The problem with renting

My old man is buying a new car.

“This’ll be my last one … it’ll see me out”, he said.

(He’s been saying that with every car since he traded in his ’76 Hilux 25 years ago.)

“Why not get a Tesla?” I asked.

I told him about the Model Y, which did something that would have that old Henry Ford turning in his grave. It rolled off the factory line last week and drove itself – no humans – 30 minutes to its new owner’s house. 

(And presumably, if you miss a repayment, it’ll get a notification that you’re a deadbeat, turn itself on, open the garage door, and silently creep back to the showroom in the middle of the night.)

Amazing, right?

Wrong.

“Why would I want a bloody electric car?” he fired back.

Clearly Elon’s Ketamine-induced Nazi saluting has left a bad taste with some car buyers. However, my old man’s concerns with EVs were more practical: where he would charge it, how much it’d cost to fix, and what it’d be worth in a few years.

And he’s not alone. While the Government reckons we’ll all be driving EVs soon, last month they made up just 10.3% of car sales (and that’s actually a record high!).

My view?

Cars have always been a terrible investment. EVs just let you feel morally superior while you do it. 

And with China flooding our market with cheap electric cars, prices are only going one way. In China, BYD – the world’s biggest EV maker – recently slashed its local car prices by 34% overnight.

I grew up choosing between a Ford or a Holden (okay, and Toyota and Mazda). I’m convinced that, for my kids, cars will be like shopping for a TV at JB Hi-Fi: lots of weird-sounding Chinese brand names that get better and cheaper every year.

In other words, it’s an electric race to the bottom … with no one at the wheel.

But not for my old man. He’ll be at the servo, filling up with petrol and grabbing a Chiko Roll, while the rest of us are finding an extension cord.

Tread Your Own Path!