New research has found that motorists could save around £1,600 per year by driving a second-hand electric car, as experts call on the Government to provide stability in the EV sector.
According to new data from the Energy and Climate Intelligence Unit (ECIU), best-selling used electric vehicles can help save motorists £1,600 a year.
The research looked at the total costs of ownership of the six best-selling second-hand electric vehicles on AutoTrader so far this year and compared them to petrol equivalents on factors including purchase cost, fuel, maintenance, tax and insurance.
The top saving can be seen with the Audi e-tron which will save owners around £2,600 per year compared to the petrol Audi Q5. When expanded across its remaining 10-year lifespan, savings could reach around £26,000.
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Motorists could save more than £1,000 per year when investing in a second-hand electric car
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On the other end of the spectrum, the Renault Zoe, which has the “smallest” savings available to drivers, will still help motorists save around £875 when compared to the petrol Clio.
The second-hand electric vehicle market on AutoTrader has grown dramatically in the last year, rising by an impressive 57 per cent.
The online marketplace also noted that price parity between second-hand electric vehicles and their petrol equivalents had been reached, marking a major milestone.
Commenting on the analysis, Colin Walker, transport analyst at ECIU, said: “Increasing numbers of regular families are now trading in for an EV on the second-hand market, taking advantage of the hundreds of pounds of savings they can generate every year, and turning their backs on paying the ‘petrol premium’ of their old car.
“The previous Government’s ZEV mandate policy is working, with manufacturers discounting their EVs as they compete for sales to hit their targets. As prices are driven down, sales are going up.
“The increasing number of new EVs being sold today will hit the used market in around three to four years’ time, opening up the opportunity for cheaper and cleaner electric driving to a majority of people, as most people buy their cars second-hand.”
He noted that any slowdown in the continued rollout of the Zero Emission Vehicle mandate could potentially cost British drivers billions of pounds in extra motoring costs in the coming years.
It comes as a number of leading industry groups call on the Government to maintain targets and penalties for major manufacturers set out under the Zero Emission Vehicle mandate.
The letter, which was sent to Transport Secretary Louise Haigh, states that the ZEV mandate is one of the key strategies to help bring down the price of new electric vehicles for consumers.
From the end of 2024, manufacturers are required to have 22 per cent of sales come from zero emission vehicles. This will rise to 80 per cent by the end of 2030 and 100 per cent by 2035.
It warned that uncertainty around the future of the ZEV mandate was harming investment from major manufacturers, as well as charge point operators, which remains one of the biggest challenges for people looking to switch.
Speaking to GB News, Quentin Willson, founder of FairCharge, said: “It’s worth saying that the ZEV mandate has made the UK the second most successful EV market in Europe and diluting, changing targets or changing policy will reduce the UK’s attractiveness for global EV investment.
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Used Audi e-tron models can deliver massive savings compared to petrol equivalents
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“Louise Haigh should bear in mind that with Trump threatening to ‘gut IRA (Inflation Reduction Act)’, there will be billions of anxious green investment looking for a new safe haven. The UK should stand firm on its strong EV policies.”
The letter has been signed by T&E UK, Greenpeace, EVA England, New AutoMotive, Electric Vehicles UK, FairCharge, Campaign for Better Transport, Green Alliance, Clean Cities Campaign, Social Market Foundation, Friends of the Earth, Climate Group, Onward, and ClientEarth.
