New vs. Used EVs: Making the Smart Choice with 76-Plate Options

POLICY WIRE — City, Country — In the latest DriveSmart newsletter, EV editor Steve Fowler discusses the merits of purchasing new 76-plate electric vehicles (EVs) versus opting for a used EV, which are now more affordable due to market conditions.

The introduction of the new 76 registration plate has sparked interest, though its significance may not be as pronounced as in previous years. Fowler reminisces about the excitement surrounding plate changes in the past and notes that while fewer people may be as enthusiastic today, September remains a popular month for car purchases.

Fowler raises an important question for those considering an EV: do you need a brand-new electric car? He outlines several advantages of buying new, including advanced technology, full warranty coverage, and the ability to customize the vehicle to your preferences. He also highlights the rapid evolution of EV technology, making newer models more efficient and feature-rich.

On the other hand, Fowler points out that used EVs can offer exceptional value. The initial depreciation experienced by the first owners, often leasing companies or manufacturers, can result in significant savings for subsequent buyers. The used EV market has seen a substantial increase, with 110,761 used electric cars sold between April and June this year, a 67% rise compared to the same period last year.

There are indications that the prices of used EVs may be stabilizing. Auto Trader reports a 3.3% year-on-year increase in used EV asking prices in July, attributed to rising demand. However, Fowler cautions that not all used EVs are equally valuable, and potential buyers should be mindful of the vehicle’s age, range, and charging capabilities.

Battery health is a common concern for used EV buyers. Fowler reassures that while batteries do degrade over time, the rate of degradation is generally lower than many people fear. He recommends checking the battery’s state of health, remaining warranty, software updates, and the condition of charging cables before making a purchase.

Fowler concludes that the decision between a new and used EV depends on individual needs and preferences. For those seeking the latest technology and peace of mind, a new EV is the way to go. However, for budget-conscious buyers who perform thorough checks, used EVs can offer remarkable value without compromising on performance.

Reporting by Policy-Wire (PW)