Posted on July 29, 2019 by
Electric vehicles have been becoming increasingly popular over the past decade. 2018 saw record sales for EV’s worldwide, with new registrations reaching 59,945 by the end of the year. In December alone, 5,500 new registrations were made, and EV’s gained a 3.8% split in the market share – this is up from 1.7% in 2016.
This rise in new EV purchases likely comes as a result of many governments promises to ban the sale of all diesel and petrol cars by 2030. But whilst the environmental benefits of electric cars are widely known, is buying a used electric car a viable option? Here with Motorparks used Ford dealers, we’re taking a look at the used electric vehicle market.
Why choose an EV?
According to surveys, around three quarters of drivers would opt to buy used rather than new when it comes to an 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.
Thanks to new technology advances, experts claim that a battery pack used in an electric car won’t need to be replaced for between 10 and 20 years 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.
Zero emissions are obviously one of the main benefits of buying an electric car – used or new. 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.
One result is the increase in EV charging services from suppliers like Northern Powergrid and the increased availability of charging points from fuel stations to parking lots and even normal streets. In addition, with the help of electricians, many homeowners can get a charge point in their own home. A home car charger installation is often very simple though this depends on the home’s electrical wiring setup. Charging point availability is often a concern drivers have and thanks to this increased uptake it won’t be long until charging services are as common as mail boxes.
Last year, there were fewer used car sales compared to the previous year. 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.”
Used vs new
Money is usually the main influencing factor when it comes to 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.
But does buying a used car have other benefits? 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.
You can also drive a used car straight away as soon as you buy it. This certainly isn’t the case when it comes to new cars, with your car needing to be specifically ordered and, depending on your choice of extras, this could take several months. With a used car there is no waiting period. Simply pay your money and drive on by.