Category Archives: Cost of ownership

Demand for used electric cars grows

November 27, 2023Buying a new car, Cost of ownership, Electric Cars, I-PACE, Jaguar Land Rover, News, Reviews and Comment, Renault, ZOERepost

Second-hand EV sales double in last quarter, so what’s driving used demand as new electric sales falter?

A spike in demand for used EVs has been reported by the Society of Motor Manufacturers and Traders, which says the number of pre-owned battery electric vehicles (BEVs) changing hands doubled in the third quarter of this year.

A rise of 99.9 per cent in used EV sales mean battery-electric cars have now reached a record 1.8-per cent share of the second-hand market, in part thanks to prices that have fallen due to the increasing availability of company-owned electric cars being ‘de-fleeted’. A recent report by online car retailer Auto Trader said the average price of a used BEV was around £32,000 at the end of October, with used prices for electric models appearing to stabilise at around 20 per cent below the levels recorded this time last year. Relatively cheap used-EV options range from three-year-old Renault Zoes, which are now undercutting similarly aged petrol Clios by around £500, and three-year-old Jaguar I-Pace EVs that undercut internal-combustion powered F-Pace models by almost £4,000, according to recent Auto Trader figures.

Jaguar I-PACE at Fully Charged Live show (Image: T. Larkum)

With around 750,000 EVs sold into the fleet market in the past three years now fuelling a used-EV sales mini-boom, the government’s approach of stimulating company BEV sales through large benefit-in-kind tax discounts for company drivers appears to be being vindicated as the fastest way to reduce the UK’s tailpipe emisssions.

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Tips for buying a used EV: Experts say electric is now the fastest selling second-hand fuel type with prices hitting ‘rock bottom’

November 3, 2023Buying/Leasing, Cost of ownership, Electric Cars, FAQ, News, Reviews and CommentRepost

September saw an end to a year of plunging EV values – experts say it could be a ‘turning point’ for prices
Demand is showing signs of recovery because prices are now so low that they’ve become more affordable
These are the year-old EVs that are cheaper than their petrol equivalents. Five used EV buying tips below

With electric car values plummeting in the last 12 to 18 months, experts say that used prices have crashed so low that drivers are starting to snap them up quicker than second-hand petrol and diesel models.

This is Money has been tracking the falling value of electric vehicles (EVs) since the downward spiral began towards the end of 2021 – recently revealing the 30 battery models worst hit that have shed between 30 per cent and 50 per cent of their value in one year.

But now businesses monitoring the second-hand market say used EV prices have bottomed out – and ultimately aren’t expected to drop much lower.

With prices at rock bottom – and in some cases now cheaper than petrol alternatives – could you be tempted to make the switch? If so, we have tips you need to follow when hunting for a second-hand EV.

Cap Hpi, which analyses the used vehicle market, says that values across all fuel types fell by 1.9 per cent – an average of £420 – from August to September, based on three-year-old models with 60,000 miles on the clock.

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The world needs cheap electric cars. That spells trouble for big carmakers

October 20, 2023Cost of ownership, Economy, Electric Cars, News, Reviews and Comment, Opinion, PollutionRepost

In 1913, Henry Ford’s moving assembly line transformed carmaking. Ford’s groundbreaking innovation drastically reduced the time it took to assemble a car, enabling mass production and slashing vehicle prices.

More than a century later, carmaking is undergoing a similarly seismic shift. Only this time, Ford Motor Company (F) is scrambling to catch up, rather than leading the charge.

Electric vehicles represent a fundamental shift in the technologies and manufacturing processes that have turned Ford and rivals such as Toyota (TM) and Volkswagen into the biggest car companies on the planet.

Established automakers have been racing to adapt at an enormous financial cost, but are still miles behind Tesla (TSLA) and a crop of new Chinese competitors, including BYD and Xpeng (XPEV).

The world needs affordable EVs more than ever as electric cars will play a big role in hcelping countries cut planet-heating pollution. But can automakers in Europe and the United States — where governments are already planning to ban or limit the sale of new gas and diesel cars — deliver them?

“Ultimately, some of these car companies that have been the cornerstone of how we’ve thought about cars for the last 100 years will be a fraction of their size in future,” said Gene Munster, a managing partner at Deepwater Asset Management.

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Will Electric Vehicles Become More Affordable? Exploring the Future of EV Prices

September 29, 2023Buying/Leasing, Cost of ownership, Electric Cars, News, Reviews and CommentRepost

Electric vehicles (EVs) are gaining popularity as car manufacturers strive to make them more affordable and accessible. The emergence of mid-range EVs such as the Chevrolet Bolt EV, Nissan Leaf, Hyundai Kona Electric, and Tesla Model 3 has lowered the prices on entry-level models. This trend raises the question of whether EVs will become more affordable in the future.

Experts speculate that increasing competition, government incentives, and the drop in raw material prices, particularly lithium and cobalt, may make EVs more affordable sooner than anticipated. Bloomberg’s New Energy Finance Reports suggests that by 2025, electric cars may cost less than traditional gas-powered vehicles. The advancements in battery technology, including the growth of solid-state batteries, have improved energy storage and reduced production costs, making EV batteries more efficient and affordable to manufacture.

Infrastructure also plays a significant role in reducing EV costs. A well-developed and easily accessible charging network alleviates range anxiety and boosts confidence in EV ownership. Vehicle-to-grid (V2G) technology allows EV owners to return unused electricity to the power grid, providing additional cost savings.

The used EV market also contributes to affordability. As early adopters trade up for newer models, a thriving second-hand EV market emerges. Savvy shoppers can take advantage of this market to purchase electric vehicles at a fraction of the cost of a brand-new one.

Governments worldwide are introducing attractive incentives and policy changes to encourage EV adoption.

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‘I bought an electric MG eight weeks ago – it’s incredible value for money’

September 26, 2023Buying/Leasing, Cost of ownership, Electric Cars, MG, News, Reviews and CommentRepost

A motoring expert has highlighted how easy it was to make the transition from a petrol-powered car to an EV.

An automotive YouTuber has revealed his thoughts on a popular electric vehicle, stating that it offers good value for money.

Paul runs the channel Life of Cars, and regularly posts videos in which he reviews a variety of cars and informs drivers on how to fix common issues.

In one of his most recent videos, Paul talks to a relative who bought an MG4 eight weeks ago about the switch from petrol to electric.

The relative said: “It’s just easy, it does it all for you. Acceleration off the line is pretty sharp, that’s a big difference.

I like to put it into eco mode and into energy saving mode which obviously helps with the battery, especially driving long distances.”

In the video, Paul and his relative take the MG4 for a spin, discussing various aspects of owning an electric car.

The relative noted that the car came equipped with several driver assistance features, such as lane keep assist, preventing the driver from accidentally drifting out of their lane.

They both added that the interior was incredibly roomy, which has been achieved by using a battery that is thinner than ones found in other EVs.

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The best new electric cars for every budget 2023

September 1, 2023Buying/Leasing, Citroen, Cost of ownership, Electric Cars, News, Reviews and Comment, TeslaRepost

As 2023 progresses, the electric car market continues to grow and evolve. More zero-emission options are available than ever before as brands continue their efforts to swap fossil-fuel cars for battery-powered alternatives.

EV sales are still steadily growing, with 176,000 new electric cars cars finding homes in the first seven months of this year – a 38% increase over the same period last year. One electric car sits in the annual top ten best-sellers list as of August 2023, with more than 21,000 Tesla Model Y SUVs have been sold in the UK since the turn of the year.

The last year has seen the introduction of several competitively-priced electric models, but with the retirement of the Smart EQ ForTwo and EQ ForFour hatchbacks there are now no electric cars available for below £25k. You can get a pint-sized Citroën Ami for around £8k, but that’s a quadricycle that does not come with airbags and is illegal to drive on the motorway.

Now starting with new models available for under £30k, we’ve analysed all the electric cars available at key price points in the new car market, and consulted our industry-leading Expert Rating Index to see which models have the highest review scores from across the UK motoring media.

With comprehensive review data backing our recommendations, you can be confident that this is the definitive guide to the best new electric cars for every budget that are on sale in the UK right now.

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Used EV sales soared by 81.8% YOY in Q2 2023, says SMMT

August 31, 2023Buying a new car, Charging, Cost of ownership, Electric Cars, News, Reviews and Comment, NissanRepost

Used electric vehicle (EV) sales soared in Q2 2023 by 81.8% year-on-year (YOY), research by the Society of Motor Manufacturers and Traders (SMMT) has revealed.

This means that used EV sales accounted for a record 1.7% market share and is up by 1% YOY. In total, 30,645 EVs changed hands in Q2 2023.

SMMT also stated that the rising proportion of EVs meant that market share for conventionally powered cars marginally fell to 94.3% from 95.7% last year, even though volumes of petrol and diesel cars saw growth of 2.5% and 2.8% respectively.

Mike Hawes, chief executive of SMMT, said: “It’s great to see a recharged new car sector supporting demand for used cars and, in particular, helping more people to get behind the wheel of an electric vehicle.

“Meeting the undoubted appetite for pre-owned EVs will depend on sustaining a buoyant new car market and on the provision of accessible, reliable charging infrastructure powered by affordable, green energy. This, in turn, will allow more people to drive zero at a price point suited to them, helping accelerate delivery of our environmental goals.”

These statistics for second-hand EV sales come as Octopus EV, part of Octopus Energy Group, recently committed to offer a second-hand salary sacrifice scheme for EVs in a bid to spur growth.

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Can I save money with an electric car?

August 28, 2023BP Chargemaster, Charging, Charging, Cost of ownership, Electric Cars, News, Reviews and Comment, Nissan, Shell, TeslaRepost

Electric vehicles are increasing in popularity but with the price of energy high, is it still cheaper to run an electric car than it is a petrol or diesel one? Here we weigh up the cost of going green.

By 2030, the sale of new petrol and diesel cars is to be banned in the UK. Despite EVs making up more than half of all new cars sold, concerns remain around cost, range and whether the infrastructure is ready to achieve this target.

From April 2025 EVs will no longer be free from paying road tax. The removal of government grants, a higher list price than petrol and diesel, and the rising cost of refueling has left many wondering if making the switch to electric is financially worth it?

This article covers:

Related content: How to save money by going green

Are electric cars cheaper to buy than petrol cars?

Whether an electric car is more economical for you in the long run than an conventional fuel car, you need to consider a number of factors, which include:

the upfront list price
how much you intend to use the car
where you intend to charge it
insurance
maintenance costs

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Electric car running costs: are EVs cheaper to run?

August 18, 2023Charging, Cost of ownership, Electric Cars, News, Reviews and Comment, OpinionRepost

Electric cars are more expensive to buy than their petrol counterparts, but are they actually cheaper to run? We explain all

One of the biggest appeals of electric cars – other than the inherent environmental benefits – are significantly reduced running costs. Over the last decade, there have been several reports stating EVs are ‘completely free to run’, and others saying that charging them ‘costs half the price of petrol’ – but is this really true?

Ultimately, whether the total cost of ownership (TCO) is lower for an electric car than its petrol or diesel equivalent comes down to a multitude of factors. Here, we’ll crunch the numbers and find out how expensive – or inexpensive – owning an electric car can be.

We’ve decided to use the Vauxhall Astra Electric and its petrol-powered sibling as an example, but all of what we’re about to go through applies for almost every EV on the market. Read on to see how much you could potentially save.

How much do electric cars cost?

It’d be a crime when talking about EVs to ignore the fact that they tend to cost a lot more than their petrol equivalents. Take the Vauxhall Astra Electric, for example which, starting at £39,795, costs roughly £10,000 more than a comparable petrol model.

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Electric car owners celebrate 1 August as it’s when ‘average petrol bills surpass EV charging costs for the calendar year’

August 16, 2023At Home, Charging, Cost of ownership, Electric Cars, News, Reviews and Comment, OpinionRepost

It’s been estimated that today is when EVs are ‘free to drive’ compared to petrols
Calculation is based on the cost to cover average annual mileage of 7,400 miles

That’s because 1 August marks the date when the cost of filling up a petrol car surpasses the electricity bills to charge an EV for the calendar year, according to one business operating in the EV sector.

It estimates that the average EV owner pays £740 in charging costs per year – and drivers of petrol engine cars will have racked up the same amount in fuel receipts today.

Today is said to be the crossover point when EV owners are ‘driving for free’ compared to those who own petrol cars, says The Electric Car Scheme – a company that helps motorists access government tax incentives for EV salary sacrifice.

It has dubbed 1 August ‘Electric Car Day’ as it ‘underlines just how much more affordable electric cars are, with average EV drivers essentially getting five months of free driving’.

The bold claim comes after it crunched the numbers on annual fuel costs for the average UK driver to travel 7,400 miles a year (the national average in 2019).

The calculation is based on the average price of petrol so far this year (146.26p a litre) and a vehicle returning 38.8mpg, bringing its total annual fuel bill to £1,268.

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