The vehicle retail platform MOTORS has warned drivers thinking of buying a new or used electric vehicle that checking how a model depreciates in value could save them thousands in the long run.
As more motorists make the switch to an electric vehicle, many of the most popular models still cost significantly more than equivalent petrol and diesel alternatives.
However, Steven Edwards, motoring editor at MOTORS, highlighted that drivers could see much cheaper electric vehicles this year due to the Government’s new zero emission vehicle (ZEV) mandate, which will require manufacturers to sell a certain percentage of electric models.
He explained: “The Government’s legislation requiring 22 percent of manufacturers’ new car sales to be purely electric represents another milestone in the bid to ramp up EV ownership in the UK.
“Hopefully our research will help those thinking about purchasing an EV narrow down their options to get a deal that works for them, as on the face of it, EVs can be expensive to buy.”
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MOTORS noted that all drivers thinking about buying a brand-new electric car should look at how much the models they are interested in are worth after a few years.
In particular, the company noted that the current generation Nissan Leaf, produced since 2018, holds its value the most, with the average price of a used model rising by 12.3 percent to £15,124 during 2023.
The luxurious Mercedes Benz EQA and the budget-friendly MG ZS also saw values increase on the second-hand market, with prices typically increasing by 9.4 and 8.2 percent respectively.
However, MOTORS also advised drivers that a number of electric vehicles are best bought used, with depreciation rates meaning recent examples are available for significantly less than new models.
In particular, the company noted that drivers can save buying the Jaguar I-Pace used, with prices depreciating by 39.5 percent to an average of £25,967.
They also suggested that drivers can now buy a practical electric family car for under £10,000, with Nissan Leafs made in 2017 now typically retailing for £7,634.
Whilst the cost of motoring continues to rise, Steven also highlighted that drivers can save money with an electric car if they are able to charge at home.
He added: “If you’re home charging and on a suitable tariff, the cost of fuelling an EV will be much cheaper than a petrol or diesel counterpart.”
In a study published by Octopus Electric Vehicles, running an electric vehicle can cost as little as 3p per mile if it uses a private charger, compared to 18p per mile for a rapid public charger.
