Rae Castillon on August 12, 2024 No Comments
Recent data from HPI reveals that the average retail prices of electric vehicles (EVs) are now more affordable than their petrol and diesel counterparts, with EVs being around 8.5% cheaper at three years old, and the savings increasing to 14% by the time the vehicle reaches four years of age.
As the UK roadways see over 1.1 million battery electric vehicles, HPI—a leading authority in vehicle history checks and valuations—has introduced a comprehensive guide to assist drivers in purchasing their first EV.
While new electric vehicles typically come with a higher price tag than similar petrol or diesel models, the used EV market has seen a significant drop in prices over the past two years, offering considerable savings for those ready to make the switch. For example, popular models like the Jaguar i-Pace, Mercedes EQC, and Tesla Model X have seen their prices drop by over £20,000 since mid-2022, while the Porsche Taycan has seen reductions of up to £40,000. These price drops make these previously expensive models more accessible to a wider range of consumers.
Chris Plumb, HPI’s EV specialist, notes that the increasing availability of second-hand electric models is fueling demand, driven by motorists eager to lower their environmental impact and reduce their driving costs in the face of rising fuel prices. However, he cautions that transitioning from petrol or diesel to electric involves more than just a simple swap; there are critical factors to consider before making the purchase.
Key considerations include the feasibility of charging the vehicle—homeowners with off-street parking can easily install a home charging station, the most cost-effective charging method. For those relying on public or work-based charging stations, convenience and accessibility will be vital in determining whether an EV is the right choice.
Other essential factors to consider when purchasing a used EV include:
- Charger Costs: Budget for the installation of a wallbox, typically costing between £800 and £1,000. Some energy suppliers offer EV-specific tariffs that include a home charger, helping to spread the cost.
- Salary Sacrifice Schemes: These can offer significant savings and sometimes include a wallbox as an incentive for switching to a zero-emissions vehicle.
- Vehicle History: It’s crucial to check the history of any used EV. The HPI Check Report can reveal any hidden issues, such as outstanding finance or previous write-offs, ensuring buyers make a safe and informed purchase.
As of May 2024, electric vehicles made up 17.6% of all new car registrations, with over 26,000 new electric cars hitting the roads. The used EV market is also thriving, with a 71% increase in sales in the first quarter of 2024 compared to the same period the previous year. This surge in the second-hand market, with over 41,500 pure electric cars sold in the first quarter alone, underscores the growing interest and accessibility of EVs.
Chris Plumb adds, “For those looking to transition to a used electric vehicle, an HPI Check report is indispensable. It provides crucial information that not only protects buyers from potential scams but also helps them understand the vehicle’s running costs. With tools like the Total Cost of Ownership (TCO) calculator, which estimates expenses over the first three years of ownership, HPI ensures that buyers are fully informed before making a decision.”
Amidst the sea of information available about electric vehicles, HPI’s guide simplifies the process, offering first-time EV buyers the knowledge they need to navigate the market confidently.
For drivers eager to embark on their electric journey with a used EV, starting with an HPI Check is the best step toward ensuring a smooth and informed transition.
