Recent data from HPI indicates that, on average, electric vehicles (EVs) are around 8.5% cheaper than their petrol and diesel counterparts at three years old, with the price difference widening to 14% at four years. As the number of battery electric vehicles (BEVs) on UK roads surpasses 1.1 million, HPI—a leader in vehicle history checks and valuations—has launched a valuable new guide for motorists looking to purchase their first EV.
While new electric cars often come with a higher price tag than comparable petrol or diesel models, the value of used EVs has seen a significant drop over the past two years. This trend presents a unique opportunity for buyers to snag a great deal on a used EV. On average, prices for used electric cars with similar age and mileage have halved since September 2022. For premium models like the Jaguar I-Pace, Mercedes EQC, and Tesla Model X, this decline can translate to over £20,000 in savings compared to summer 2022 prices. In some cases, such as the Porsche Taycan, savings could reach up to £40,000, making once-unaffordable models accessible to a broader range of consumers.
Chris Plumb, HPI’s EV specialist, notes that the increasing availability of second-hand electric vehicles is fueling demand as more motorists seek to reduce their environmental impact and benefit from lower running costs amid high petrol and diesel prices. However, transitioning from traditional fuel-powered vehicles to electric ones involves considerations beyond just the sticker price.
“The most critical factor is whether the vehicle can be easily charged,” says Plumb. “If you can charge the car at home or nearby, then EV ownership becomes a viable option. Homeowners with off-street parking are ideally positioned to install a domestic charge point and benefit from the convenience and cost savings of overnight charging.”
For those without off-street parking, the availability of nearby public charging stations or workplace chargers can make EV ownership possible. However, if these options are not readily available, potential buyers might need to reconsider whether an EV is suitable for their needs at this time.
When purchasing a used EV, there are additional factors to consider:
- Charger Costs: Installing a home wallbox charger should be factored into the overall budget. Installation typically costs between £800 and £1,000. Some energy suppliers now offer EV-specific tariffs that include a home charger as part of the package, potentially eliminating the need for an upfront payment.
- Salary Sacrifice Schemes: These programs, where employees exchange a portion of their salary for a new or used car, often include a wallbox charger as an incentive to switch to a zero-emissions vehicle.
- Vehicle History: Understanding the history of a used EV is crucial. An HPI Check Report will reveal any issues flagged by finance companies, insurance providers, the DVLA, the Police, and other industry bodies. This comprehensive check is essential to protect against vehicle fraud and is a vital first step when buying a used car.
In May 2024, electric vehicles accounted for 17.6% of all new car registrations, with over 26,000 new electric cars registered that month. Sales of used electric vehicles in the first quarter of 2024 were 71% higher than the same period in 2023, with more than 41,500 pure electric cars sold.
Chris Plumb advises potential buyers: “For those considering a switch to electric, especially with a used EV, the HPI Check report is indispensable. It provides critical insights into the car’s history, protects against scams, and helps buyers understand the total cost of ownership. Our tool breaks down expected expenses over the next three years, using the latest technology to ensure accurate and current vehicle data.”
With a wealth of often conflicting information about EVs circulating, HPI’s guide simplifies the buying process, equipping first-time EV buyers with all the knowledge they need.
As a part of Solera Holdings Inc., HPI has been at the forefront of vehicle checks since 1938, safeguarding millions of UK car buyers from fraud.
Chris Plumb concludes: “EVs offer a reliable and enjoyable driving experience with cost-effective ownership. Those starting their EV journey with a used model should begin with an HPI Check to ensure they have all the necessary information.”
Before purchasing any used car, an HPI Check is strongly recommended. HPI Checks reveal critical details that could affect a car’s value, such as 2,205 cars being identified as write-offs and one in three cars having hidden histories or outstanding finance.
Explore more at https://hpicheck.com.