance less than half the
04:06price of the ice car foster's picture is the 50 000 petrol car about 70 000 australian becoming a
04:15five thousand dollar problem about 7 000 australian by 2031 this is a bet it's not a fact and policy
04:24can
04:25slow this down but horses didn't stop existing when cars arrived they just stopped being transport
04:33now i think one thing will speed this up as gas stations petrol stations we call them in outside of
04:40america as they begin closing people will start to get very scared because they'll start to feel like
04:47those people in california who have hydrogen powered cars and they have to drive a long way to find a
04:53fuel station basically by the time they drive out there and get back they've already lost 50 percent of
04:59the fuel they had they were actually putting in their vehicles and eventually for a lot of people this is
05:03what will happen now it may not happen overnight i agree that it won't happen that quickly but the truth
05:07is
05:08gas stations operate on razor thin margins once the number of traffic the amount of traffic comes
05:14through their doors decreases by 20 to 30 percent they can't stay in business anymore they're not
05:19making billions of dollars staying open they're making very small amounts of money so a lot of them
05:24will be forced to shut down once their traffic just reduces by 20 to 30 percent and particularly
05:30regional areas this will be a big and very stressful problem for a lot of people keep in mind
05:36right you can't fill up your petrol car at home you've got to go to a gas station you are
05:42completely
05:43dependent upon external sources just for supply but also for price you never get to decide what
05:51you pay either and as people start to realize this and it will happen very quickly in conjunction
05:57with the decline in the cost of evs and the increase in range i think people move to evs very
06:02quickly
06:03and the resale value of internal combustion cars will crash in norway have a look at the resale value
06:10of internal combustion engine vehicles it's not pretty thanks for watching thinking about getting
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06:41you
