When it comes to purchasing their next used car, the economic argument facing drivers should mean more and more people opt for a used EV over internal combustion engine (ICE) cars.
When it comes to purchase price, used EVs leave ICE models out in the cold
When looking at the costs for specific used EVs with their make/model internal combustion engine (ICE) equivalents, ICE models were, on average, £2,560 more expensive than the EVs, according to research carried out by Car Gurus in February. Additionally, those EVs had 18% fewer miles (equating to 3,252 miles) on average than comparable ICE models, providing drivers with an additional incentive.
Used EV running costs also come up trumps
In February, charging point manufacturer Andersons released data highlighting that the total cost of operating an electric vehicle was £1,154 per year, just under half the £2,316 cost of running a petrol car. Even if 8% of charging were at ultra-rapid motorway charging points, with average costs of 81p/kWh, EV drivers would still pay just under a quarter less than petrol drivers.
Car Expert has also, handily, examined servicing costs in isolation. The average yearly price for an EV is £232, but an equivalent petrol car costs £295. After five years of ownership, the gap is greater still, with EV servicing costing £3,857 compared to £5,514 for a petrol car.
ICE models winning on insurance costs, but for how long?
The only area where EVs fall short of their ICE counterparts at the moment is in insurance costs. January 2025 figures from Confused.com indicated that EV drivers are likely to pay £125.81 more per year, on average, compared to a petrol car driver. However, even here, Confused.com reports that EV insurance costs are on a downward trajectory, falling by 18% year-on-year in 2024.
Whatever peoples’ views on EVs may be, if the economics favour them so markedly as this range of data suggests, more people will buy them.
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