The Rising Appeal of Used Electric Vehicles: A Guide to Smarter EV Purchases

According to HPI data, the average retail prices of electric vehicles (EVs) are now approximately 8.5% lower than their petrol and diesel counterparts at three years old, increasing to a 14% price difference by four years. With over 1.1 million battery electric cars on UK roads, HPI, a specialist in vehicle history checks and valuations, has introduced a practical new guide to assist motorists in buying their first EV.

While new EVs often come with a higher price tag than similar petrol or diesel vehicles, the value of used EVs has dropped significantly in the past two years, presenting an excellent opportunity for bargain hunters. On average, used EVs have seen their values halve since September 2022, with high-end models like the Jaguar i-Pace, Mercedes EQC, and Tesla Model X experiencing price drops of over £20,000, and the Porsche Taycan dropping up to £40,000. These reductions make previously unattainable vehicles more accessible to a broader audience.

Chris Plumb, an EV specialist at HPI, explains, “The expanding market for second-hand electric vehicles is driving demand as more motorists seek to reduce their environmental impact and benefit from lower running costs amidst high fuel prices. However, transitioning from petrol or diesel to electric isn’t a straightforward swap, and there are several factors to consider before making the switch.”

The most crucial factor is ensuring the vehicle can be charged conveniently. If charging at home or nearby is possible, EV ownership becomes a viable option. Homeowners with off-street parking can easily install a domestic charge point, which is not only convenient but also the most cost-effective charging method. For those reliant on public or workplace charging, proximity to charging points is essential. Without accessible charging options, an EV might not be a practical choice just yet.

When considering a used EV, other important factors include:

• Charger Costs: Installing a home wallbox should be factored into the overall budget. It typically costs between £800 and £1,000, but some energy suppliers offer EV-specific tariffs that include a home charger, which can reduce or eliminate upfront costs.
• Salary Sacrifice Schemes: These schemes, where employees trade a portion of their salary for a new or used car, sometimes include a wallbox as an added incentive to switch to a zero-emission vehicle.
• Vehicle History: Understanding the history of a used EV is crucial. The HPI Check Report can highlight any concerning information from finance and insurance companies, the DVLA, the police, and other industry bodies. A comprehensive HPI Check is a critical step in protecting against vehicle fraud and ensuring a sound purchase.

In May 2024, 17.6% of all new car registrations were electric, with 26,031 new electric cars registered. The first quarter of 2024 also saw a 71% increase in used electric car sales compared to the same period last year, with over 41,500 pure electric cars sold in the used market.

Chris Plumb adds, “For those considering a switch to electric with a used EV, the HPI Check report is essential. It provides critical information about the car, safeguarding against scams and fraud while helping buyers understand the vehicle’s running costs. The Total Cost of Ownership (TCO) calculator, part of the HPI Check, provides a detailed breakdown of expected expenses over the next three years, making it an invaluable tool for prospective EV owners.”

With so much information available about EVs, HPI’s guide cuts through the noise, offering clear and concise advice for first-time buyers navigating the EV market.

HPI, part of Solera Holdings Inc., has been pioneering vehicle checks since 1938, offering protection to millions of UK car buyers. Chris Plumb concludes, “An EV can offer a reliable and cost-effective driving experience. For those starting their EV journey with a used model, beginning with an HPI Check ensures they are fully informed and prepared.”

Before purchasing a used car, an HPI Check is strongly recommended. These checks reveal critical details, such as 2,205 cars identified as write-offs and one in three cars having hidden histories or outstanding finance.

Visit our site: https://hpicheck.com