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Could now be the best time to buy an electric vehicle?

By Ted Welford | October 30, 2023


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Electric vehicle prices have been falling for a long period. Why has that happened?

Could now be the best time to buy an electric vehicle?

Electric vehicle prices have been falling for a long period. Why has that happened? Well, a lack of appetite from drivers alongside wider concerns about infrastructure and charging speeds means that demand hasn’t been there which has all sent EV values plunging. 

But despite this, could it represent an opportunity? We’re going to take a look at some of the reasons why now could be a great time to buy an electric vehicle. 

Prices are now considerably low

The value of used EVs has sunk in recent months. In fact, some cars - according to trade price experts Cap HPI - have lost over half of their value. The Seat Mii, for example, has lost 50.3 per cent of its cost since October 2022 while the Renault Zoe is down by 44.2 per cent. 

The Audi e-tron GT, too, has lost an average of £27,629 - so there really are some savings to be had. However, this fall has now begun to flatten and in August, only one electric car was on the list of used car prices that had dropped the most in price. 

Infrastructure is rapidly improving

A lack of charging infrastructure is one of the most cited reasons against EV adoption. However, in recent years the number of chargers in the UK has risen considerably with many offering far quicker rates of charge than before. 

According to leading charger mapping service Zap-Map, there are now 29,709 charging locations with 49,882 devices. In fact, 1,432 new EV charging devices were added in September alone. 

Battery technology is getting better with each new model

Of course, the very latest electric vehicles are the ones which cost the most but the advancing technology means that there’s a big trickle-down effect in the used segment. 

For example, some of the Renault Zoe models currently available through Regit can deliver around 149 miles per charge and it’ll do that for a very competitive price. 

Charging is coming down in price 

The cost of charging has fluctuated over time with recent spikes in energy costs making things a little trickier for EV drivers. However, with many electric car-focused energy tariffs - which give cheaper rates of charge at off-peak times - it still remains cheaper to charge up an EV at home than fill up a petrol or diesel car. 

Recent figures released by the AA also show that the cost of the fastest peak-time charging at public areas has also fallen to its lowest cost this year with ultra-rapid charging now cheaper by the mile than petrol, according to the breakdown service provider. 

Clean Air Zones are becoming more widespread

Another great reason to consider an electric vehicle is due to the fact that they’re exempt from Clean Air Zone charges. We’ve seen a lot of discussion surrounding the broadening of London’s ULEZ, but it’s likely that they’re going to become more commonplace across the UK. 

Birmingham already has a Clean Air Zone in force, as does Bristol. But Cambridge currently has one zone under review, while many local authorities are being required to submit an emissions action plan to the government to show how they’re planning to tackle local emissions. However, it all means electric cars could be a great way to future-proof yourself against potential clean air zones nearby. 

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