There are many question marks over electric cars. Is the range sufficient? Will the battery last? Do the savings outweigh the high initial price?
With electric cars well and truly finding their place in the UK auto market, there are more used examples available than ever and with there being many luxury EVs costing over £40,000, buying used can be very appealing. Also, if you’re someone who buys electric to be more environmentally friendly, buying used is a much greener option, too!
So, now the question is, should you buy a used electric car?
As we have previously covered, the UK’s used car market actually saw a decline in supply last year but all the while, used electric and hybrid cars saw a sales increase of 27% at the end of last year compared to the previous 12 months.
SMMT Chief Executive, Mike Hawes, commented:
“It’s encouraging to see more used car buyers snapping up low-emission vehicles as supply grows – but those sales remain low as an overall proportion of the market. We still need the right policies and incentives from government to give new car buyers confidence to choose the cleanest petrol, diesel and electric models that best suit their needs, so that even more drivers can benefit from this exciting technology as it filters down to the used market in the coming years.”
According to Motorparks, for every new car bought in the UK, almost three used cars are sold. Although it may be nice to buy a brand new set of wheels, it is evident that UK consumers still mostly buy their cars used. Do the benefits of buying used apply all the same to electric cars?
New cars lose a portion of their value as soon as they are driven out of the dealership, as the saying goes, so buyers will certainly save money when buying used and although one cannot pick the options for a used car, you can simply look for the spec you want and save once again on the cost of optioning a car yourself. Warranties are getting longer too, so as long as the used car has been meeting the requirements each year, it may still be protected by a factory guarantee.
Used cars are cheaper on insurance due to their lower value, you won’t have to wait for it to be built to order when purchasing, repairs may be cheaper due to more readily available parts, part of the car’s depreciation has already occurred…the list goes on. The question is, should you buy a used EV?
Motorparks cites that surveys suggest around 3 in 4 UK drivers would buy a used electric car. The opinions around battery longevity could be changing and the average consumer may be more trusting of electric cars now more than ever, giving them the confidence to buy an EV that has already been driven for X amount of miles.
The 1 in 4 that said they would not consider buying a used EV mostly said this was because of the price, which is totally understandable. Why buy a used electric car when you can buy a similar car with an engine for half the price? Sure, it’s often argued that the fuel, maintenance and tax savings would eventually outweigh the extra cost of purchasing but that only matters if you have the money to pay for that upfront cost in the first place.
Experts are now even claiming that advancements in battery technology will lead EVs to not need a battery replacement for 10 to 20 years, which is more than enough time for the average car. During those 10-20 years, the car will also be consuming no petrol or diesel and won’t need a new jug of oil each year either.
So, would you buy a used EV? Let us know your thoughts, in the comments.
If you enjoyed this, you may also like: ‘Used Car Price Growth Doubles In 3 Months’
Source: Motorparks (https://www.motorparks.co.uk/).
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