The EV market seems to be going from strength to strength, particularly in the UK, where the market share has increased to 3.8% in 2019 (from 1.8% in 2016). This surge in popularity could be due to a number of different factors, with climate change awareness and increasing fuel prices at the forefront. But when it comes to making your first EV purchase, is it best to buy new, or opt for a used model? We take an in-depth look at the issue with the help of used Peugeot 108 dealership, Motorparks.
The advantages of buying used
If money is tight, then a used car ticks all the boxes. New cars are still popular, and rightly so thanks to the constant updates in technology and safety measures, but with approximately 20% of a new car’s value being immediately lost when you drive it away, it’s led to almost three used cars being sold to every new vehicle in the UK.
Nowadays, factory warranties are even longer than before, meaning that the appeal of buying a used car can be enhanced by their longevity. Also, all the gadgets the you often pay extra for when buying new may well already be in a used vehicle and this too will come at a fraction of the cost compared to buying it new.
The higher price of buying new doesn’t just come with the purchase, but with insurance too. This is because there is obviously a lot more equity at risk if you’re involved in a crash. Therefore, you may find that you don’t have to fork out as much on your policy if you choose a used car.
Market performance
Last year the used car market was down on the previous year by -2.7%. However, one riser in the industry was the sales of hybrid, plug-in hybrid and battery electric cars. This market share recorded a rise of 27%. SMMT Chief Executive, Mike Hawes, said of the development:
“It’s encouraging to see more used car buyers snapping up low-emission vehicles as supply grows – but those sales remain low as an overall proportion of the market. We still need the right policies and incentives from government to give new car buyers confidence to choose the cleanest petrol, diesel and electric models that best suit their needs, so that even more drivers can benefit from this exciting technology as it filters down to the used market in the coming years.”
Environmental impact
Three out of four drivers said in a survey that they would now consider buying a used electric car. It’s thought that we are becoming a lot more trusting of a battery’s longevity than we previously were. Many of the reasons for going down this route are the same as buying new, including the positive impact these vehicles have on the environment compared to petrol and diesel cars. The main stumbling block for the quarter that baulked at purchasing a second-hand EV was due to the price.
Due to technological advancements, it is stated that their batteries will last between 10 and 20 years before needing to be replaced and can cover around 150,000 miles. Experts say that manufacturers have now proven themselves and this sector, giving prospective buyers more confidence in buying a used vehicle.
Another obvious benefit (whether you’re buying new or used) is zero emissions. With a rise in new electric vehicle sales, we will undoubtedly also see an increase in used sales in the run-up to the ban on new petrol and diesel models. As their use becomes more widespread, it will completely revolutionise the automotive industry. Luckily, an increase in EV charging services from suppliers such as Northern Powergrid and the increased availability of charging points has meant that the market looks set to take off in the UK.
Despite electric cars showing signs of good durability and value, either new or used, the main selling point is that there are no emissions. With a rise in new electric vehicle sales, we will undoubtedly also see an increase in used sales in the run-up to the ban on new petrol and diesel models.
