Electric cars have been growing in popularity over the past decade. In December 2019, the EV industry saw record sales, gaining a 3.8% split of the total market share in the UK, with almost 5,500 new registrations in one month alone. This is a significant increase from December 2016, where EV’s owned a lowly 1.7% of the market share.
There are countless articles documenting the benefits of electric cars, particularly the environmental impact of zero emissions vehicles. But if you’re in the market for an electric car, should you opt for brand new or used?
How is the EV market performing?
The UK’s used car market finished last year slightly down compared to the previous 12 months, with a -2.1% difference. 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.”
One of the main advantages of buying a used car is the savings potential. 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.
But why else would you choose a used car over a new one? 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 more impatient among us may also enjoy the fact that you can drive a used car straight from the dealership. 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.
New cars are a lot more expensive when it comes to 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.
Evaluating the benefits of buying used
Of course, the main factor to buying a used car is the decreased value. 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.
But, what other benefits of buying a used car are there? 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.
For those of us who are impatient, you can often drive a used car straight from the forecourt, too. 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.
In terms of insurance, a new car is often a lot more expensive, 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.
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.
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.