The Ultimate Guide to Buying a Used Electric Car on the Cheap
By 2030 it is said that petrol and diesel vehicles will no longer be available to purchase in the UK. With recent sustainability plans in motion, it’s vital to ensure your car adheres to the latest guidelines, and although the report seems a bit far-fetched, it is important to at least explore the idea of going electric. But where do you start when searching for an electric car? And most importantly, how much is an electric car going to set you back?
At an estimate, it is said that a new electric car can cost around £40,000+, yet the price of any electric vehicle varies greatly and depends on the make, model, year of manufacturing, etc. Admittedly, anything that costs the equivalent of a managerial salary is enough to ring alarm bells, and sometimes savings aren’t substantial enough to cover the costs. So, what are the options? Here are a few things you can do to cut the costs of purchasing an electric car.
Apply for government grants
It is said that the UK government can offer grants of up to £3,500 when purchasing an electric vehicle, however, there are various factors which determine how much you’re entitled. One thing that will be useful is the EV charge point grant.
In short, an EV charge point grant contributes toward the cost of installing a smart charge point for an electric vehicle at a domestic property. Various funds are available for landlords, flat owners, rental properties and even residential car parks, and best of all, you don’t need to own a new electric car to claim! Although the grant does have its vehicle ownership requirements, the requirements state that “individuals who become registered keepers of a new or second-hand eligible electric vehicle” are eligible to access the grant.
All in all, a good scheme to make use of considering up to 75% of the cost could be funded.
Check the year of the vehicle
As previously stated, the cost of a new electric car can amount to the same price as an annual salary. Opting for a reconditioned model, on the other hand, is always a better option as the overall price will be considerably lower.
For example, you can make around a £2k saving alone if you were to opt for a year old Vauxhall Corsa SRi Nav Premium. That's more than two months' rent in some cases!
Trade-in your old car
To get more greener vehicles on the road, some manufacturers have developed incentive schemes to help first-time buyers ditch their old cars for the likes of electric vehicles.
Depending on the manufacturer, some dealers offer discounted rates when you scrap your old petrol/diesel vehicle for a new electric vehicle. As there are a multitude of schemes, it’s difficult to determine an average saving, so check if the dealer you’re purchasing from has any schemes like this in place. If you want to be a bit more frugal, ask if they have similar sustainability schemes for buying used electric cars.
Buy a used electric car outright
If you have a poor credit score or can’t guarantee that you’ll manage future payments, then this tip is for you! Although this is easier said than done,
For starters, purchasing a reconditioned model will help you save a few grand, yet paying off a car in one go is going to help you save even more compared to finance. Although electric vehicles can be expensive, interest rates on finance schemes could leave you paying 20% more than the car’s asking price, which in the long run is a lot of money!
In short, purchasing an electric car, be it reconditioned or new, will save you money in the long run. With UK Government and manufacturer incentives, now’s the perfect time to invest in an electric vehicle. Despite the above points, both new and used electric cars are available to purchase outright and on finance, however before jumping to the latest models, we suggest considering influencing factors such as the year of the car and scrap schemes of extra discounts.