Buying a second hand electric car

New electric cars can be expensive, fortunately, the second-hand market now offers cheaper options than ever before.

Should I buy a second hand electric car?

Second-hand electric cars seem to be growing in popularity as more models enter the used car market. Used EV sales spiked by 71% last year, according to Auto Express. Ex-company cars are hitting the market in big numbers, often well-maintained and ready to go. So, if you’re wondering whether to buy an electric car and are after something eco-friendly without the hefty price tag, it could be worth considering.

One thing to check? Whether the battery is owned or leased. Some older EVs, like the Renault Zoe, came with leased batteries, which would mean ongoing monthly payments to Renault for the battery in this case. Make sure you know what’s included in your purchase price.

What are the advantages of buying a used electric car?

• Cheaper upfront cost: Used electric cars can cost less than new ones.
• Lower running costs: Charging is usually cheaper than fuelling up.
• Zero emissions: Electric cars produce no tailpipe emissions, helping to reduce air pollution and your carbon footprint.

What are the disadvantages of buying one?

• Battery health: Check the battery report to ensure it still offers sufficient range.
• Charging speeds: Older models may take longer to charge.
• Limited choice: While growing, the second-hand EV market isn’t as vast as the market for petrol or diesel cars. Plus, transitioning from petrol to electric cars is something to think about.

Are there grants available for used electric cars?

Yes, there’s the EV chargepoint grant for home charger installation. While the government’s plug-in car grant is no longer available, local schemes might offer incentives. It’s worth checking.

Is car insurance more expensive for electric vehicles?

Electric car insurance doesn’t have to break the bank. While repairs can sometimes be pricier, especially for the battery, many EVs have advanced safety features that could lower your car insurance premiums. Plus, as EVs grow in popularity, insurance providers are offering more tailored policies.

When comparing insurance for your used electric car, keep these tips in mind:

• Shop around: Different providers may offer different rates for EVs.
• Look for specialist EV policies: Some insurers cater specifically to electric vehicles, covering things like charging cables and battery repairs.
• Check for discounts:

Tips for buying a used electric car

• Check battery health: The battery is the most expensive part of an EV—ask for a report.
• Look at the range of the battery: Make sure it suits your driving habits.
• Examine the service history: EVs need less maintenance, but regular checks matter.
• Inspect charging capabilities: Ensure the charging port is in good condition and meets your needs.
• Plan your charging: Make sure you have access to charging points, whether at home or nearby.
• Take it for a spin: Test drives can reveal hidden issues.

Can I save by buying a used electric car through a limited company or a business?

Buying through a limited company can offer tax advantages. You might be eligible for capital allowances, letting you offset part of the car’s value against company profits. Plus, electric vehicles often come with lower benefit-in-kind tax rates, which can save money over time.

What about tax and other costs?

If you're looking to buy a used car it's worth budgeting for all costs you may face before committing. Electric vehicles are currently exempt from road tax (VED), but this will change in April 2025 when a new electric vehicle tax is introduced, much like the tax that's in place for petrol and diesel cars. Consider this in your long-term costs.

While the UK's charging network is improving, availability varies by location. Check for nearby stations or consider a home charger for a smoother EV experience.