Should You Buy a Used EV?

30 Sep 2024
Should You Buy a Used EV?

With the popularity of electric vehicles (EVs) on the rise, more drivers are considering second-hand EVs as an alternative to traditional petrol cars. But is it the right choice for you? Let’s look at the advantages and challenges of buying a used EV in today’s market and compare the costs with a petrol counterpart. 

The Second-Hand EV Market in 2024 

The UK’s second-hand EV market is growing quickly, with used battery electric vehicle (BEV) sales up 52.6% in Q2 2024 compared to the previous year. More than 46,000 used electric cars were sold in the same period, representing 2.4% of all used car transactions. This increase reflects growing consumer confidence in electric vehicles, along with a wider variety of EVs entering the second-hand market as more new EVs are sold.

 

The Benefits of Buying a Used EV 

1. Lower Purchase Price Compared to New EVs 

One of the main benefits of buying a used electric vehicle is the significant price drop compared to a new one. For example, a brand-new 2024 Nissan Leaf might cost around £28,000, whereas a 2019 model could be available for around £10,000, depending on mileage and condition​.

2. Cheaper Running Costs 

Electric vehicles are far more cost-efficient to run compared to petrol cars. Charging an EV is substantially cheaper than refuelling a petrol vehicle, and depending on where and when you charge, you could save hundreds of pounds annually. For example, driving 10,000 miles a year in a used Nissan Leaf might cost you around £300-400 in electricity, while a comparable petrol car would cost around £1,400-1,500 in fuel​.

Additionally, EVs have fewer moving parts, resulting in lower maintenance costs over time.

3. Environmental Impact 

Buying a used EV allows you to reduce your carbon footprint. Since EVs produce zero tailpipe emissions, you’re helping to lower overall pollution. Moreover, opting for a second-hand car helps minimise the environmental impact of manufacturing new vehicles, making this a more sustainable option.

 

Potential Considerations When Buying a Used EV 

1. Battery Health and Range 

One of the key considerations with a used EV is battery health. Over time, EV batteries degrade, and while the reduction is usually slow—around 2-3% range loss per year—it’s still something to keep in mind, particularly if the vehicle is several years old​.

Make sure to check the current range to ensure it still fits your driving needs.

2. Range and Charging Speed 

Older EV models may have shorter ranges and slower charging speeds compared to newer models. While this might not be an issue for city driving or short commutes, it’s worth considering if you frequently take longer trips. For instance, a 2019 Nissan Leaf might have a range of around 150 miles, while a comparable new model could offer 200+ miles. Make sure the available range suits your lifestyle and that you have access to suitable charging options at home or work​.

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Price Comparison: Used EV vs. Petrol Car 

Let’s compare a used 2019 Tesla Model 3 with a petrol equivalent, like a 2019 BMW 3 Series, both with around 30,000 miles.

  • 2019 Tesla Model 3 (30k miles): £27,000-£30,000
  • 2019 BMW 3 Series (30k miles): £20,000-£24,000

While the Tesla is more expensive upfront, let’s explore how it compares in terms of running costs:

  • Fuel Costs: Charging a Tesla Model 3 for 10,000 miles a year might cost around £250-400 (depending on home charging tariffs), while filling the BMW 3 Series with petrol could cost approximately £1,600-1,800 over the same distance.
  • Maintenance Costs: Tesla's electric drivetrain requires far less maintenance than a petrol engine. Over five years, you could save an additional £1,000-2,000 in servicing costs with the Tesla, as there are no oil changes, exhaust repairs, or engine-related issues to worry about.

Total Cost Over Five Years:

  • Tesla Model 3: Fuel costs (£1,250-2,000) + maintenance (approx. £1,000) = £2,250-3,000.
  • BMW 3 Series: Fuel costs (£8,000-9,000) + maintenance (approx. £2,500-3,000) = £10,500-12,000.

Over a five-year period, despite the higher upfront cost of the Tesla, you could save between £7,000 and £9,000 in fuel and maintenance costs alone, making the Tesla a more economical option in the long run.

This cost comparison shows how a used Tesla, despite its higher initial price, can lead to significant savings over time due to lower running costs.

 

So, should You Buy a Used EV? 

Buying a used electric vehicle can be a great decision if you're looking to save on running costs and make an environmentally friendly choice. With lower maintenance expenses and significantly cheaper charging costs, the overall savings can quickly add up, making a used EV an attractive option.

That said, it's essential to weigh factors like battery health, range, and charging speed, especially if you’re purchasing an older model. If you drive primarily in the city or have access to reliable charging, a used EV could be the perfect fit. However, if you frequently travel long distances or live in an area with limited charging options, a petrol car might still offer more convenience for now.

As the EV market continues to evolve and charging infrastructure improves, used EVs will likely become even more practical and affordable for the average driver.

Sources: SMMT, SMMT Media Centre,  Zap-Map