Is It A Good Time To Buy A Used Electric Car?

buy used electric car

There Has Never Been A Better Time To Buy A Used Electric Car And Get Rid Of Your Polluting Petrol Or Diesel Car

Let’s face it. Not everyone can afford a brand new car, making buying a used car, a compelling alternative. With the continued, rapid increase in the sales of new electric cars in the UK, the used EV market has benefited.

The continued introduction of new EV models, like the Tesla Model 3, is also fuelling the rapid growth of the used car market and making more used EVs available. So, why should you be thinking about buying a used electric car today?

The Top Reason For Buying A Used Electric Car: Low Prices

As with conventional petrol or diesel cars, price and affordability remains the top reason to buy a used EV. Electric cars have shown a similar profile of depreciation to traditional cars, with depreciation levels between 30% to 60%. This offers potential EV drivers an excellent opportunity for bargain hunting, as not all EVs depreciate at the same rate.

Like petrol cars, the level of depreciation of an electric car is influenced by a number of factors, including: model popularity, new car introductions, the maintenance of the vehicle etc. As an example, the Renault Zoe has witnessed depreciation levels up to 60%, while the Tesla Model S  has depreciated by 32% for a similar period. 

Check The Used EV Has A Battery Warranty

Most used EVs come with long battery warranties, and with the battery as part of the purchase (i.e. the battery is not leased separately). The exceptions to this are some of the older electric car models, such as the Zoe and Nissan Leaf. Always check the warranty period and lease (if any) of a used electric car before purchasing.

Used Electric Car
Credit: R.Qorbani

Should I Buy A Used Electric Car Now?

If you prefer saving money, as most of us do, then why wait to transition from an expensive polluting petrol or diesel car to a zero emission, lower running cost EV? EVs are cheaper overall, so making the switch now could save you in the short and long term.

For example, a Hyundai Kona diesel is significantly more expensive to run per mile than the Hyundai Kona Electric.  Electric power costs 3.8p per mile compared to diesel at 9.4p per mile, a massive difference of 5.6p!

Other benefits of a used EV over a conventional engine car are:

  • lower maintenance costs,
  • lower parking fees,
  • lower to nil congestion charge (in cities like London),
  • lower to zero road tax and no ULEZ

You will also benefit from the government grant for home charging, making your used EV that much more affordable. 

Though the reasons above should ‘electrify’ you into action, another reason that is also worth noting is that, as the demand for EVs continues to increase, the competition between potential buyers to acquire a used electric car will increase. This only means one thing: more demand = higher prices! 

Helpful Tips For Buying A Used EV

Choose An EV That Suits Your Range Needs

Be practical when looking at buying a used EV. Start by identifying what you need your electric car to be capable of. Is it for short distances, like the daily school run? Or is it for a longer commute to work?

This will have an influence on the choice of used EV as the range capabilities of each model differ. Certainly, most used electric cars should be able to meet most of your range requirements. Also many workplaces are also installing charging points for employees, so you can charge at home and work.

Also make sure you have a place to park and charge your car at home. Buy a car that comfortably fits in your driveway or garage!

Avoid The Cheapest Used EV

Do not go for the cheapest used electric car as some of the more expensive used EVs will provide better value longer term. ‘Cheapest’ now might be more costly in the longer term.

In particular, when looking at costs for used EVs, look at the battery capacity and performance. Like a fuel tank, the larger the battery capacity, the longer the range of travel. Also look carefully on how well the battery keeps its charge. Over time, like with any other type of battery, degradation, the reduction in performance is inevitable. So be smart and make sure you do not need to replace the battery.

Replacing an electric car battery can be as expensive as £5,000, if not more. If the battery might need replacing soon, check the battery warranty. In most cases the battery warranty is much longer than the EV warranty. Most used electric car batteries will have an eight year warranty, but in some recent models this has been reduced to five years. 

Ready To Buy A Used Electric Car?

A practical approach to buying a used electric car will always pay dividends. Of course, we at e-zoomed are keen to help you secure your used cars. We have great partners that can find you the perfect used used EV.  Why not get a quote for a used EV today!


Author

Ashvin Suri

Ashvin has been involved with the renewables, energy efficiency and infrastructure sectors since 2006. He is passionate about the transition to a low-carbon economy and electric transportation. Ashvin commenced his career in 1994, working with US investment banks in New York. Post his MBA from the London Business School (1996-1998), he continued to work in investment banking at Flemings (London) and JPMorgan (London). His roles included corporate finance advisory, M&A and capital raising. He has been involved across diverse industry sectors, to include engineering, aerospace, oil & gas, airports and automotive across Asia and Europe. In 2010, he co-founded a solar development platform, for large scale ground and roof solar projects to include the UK, Italy, Germany and France. He has also advised on various renewable energy (wind and solar) utility scale projects working with global institutional investors and independent power producers (IPP’s) in the renewable energy sector. He has also advised in key international markets like India, to include advising the TVS Group, a multi-billion dollar industrial and automotive group in India. Ashvin has also advised Indian Energy, an IPP backed by Guggenheim (a US$ 165 billion fund). He has also advised AMIH, a US$ 2 billion, Singapore based group. Ashvin has also worked in the real estate and infrastructure sector, to including working with the Matrix Group (a US$ 4 billion property group in the UK) to launch one of the first few institutional real estate funds for the Indian real estate market. The fund was successfully launched with significant institutional support from the UK/ European markets. He has also advised on water infrastructure, to include advising a Swedish clean technology company in the water sector. He is also a member of the Forbury Investment Network advisory committee. He has also been involved with a number of early stage ventures.

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