New vs Used EV Ownership

Which type of electric of hybrid vehicle should you choose - new or used? Below we outline the pros and cons of both so that you can make the best decision for you.

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New Ownership

New electric vehicle ownership presents a lot the same benefits and drawbacks of other types of new vehicles.

  • It allows you to choose the colour and specification you’d like
  • It gives you access to the latest technology
  • It guarantees the car comes with a warranty
  • Electric vehicles are typically more expensive than other vehicles
  • You lose value as soon as you drive the car

Having access to the latest technology is important in electric vehicle ownership since as the technology improves, the range of electric vehicles improves. Your vehicle having the largest possible range is possibly the biggest benefit to new electric vehicle ownership.

Having a warranty period from your manufacturer is similarly important, although electric vehicles are more reliable than combustion vehicles and are less likely to need service or maintenance. Repeated charging of the battery decreases the range of your vehicle over time, but manufacturers will typically offer a 5-8 year warrantee on your battery to offer some peace of mind.

A draw back that is specific to new electric vehicle ownership is that they tend to be more expensive than other types of vehicle. This is viewed as a major block to electric vehicle ownership. But it is worth considering that significant grants are available to help you purchase an electric vehicle. They are also becoming cheaper and cheaper and you can make big savings annually on fuel and tax.

With all new cars, you lose some value as soon as you drive it out of the dealership. Electric vehicles are no exception to this and it is a factor that should be considered when contemplating purchasing a new electric vehicle.

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Used Ownership

Used electric vehicles are a relatively new invention but also have the same benefits and drawbacks that are associated with used vehicle ownership.

  • You allow someone else to take the biggest depreciation hit
  • It allows you to purchase a relatively expensive vehicle for a more affordable price
  • However, the car may be less reliable as it already has miles on the clock
  • You may forego the lengthy manufacturers warrantee on the vehicle and battery
  • Battery wear

Top Tip

Possibly the biggest benefit of used it cars is that you are able to pick up a vehicle for a cheaper price than it would have been at new.

Used electric vehicles are no exception to this. The used car market will make electric vehicle ownership more realistic for a lot of motorists. The used electric car market is growing year on year, if the price point of new electric vehicles has put you off electric vehicle ownership then it is worth considering the alternative of looking at a used electric car.

As with all used vehicles, you sacrifice some of the reliability. This is for the simple fact that the vehicle has miles on the clock and it might be more likely to need servicing and repairs. Purchasing a used car doesn’t necessarily guarantee you a warranty, which means when these repairs are needed, you are paying out of your own pocket. However, a big benefit of electric vehicles is that because there are less moving parts in the engine, they are less likely to need repair. This is a factor that will make used electric vehicle ownership appealing to some motorists.

The biggest drawback with used electric vehicles is the wearing down of the charge of the battery. We already know repeated charging means the range of the vehicle will decrease, but if you own an electric car for over 10 years you are likely to have to replace the battery. Battery life in electric vehicles is estimated to be between 10-20 years. If your battery needs replacing, unfortunately you may be looking at a hefty bill.

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