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Some used EVs are now cheaper than petrol or diesel equivalents. HPI data shows that average retail prices of EVs are cheaper than petrol and diesel vehicles by around 8.5% at three years and rising to 14% at four years.
Sales of used electric cars were 71% higher in the first quarter of 2024 than in the same period last year, and sales of used hybrids are also increasing significantly. More than 41,500 pure electric cars were sold on the used market in the first quarter of this year alone.
With over 1.1 million battery electric cars on UK roads, HPI, a vehicle history check and valuation specialist, is offering motorists a handy free, new guide to buying their first EV. With lots of often confusing and conflicting information already in circulation about EVs, HPI’s new EV guide simplifies everything first-timers need to know and how to approach the buying process.
New EVs are commonly more expensive than the closest petrol and diesel equivalents, however, used EV values have fallen sharply in the past two years, providing motorists with a bargain.
A used EV represents a big saving over the new price. On average, values of used EVs for cars at the same age and mileage point have halved in value since September 2022. For models such as the Jaguar I-PACE, Mercedes EQC and Tesla Model X, this can equate to well over £20,000 less than in the summer of 2022, and for cars like the Porsche Taycan, up to £40,000 less, making previously unobtainable cars a real option for more consumers.
The growing availability of second-hand electric models is driving demand as motorists want to reduce their environmental footprint and make significant motoring cost savings due to high diesel and petrol prices. However, switching from traditional petrol and diesel motoring to electric isn’t a like-for-like swap, and certain factors should be taken into consideration before going ahead.
Can you charge it? This is a decisive factor. If you can charge the car at home or nearby, you’re a good candidate for an EV.
Factor in the cost of a charger – Installing a home charge point typically costs between £800-£1,000.
What type of electric car do you need? Consider your driving habits: how far you drive, how often, and how much space you need.
How much should you pay? Used EV prices have decreased significantly, now often cheaper than their petrol and diesel counterparts. There’s never been a better time to invest in a used EV.
Always check the vehicle’s history – An HPI Check Report is crucial when buying a used EV. It will alert you to any issues reported by finance and insurance companies, the DVLA, the Police, and other industry bodies.
Is the battery covered? Manufacturers usually offer a separate warranty for the battery and related components, commonly eight years or around 100,000 miles, ensuring the battery retains at least 70% capacity. Verify the car’s service history to ensure the warranty is still valid.
Take a test drive – Test driving a used EV is crucial, especially if it’s your first time. The driving experience differs from petrol or diesel cars, with instant torque and quieter operation.
Check the cables – Ensure the car comes with its charging cables, as replacements can be expensive. Most UK EVs use Type 2 chargers, but variations exist.
Consider specialist insurance – Look into specialist EV insurance policies, which cover aspects unique to electric cars, such as wallbox damage and charging cable theft, and may include EV-specific recovery services.
An EV provides a reliable and enjoyable motoring experience that provides cost-effective ownership. Drivers looking to begin their EV journey with a used model should start with a HPI Check to ensure they are fully equipped with all the information they need.
For drivers considering the switch to electric with a used EV, the HPI Check report is crucial. It arms motorists with vital information about the car they want to buy, not only offering protection from motoring scams and fraud but also helping to understand the vehicle’s running costs. The Total Cost of Ownership (TCO) calculator considers all costs and outlines how much to expect to spend over the next three years of ownership. Using cutting-edge technology to ensure accurate and up-to-date vehicle information, it is an invaluable tool that also breaks down what the costs are for and when they need paying.
HPI Checks reveal some shocking statistics that can affect the value of a car, including 2,205 cars being identified as write-offs and 1 in 3 cars having a hidden history or still having outstanding finance.
