Electrifying Affordability: The Decreasing Cost of Used Electric Cars

With the UK government pledging to reach carbon zero by 2050, we’re seeing some major changes. One of these changes is the phasing out of diesel and petrol cars, with a ban on the sale of these cars set for 2030.

In a bid to prepare for the coming changes in how we drive, many motorists are moving towards EVs. Now could be a great time to bag a bargain, too. The second-hand value of EVs is falling, making going electric more accessible for those in the market for a car.

The popularity of EVs

It was reported last year that sales of EVs in the UK had reached an all-time high. A government report revealed that more than a quarter of a million EVs are now on UK roads and 327,000 plug-in vehicles were registered in 2021. This was a 77% rise compared to 2020. This is encouraging news if we’re to reach the 2050 target.

Understanding the initial barriers

Many motorists have been put off making the switch to an EV because of the costs involved. The initial outlay for a brand-new electric car is typically more expensive than its petrol and diesel equivalents.

Additionally, the batteries in EVs don’t necessarily hold their charge for longer journeys. This means that drivers must carefully map out where the nearest charging points are and ensure they have enough power to get to where they need to be.

From locating easily accessible charging points to finding ones that are working properly, it can be a bit of a guessing game. But things are improving.

Advancements in tech

The development of gigafactories that can produces batteries for EVs is also a key driver in ensuring the success of EVs. Additionally, the development of batteries themselves will require investment in terms of financing and skilled workers.

As the battery production process become more streamlined, the costs involved will come down. This, in turn, means that the cost of used electric cars are coming down in price as newer cars will have the slightly more advanced tech in place.

But this doesn’t mean that these second-hand cars aren’t technologically advanced too. Buyers can benefit from this second generation of electric vehicles that are entering the used market because, even though they’re classed as second-hand, many are only a year or two old and have very new tech features that deliver similar levels of reliability that newer models have.

Bigger selection

With electric vehicles becoming more prevalent in recent years, we’re seeing more used electric models on the market. Due to this influx of newer used models, there’s a bigger range of price points available, making EVs more accessible than they were before.

So, will you make the switch to an EV? Are you looking at the latest deals you can get on used electric models?