How much does a used electric car cost?
The cost of a used EV can vary depending on factors such as its age, brand, mileage, and overall condition; however, battery health is one of the biggest influences on the value of an electric vehicle.
Similar to how mileage impacts the price of a petrol vehicle, an electric vehicle with a larger battery and strong remaining capacity will typically cost more than one showing signs of degradation. Opting for a used electric vehicle with a strong remaining battery life may have a higher price tag, but it can help you save in the long term.
Of course, electric car costs incorporate more than the price of buying or leasing the vehicle alone. It’s also important to consider additional expenses such as:
- Insurance
- Home charging point installation
- Regular maintenance
- Any additional accessories or charging cables.
When considering the cost of a used EV, make sure the savings on running costs outweigh any additional expenses.
On average, drivers can save £500 [4] by driving an EV compared to a traditional combustion engine vehicle. If drivers are able to leverage smart off-peak electricity tariffs, savings can be even higher. For a more detailed breakdown of the costs involved, explore our guide to electric car costs.
The advantages of financing a used electric car
Financing a used electric car is a practical and appealing option for many people, whatever their lifestyle or driving habits. A second-hand electric car may be a good buy if you value:
- Comfort – EVs provide a smoother driving experience compared to a petrol or diesel car. This added comfort is thanks to EV’s reduced engine noise and vibration due to their quiet motors.
- Lower running costs – Electric vehicles typically come with reduced fuel and maintenance expenses compared to petrol or diesel cars. Traditionally, used cars may require more maintenance than newer vehicles, but EVs offer the benefits of used cars with added future saving potential. This seemingly small saving can make a noticeable difference over time. . Learn more in our guide: do electric cars cost less to maintain?
- Modern features – Used cars traditionally have been associated with a compromise on modern technology. But choosing a used EV can give you access to features like automatic emergency braking and driver assistance tech. So you can enjoy modern vehicle benefits without having to pay the cost of a brand-new EV.
- More choice in the used market – As more electric vehicles enter the used market, there are more to choose from. Explore approved used models from various brands through manufacturer-approved programmes such as SPOTICAR [1].
- An option to spread the cost – Financing a used electric car allows you to spread payments over a set term. Finance options help make EV ownership more accessible compared to buying outright.
- Lower upfront cost – If you’re looking to own an EV, a used EV generally costs less to purchase upfront than a brand-new electric car, giving you the benefits of EV ownership at a more affordable entry point.
What to look for when financing a used EV
Understanding what to look for when choosing a used EV is essential. Despite being a used vehicle, any car finance agreement is still a large investment. Based on guidance from E.ON Next, here’s everything you should check in person to help you make an informed decision [3]:
- Check the battery health and remaining capacity – this measure is crucial to understanding long-term performance and range.
- Confirm the remaining manufacturer and battery warranty – it’s important to be aware of the length of protection and if there is any.
- Ask for the full service history, MOT records, and details of accident damage – this insight can reveal how well previous keepers have maintained the car until now.
- Inspect tyres, brakes, and interior wear – look for signs of excessive wear that might indicate neglect or heavy usage.
- Take the car for a test drive – if you’re happy with the initial checks, a test drive is the best way to assess how the vehicle feels on the road.
- Review the software version – it’s worth checking if the EV dashboard system is up to date or if any updates are required.
- Ask about included charging cables, sockets, and accessories – make sure everything is present, undamaged, and in good working order.
Reasons why you might prefer a new EV over a used model
As with all used car purchases or lease agreements, there are some potential drawbacks compared to choosing a brand new model. Consider the following aspects before deciding whether any of them are a dealbreaker for your personal circumstances:
- Battery wear – According to RAC, over time, all EV batteries weaken [5], which can lead to a shorter driving range compared to when the vehicle was new. It’s important to check the battery health when viewing an electric car.
- Older features – If the model is several years old, it might not include the latest features that newer vehicles benefit from.
- Limited battery warranty – Used EVs may have reduced or expired battery warranties. Always confirm what warranty coverage is still available.
How to finance a used electric car
Financing a used electric car is similar to financing a new model. With a new model, there is a greater selection of finance agreements to choose from. However, with a used model, you have two options. Depending on your needs, you can choose between:
- Personal Contract Purchase - Make manageable monthly payments, with multiple options at the end of the agreement. You can choose whether you’d like to keep your car, return your car or part exchange for a new model.
- Conditional Sale - Simply pay a deposit, followed by fixed monthly payments. Once all payments are made, you will own the car.
Choosing a used electric car through SPOTICAR
If you’ve chosen a vehicle through SPOTICAR, the financing process is straightforward. Here’s how it typically works:
- Step 1: Choose your used electric vehicle – Browse the wide range of manufacturer-approved vehicles available through SPOTICAR.
- Step 2: Select your finance option – Decide which finance option is the best fit based on your needs.
- Step 3: Agree on your terms – Set your contract length, deposit amount, and mileage. These factors will differ depending on the finance option you choose.
- Step 4: Apply for finance – Submit your application and receive a decision, subject to credit and affordability checks.
Sourcing a used EV from private listings can carry risk. Whereas choosing a manufacturer-approved platform like SPOTICAR offers benefits and guarantees. SPOTICAR’s approved vehicles include:
- warranty coverage
- roadside assistance
- comprehensive quality checks
Discover your next used electric car with SPOTICAR.
Drive away with a used electric car
When considering financing a used electric car, remember to:
- Choose a trusted Retailer
- Choose carefully from a wider selection of models compared to new EVs.
- Thoroughly inspect the model prior to financing
- Consider the cost that comes with the car, such as home charging installation, insurance, maintenance etc.
If you need help choosing a trusted Retailer, a used electric vehicle from SPOTICAR offers a range of benefits. These include lower running costs compared to petrol and diesel vehicles, 6 months' warranty, and flexible finance options to help spread the cost. By considering your driving needs, budget and preferred model, you can make a confident and informed decision.
Our goal is to make financing a used electric car as straightforward as possible. Explore approved used cars on finance with SPOTICAR and find the perfect electric vehicle for your journey.
