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HPI information exhibits that common retail costs of EVs are cheaper than petrol and diesel autos by round 8.5% at three years and rising to 14% at 4 years.
With over 1.1 million battery electrical vehicles on UK roads, HPI, a automobile historical past test and valuation specialist, is providing motorists a helpful new information to purchasing their first EV.
New EVs are generally costlier than the closest petrol and diesel equivalents, nonetheless, used EV values have fallen sharply up to now two years to supply motorists with a cut price.
A used EV represents an enormous saving over the brand new worth. On common, values of used EVs for vehicles on the similar age and mileage level have halved in worth since September 2022. For fashions such because the Jaguar i-Tempo, Mercedes EQC and Tesla Mannequin X, this will equate to properly over £20,000 lower than in the summertime of 2022, and for vehicles just like the Porsche Taycan, as much as £40,000 much less, making beforehand unobtainable vehicles an actual possibility for extra customers.
Chris Plumb, EV specialist at HPI, stated: “The rising availability of second-hand electrical fashions is driving demand as motorists need to scale back their environmental footprint and make important motoring price financial savings attributable to excessive diesel and petrol costs. Nonetheless, switching from conventional petrol and diesel motoring to electrical isn’t a like-for-like swap, and sure components needs to be considered earlier than going forward.
“The elemental consideration is can the automobile be charged. If charging the automotive at residence or close by then EV possession is feasible. Owners with off-street parking will nearly actually fall into this class as a result of there may be nothing to forestall them from putting in a home cost level and topping up the battery in a single day. It’s additionally the most cost effective strategy to cost an EV.
“If on-street, public charge points are close by or at work, then there is still every chance an EV will suit. If home, street or work-based charging are not readily available, then an EV may not be a realistic choice just yet.”
Different components to contemplate when shopping for a used EV embody:
- Charger prices — putting in a wallbox is value including to the general finances for the automotive. It prices round £800-£1,000 for a house cost level, though vitality suppliers are more and more providing EV-specific tariffs, which typically embody a house charger bundled with the package deal, avoiding an up-front fee.
- Wage sacrifice schemes — the place workers surrender a portion of their earnings in change for a brand new or a used automotive, these schemes typically embody a wallbox as an added incentive to modify to a zero-emissions automotive
- Car historical past — when shopping for a used EV, it’s important to know its historical past. The HPI Test Report will flag any worrying data held in opposition to the automobile by finance and insurance coverage corporations, the DVLA, the Police and different business our bodies. A complete HPI Test is an important test earlier than shopping for a used automotive and is the primary line of defence in opposition to automobile fraud.
In Might 2024, 17.6% of all new automotive registrations had been electrical vehicles, with 26,031 new electrical vehicles registered. Gross sales of used electrical vehicles had been 71% greater within the first quarter of 2024 than in the identical interval final yr, and gross sales of used hybrids are additionally growing considerably. Greater than 41,500 pure electrical vehicles had been bought on the used market within the first quarter of this yr alone,
Added Chris Plumb: “For drivers considering the switch to electric with a used EV, the HPI Check report is crucial. It arms motorists with vital information about the car they want to buy, not only offering protection from motoring scams and fraud but also helping to understand the vehicle’s running costs. The Total Cost of Ownership (TCO) calculator considers all costs and outlines how much to expect to spend over the next three years of ownership. Using cutting-edge technology to ensure accurate and up-to-date vehicle information, it is an invaluable tool that also breaks down what the costs are for and when they need paying.”
With a number of typically complicated and conflicting data already in circulation about EVs, HPI’s information simplifies every little thing first-timers must know and strategy the shopping for course of.
A part of Solera Holdings Inc, which supplies threat administration and asset safety software program and companies to the worldwide automotive business, HPI first pioneered the automobile test again in 1938, providing invaluable safety to hundreds of thousands of UK automotive patrons from fraud.
Chris Plumb concluded: “An EV provides a reliable and enjoyable motoring experience that provides cost-effective ownership. Drivers looking to begin their EV journey with a used model should start with a HPI Check to ensure they are fully equipped with all the information they need.”
It is strongly recommended that an HPI Test is taken earlier than shopping for a used automotive. HPI Checks reveal some stunning statistics that may have an effect on the worth of a automotive, together with 2,205 vehicles being recognized as write-offs and 1 in 3 vehicles having a hidden historical past or nonetheless having excellent finance.
Supply: Solera HPI Car Options
