Ritika Janiya
The research findings indicate that at present, used electric vehicles are cheaper than their corresponding petrol and diesel versions. While a three-year-old EV is averagely 8.5% less expensive compared to a comparable gasoline car, that gap nearly doubles at four years. It means that used EVs have become the smart, green buy for bargain hunters.
Electric vehicles are now such a good deal! According to a new report, used electric vehicles are more affordable than cars running on petrol and diesel. So, if you think of moving to an EV, now may be the best time.
A report by used car market experts shows that three-year-old used electric vehicles cost an average of 8.5 percent less than their petrol car counterparts. This price gap grows even wider for a vehicle the older the EV gets, at up to 14 percent by its fourth year. So, if you are looking to buy a car that will be easier on your wallet and the climate, your best bet could be a used electric vehicle.
Now comes the exciting part: the used EV has become so cheap that it is often cheaper than the used-petrol or diesel equivalent, of the same age. This becomes great news for those who would like to drive green without spending too much. The average price of used EVs has tumbled over the last two years, thus becoming really affordable—actually fantastic—for people who are on a budget.
Take a few EV models—some of the most popular ones out there, such as the Jaguar i-Pace, Mercedes EQC, and Tesla Model X. Their prices have fallen by more than £20,000 since summer 2022. If anything, the Porsche Taycan is even more astonishing: it is up to £40,000 cheaper than two years ago. That is some saving!
These large discounts are partly because new EVs have traditionally come with larger price tags than new petrol or diesel cars. On average, new EVs cost somewhere between £5,000 to £10,000 more than their petrol or diesel equivalents. As EVs age, though, they lose their value much more quickly than traditional cars. It’s this rapid depreciation that makes used EVs available to buy at such a low cost.
This fall in price of second-hand EVs comes as good news for buyers looking to turn green without breaking the bank. Now, with used EVs coming more cheaply than before and having lower running costs, you will save even more on fuel and servicing compared to a car running on petrol.
Of the many large factors at work in this price differential, one of the major ones is that EVs depreciate at a much faster rate than comparable fuel-based cars. The resale value for older EVs is worse than for traditional cars because technology is changing rapidly. This makes used EVs something of a steal for those buyers who don’t care about driving a model that may be a few years old.
If you are thinking of purchasing an electric car, here is why you should. First, with electric cars, you would be giving less to global warming by reducing your carbon footprint. You will also save money on the purchase price and running costs. Lastly, you will realize that you can get a very good car at far lower prices than what you ever imagined was possible, simply because used EVs come at very reasonable prices.
A sharp rise of over 50% in used EV sales from April to June of this year, compared to the same period in 2023, makes the case for more people now catching on to these benefits. It finally dawned on people that they could get an excellent deal with a used EV and enjoy all the perks of driving electric without the high price of a new one.
So if any of you have been sitting on the fence regarding the purchase of an EV, now may be the time to finally make that switch. The prices of used EVs drop, so you can experience all the benefits an electric car has to offer for just a fraction of the cost of a new one. You will also have a positive impact on the environment.
Used electric cars are cheaper and smarter than their petrol and diesel cousins. With huge savings off the purchase price and running costs already low, there has never been a better time to consider buying a used EV. The market is full of great deals, so take advantage of these savings and drive away in an eco-friendly car today!
