Recent data from HPI reveals that, on average, electric vehicles (EVs) are now priced 8.5% lower than their petrol and diesel counterparts at three years old, with the gap widening to 14% at four years. This shift in the market presents a unique opportunity for those considering an EV.

With over 1.1 million battery electric cars now on UK roads, HPI, a leader in vehicle history checks and valuations, has introduced a comprehensive new guide to assist motorists in making their first EV purchase.

While new EVs often come with a higher price tag than their petrol or diesel equivalents, the sharp decline in used EV values over the past two years offers significant savings. For instance, the value of used EVs with similar age and mileage has halved since September 2022. High-end models like the Jaguar i-Pace, Mercedes EQC, and Tesla Model X have seen reductions of over £20,000 since summer 2022. In some cases, such as the Porsche Taycan, the drop is as much as £40,000, making these once-exclusive vehicles more accessible.

Chris Plumb, an EV specialist at HPI, notes, “The growing availability of second-hand electric models is increasing demand, as motorists seek to reduce their environmental impact and save on motoring costs amidst high petrol and diesel prices. However, switching from traditional fuel vehicles to electric isn’t a straightforward decision, and several factors need to be considered.”

Key considerations include the ability to charge the vehicle, which is crucial for EV ownership. Those with off-street parking can easily install a domestic charge point, offering the most cost-effective charging option. Even for those relying on public or workplace charging, an EV could still be a suitable choice. However, if these charging options aren’t readily available, an EV may not yet be the best fit.

When buying a used EV, other factors to consider include:

Charger Costs: Installing a home charge point can cost between £800 and £1,000. Some energy suppliers now offer EV-specific tariffs that include a home charger, which could offset this cost.

Salary Sacrifice Schemes: These schemes, where employees trade part of their salary for a car, sometimes include a wallbox as an incentive for switching to a zero-emissions vehicle.

Vehicle History: Understanding the history of a used EV is essential. An HPI Check Report provides crucial details, flagging any potential issues recorded by finance companies, insurance companies, the DVLA, the Police, and other industry bodies. This report is an essential tool for anyone considering a used EV.

In May 2024, electric vehicles made up 17.6% of all new car registrations, with 26,031 new electric cars hitting the roads. Sales of used electric cars surged by 71% in the first quarter of 2024 compared to the same period last year. This rise in the used EV market highlights the growing interest in electric vehicles.

Chris Plumb emphasizes the importance of the HPI Check Report for those considering a used EV. This report not only helps protect against fraud and scams but also provides insight into the vehicle’s running costs through the Total Cost of Ownership (TCO) calculator, which breaks down expected expenses over the next three years.

With so much conflicting information about EVs, HPI’s guide offers clear and concise advice for first-time buyers, simplifying the process and ensuring motorists are well-prepared.

As part of Solera Holdings Inc., HPI has been safeguarding UK car buyers from fraud since 1938, pioneering the vehicle check. Chris Plumb concludes, “An EV offers a reliable and cost-effective driving experience. For those starting their EV journey with a used model, an HPI Check is an essential first step to ensure they have all the necessary information.”

Before purchasing a used car, an HPI Check is highly recommended. This check can reveal critical information, such as whether a vehicle has been written off or has outstanding finance, with 1 in 3 cars having hidden issues that could affect their value.

For more information, visit: https://hpicheck.com.

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