Summary
- EVs are cheaper than petrol and diesel vehicles, with used EV values falling sharply in the past two years.
- HPI offers a guide for buying a first EV, emphasizing the cost savings and environmental benefits.
- Factors to consider when buying a used EV include charger costs, salary sacrifice schemes, and vehicle history.
- Sales of new and used electric cars are increasing, with 17.6% of new car registrations being electric in May 2024.
- An HPI Check is recommended before buying a used car to protect against fraud and hidden history.
Article
HPI data indicates that the average retail prices of electric vehicles (EVs) are cheaper than petrol and diesel vehicles by around 8.5% at three years, increasing to 14% at four years. With over 1.1 million battery electric cars on UK roads, HPI is offering a guide to buying a first EV. While new EVs are typically more expensive than petrol and diesel equivalents, the values of used EVs have significantly decreased in the past two years, making them a more affordable option for consumers. The drop in used EV values means significant savings compared to the new price, with certain models like the Jaguar i-Pace, Mercedes EQC, and Tesla Model X being over £20,000 less than in the summer of 2022.
According to EV specialist Chris Plumb, various factors should be considered before transitioning to electric vehicles. The ability to charge the vehicle is crucial, with home charging being the most cost-effective method. If on-street or work-based charging is accessible, an EV may still be suitable. Other factors to consider when buying a used EV include charger installation costs, salary sacrifice schemes that offer wallboxes as incentives, and checking the vehicle’s history through an HPI Check Report. In May 2024, 17.6% of new car registrations were electric cars, with an increase in sales of used electric cars and hybrids.
For drivers considering the switch to electric with a used EV, the HPI Check report is essential for understanding the vehicle’s history and running costs. It provides protection against scams and fraud, as well as a Total Cost of Ownership calculator to estimate expenses over three years of ownership. HPI simplifies the complex information surrounding EVs to guide first-time buyers in the purchasing process. The company, part of Solera Holdings Inc, has been providing vehicle checks since 1938, offering protection to car buyers in the UK. HPI Check also reveals statistics like write-offs and outstanding finance that can affect a car’s value.
It is important to conduct an HPI Check before purchasing a used car to uncover any hidden issues that may impact its value. For instance, 2,205 cars were identified as write-offs, and one in three cars had a hidden history or outstanding finance. With the growing availability of used electric models and increasing demand for EVs, the guide provides valuable information for drivers looking to enter the EV market. HPI Check ensures that buyers are equipped with all the necessary details before making a purchase decision. The shift towards electric vehicles offers a reliable and cost-effective motoring experience, prompting more consumers to consider EV ownership.
As the popularity of electric vehicles continues to rise, HPI emphasizes the importance of conducting thorough checks before buying a used EV. The guide covers essential factors to consider, including charging options, additional costs like wallbox installation, and understanding the vehicle’s history through an HPI Check Report. With advancements in technology and increased awareness of environmental benefits, the transition to electric vehicles is becoming more accessible for consumers. By providing comprehensive information and protection against potential issues, HPI plays a vital role in facilitating the adoption of EVs in the automotive market.
Read the full article here
