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HPI information exhibits that common retail costs of EVs are cheaper than petrol and diesel automobiles by round 8.5% at three years and rising to 14% at 4 years.
With over 1.1 million battery electrical automobiles on UK roads, HPI, a automobile historical past examine and valuation specialist, is providing motorists a helpful new information to purchasing their first EV.
New EVs are generally dearer than the closest petrol and diesel equivalents, nevertheless, used EV values have fallen sharply up to now two years to supply motorists with a discount.
A used EV represents an enormous saving over the brand new value. On common, values of used EVs for automobiles on the identical 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 could equate to effectively over £20,000 lower than in the summertime of 2022, and for automobiles just like the Porsche Taycan, as much as £40,000 much less, making beforehand unobtainable automobiles 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 wish to scale back their environmental footprint and make vital motoring price financial savings on account of excessive diesel and petrol costs. Nevertheless, switching from conventional petrol and diesel motoring to electrical isn’t a like-for-like swap, and sure elements must be considered earlier than going forward.
“The basic consideration is can the automobile be charged. If charging the automobile at dwelling or close by then EV possession is feasible. Householders with off-street parking will nearly actually fall into this class as a result of there may be nothing to stop them from putting in a home cost level and topping up the battery in a single day. It’s additionally the most affordable approach 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 elements to think about when shopping for a used EV embody:
- Charger prices — putting in a wallbox is price including to the general price range for the automobile. It prices round £800-£1,000 for a house cost level, though power suppliers are more and more providing EV-specific tariffs, which typically embody a house charger bundled with the package deal, avoiding an up-front cost.
- Wage sacrifice schemes — the place staff quit a portion of their earnings in alternate for a brand new or a used automobile, these schemes typically embody a wallbox as an added incentive to change to a zero-emissions automobile
- Car historical past — when shopping for a used EV, it’s important to grasp its historical past. The HPI Verify Report will flag any worrying data held towards the automobile by finance and insurance coverage firms, the DVLA, the Police and different business our bodies. A complete HPI Verify is a very powerful examine earlier than shopping for a used automobile and is the primary line of defence towards automobile fraud.
In Might 2024, 17.6% of all new automobile registrations have been electrical automobiles, with 26,031 new electrical automobiles registered. Gross sales of used electrical automobiles have been 71% greater within the first quarter of 2024 than in the identical interval final yr, and gross sales of used hybrids are additionally rising considerably. Greater than 41,500 pure electrical automobiles have been offered 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 thing first-timers must know and the way to strategy the shopping for course of.
A part of Solera Holdings Inc, which offers threat administration and asset safety software program and providers to the worldwide automotive business, HPI first pioneered the automobile examine again in 1938, providing helpful safety to thousands and thousands of UK automobile 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 suggested that an HPI Verify is taken earlier than shopping for a used automobile. HPI Checks reveal some surprising statistics that may have an effect on the worth of a automobile, together with 2,205 automobiles being recognized as write-offs and 1 in 3 automobiles having a hidden historical past or nonetheless having excellent finance.
Supply: Solera HPI Car Options
