The benefits of electric cars are well known – especially their zero emissions, and with the market for EV’s reaching record highs in December last year (with a 3.8 of the UK’s overall market share), the EV market is booming. With the government planning to ban the sale of all petrol and diesel vehicles by 2040, electric cars are the future – but should you buy new or used? Motorparks, who offer the used Peugeot 108, are taking a closer look at the market for used cars.
Why buy used instead of new?
The number one factor as to why people would opt for used over new is the decreased value of the car. 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 buy a used car? 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.
Most of the time, you can drive a used car straight away after purchasing. 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 also a lot more expensive to insure. 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.
Used EV’s – Would you buy one?
According to several surveys, around 75% of drivers in the UK would opt for a used EV over a new one. 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.
EV technology has also been advancing rapidly over the past ten years. 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.
The future of low emission vehicles
In 2018, the used car market in the UK was 2.1% down on 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.”
It is clear that electric cars offer some excellent benefits, such as high durability and no emissions, so you’ll be getting value for money whether you buy new or used. 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.