According to recent HPI data, electric vehicles (EVs) are proving to be a more affordable option than their petrol and diesel counterparts, with average retail prices for EVs being about 8.5% lower at three years old and increasing to 14% at four years.
As the number of battery electric cars on UK roads surpasses 1.1 million, HPI, a leading expert in vehicle history checks and valuations, has introduced a new guide designed to help motorists navigate the process of purchasing their first EV.
Although new EVs are often priced higher than equivalent petrol and diesel models, the value of used EVs has dropped significantly over the past two years, offering substantial savings. On average, the value of a used EV at the same age and mileage has halved since September 2022. For high-end models like the Jaguar i-Pace, Mercedes EQC, and Tesla Model X, this can mean a reduction of over £20,000 compared to their summer 2022 prices. In some cases, such as the Porsche Taycan, the difference can be as much as £40,000, making these vehicles more accessible to a broader range of buyers.
Chris Plumb, EV specialist at HPI, explains, “The increasing availability of second-hand electric models is boosting demand as motorists seek to reduce their environmental impact and save on motoring costs, especially given the high prices of diesel and petrol. However, transitioning from traditional petrol or diesel vehicles to electric is not a direct swap, and there are specific factors to consider before making the switch.”
A key consideration is whether the vehicle can be easily charged. EV ownership is feasible if the vehicle can be charged at home or nearby. Homeowners with off-street parking are in a strong position to install a domestic charge point and benefit from overnight charging, which is the most cost-effective method. For those relying on public or workplace charging, an EV may still be suitable, but it’s essential to assess the availability of charging infrastructure.
Additional factors to consider when purchasing a used EV include:
- Charger Costs: Budgeting for a home charging station is important, with installation costs ranging from £800 to £1,000. Some energy suppliers offer EV-specific tariffs that include a home charger as part of the package, potentially eliminating upfront costs.
- Salary Sacrifice Schemes: These programs, which allow employees to exchange part of their salary for a new or used car, often include a wallbox as an incentive to switch to a zero-emission vehicle.
- Vehicle History: Understanding the history of a used EV is crucial. An HPI Check Report provides comprehensive information, highlighting any concerns flagged by finance and insurance companies, the DVLA, the Police, and other industry bodies. This report is an essential step in protecting against vehicle fraud and ensuring the best deal.
In May 2024, electric cars accounted for 17.6% of all new car registrations, with over 26,000 new electric cars hitting the roads. The used EV market is also growing rapidly, with sales up 71% in the first quarter of 2024 compared to the same period last year. More than 41,500 pure electric cars were sold on the used market in just the first three months of this year.
Chris Plumb advises, “For those considering a used EV, the HPI Check report is invaluable. It provides crucial insights into the car’s history and helps drivers understand the total cost of ownership, breaking down all associated costs over the next three years. Utilizing the latest technology to deliver accurate and up-to-date vehicle information, this tool is essential for any prospective EV buyer.”
With so much conflicting information about EVs, HPI’s guide simplifies the buying process, offering clear advice for first-time EV purchasers.
As a pioneer in vehicle checks since 1938, HPI, a part of Solera Holdings Inc., continues to offer vital protection to millions of UK car buyers against fraud.
Chris Plumb concludes, “An EV offers a reliable and enjoyable driving experience with cost-effective ownership. For those starting their EV journey with a used model, beginning with an HPI Check ensures you are fully informed and prepared.”
An HPI Check is highly recommended before purchasing any used vehicle. HPI Checks can reveal critical information that may affect a car’s value, including identifying write-offs and uncovering hidden histories or outstanding finance on one in three vehicles.
Visit our site: https://hpicheck.com