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Are Second Hand Electric Cars Worth Buying?

From minimising your environmental footprint to eliminating petrol expenses, electric cars (EVs) offer some seriously good benefits. Purchasing new can be expensive, which leaves many Brits asking the question, “are second hand electric cars worth buying?”

Like any big purchase, it’s important to consider the pros and cons before signing on the dotted line. If you’re thinking about making the switch to electric, or you’re just interested in finding out more about the EV trend, this article is for you.

Read on as we cover everything you need to know about buying second-hand electric cars and whether they’re a good investment.

A nation of EV enthusiasts

Before we get stuck in it’s worth taking a moment to recognise just how popular EVs are becoming in the UK. The nation has wholeheartedly embraced eco-friendly vehicles, with the latest statistics revealing that while overall car sales slumped in 2021, the EV market experienced an impressive growth rate of 66% from 2019.

Around 175,000 new EVs were registered on British roads in 2021, with best-sellers like the Tesla Model 3 representing more than 25,000 individual sales.

In total, more than 700,000 plug-in vehicles were registered by British motorists in November 2021. This includes more than 350,000 fully battery-powered EVs and almost 350,000 plug-in hybrids. These figures put the UK on track to hit more than a million registered EVs by the end of 2022. A huge achievement!

There’s plenty to love about EVs but are second hand electric cars worth buying? Below, we spotlight some key factors to consider when making a decision:

Your lifestyle

Whether you buy new or used, it’s worth factoring in your lifestyle when deciding whether to make the switch to electric. EVs are a terrific concept and do offer “eco prestige” but for some motorists, they’re simply not convenient.

For example, access to off-road parking, so you can easily recharge your EV overnight, is desirable. Many second-hand EVs don’t offer the same rapid-charge technology as newer models, which makes off-road parking essential.

Similarly, if you’re driving long distances a second-hand EV may not offer the same impressive mileage as a newer model. That said, EV mileage is rapidly improving which means models from 2021 or 2020 may easily meet your needs.

Financial benefits

Even second-hand electric vehicles can be expensive, with Karolina Edwards-Smajda, Retailer & Consumer Product Director at Auto Trader describing the market as a “catch-22” in a recent interview with Car Magazine.

“When it comes to low-emission vehicles, the industry is facing a Catch-22 situation,” says Karolina. “The growing appetite of AFVs [alternative fuel vehicles] offer the industry a great opportunity for growth, but for mass adoption, the average price needs to be more accessible to more people. However, with so few vehicles in the market, even second-hand cars are being pushed out of financial reach for most consumers.”

Karolina makes a good point, but it’s important to remember that the cost of your purchase will be offset by several factors. These include:

Savings at the forecourt

Buy a fully battery-powered second-hand EV and you’ll eliminate petrol expenses from your life completely.

Clean air zones

Cities across the UK are introducing clean air zones designed to deter emissions-heavy vehicles and encourage the use of public transport and EVs. Driving a second-hand EV can be a savvy way to sidestep the costs associated with entering areas like Ultra Low Emission Zone (ULEZ) in London, which can cost you £12.50 per day if your car doesn’t meet ULEZ standards.

Lower registration costs

When it comes to vehicle registration costs, the Department for Transport offers big savings for EV drivers.

Budget is important, so don’t forget to do the maths and calculate how much you can afford to borrow before browsing. Our car loan APR estimator is designed to streamline the process and make it as easy as possible to crunch the numbers.

Skipping long wait times

The global semiconductor chip shortage has wreaked havoc on the car manufacturing industry and EVs are no exception. The average EV calls for hundreds, sometimes even thousands, of these tiny chips. As a result, supply can’t keep up with demand which means you could face wait times of more than a year when buying a new electric car. Buying a used EV is a clever way to skip the long wait times and get behind the wheel of an electric car ASAP.

The best second-hand EVs to buy

While demand is high and supply is low, there are still some great deals to be had when it comes to second-hand electric cars. If you take the time to shop around and back your search with help from an expert broker, you can drastically increase your chances of securing a good deal.

There are some exciting used models up for grabs in 2022, with some of our favourites listed below. All offer great value for money and excellent stats in terms of mileage and driver-friendly features:

Nissan Leaf
Tesla Model 3
BMW i3
Volkswagen eGolf
Tesla Model S
Jaguar i-Pace
Citroen C-Zero
Renault ZOE
Smart ForFour electric

The future of the EV market

Despite the semiconductor chip shortage that’s caused supply issues around the world, analysts predict a bright future for the EV market. In 2022, you can expect to see almost 50 new EV models launched by manufacturers, including a huge range of SUVs. Keep an eye out for models by leading manufacturers such as Tesla, Volkswagen, BMW, Audi, and Mercedes.

We’re also excited to see new offerings from companies like Lucid, Aiways, Fisker and Rivian. These high-voltage newcomers are set to shake up the market and challenge the dominance of EV giants such as Tesla and Nissan in the UK. This is great news for the second-hand market, with an influx of new models set to increase supply and bring prices down.

Financing your second-hand electric car

Ready to start your search for a second-hand EV? Whether you’re in the market for a zippy Nissan Leaf or a sleek Jaguar I-Pace, we’re here to help. Apply online without impacting your credit score or get in touch via email or phone 01246 458 810 to find out more about how our team of advisors can help you supercharge your search and secure the best deals on EV finance.

Rates from 9.9% APR. Representative APR 12.4%

Evolution Funding Ltd T/A My Car Credit

Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

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Which Used Cars Have Zero or Low Road Tax?

Whether you cruise along country lanes or speed along urban motorways, if you’re behind the wheel of a car you’re subject to road tax. Brits are a thrifty bunch. As such, it’s no surprise that many motorists take steps to minimise their road tax payments.

So, which used cars have zero road tax? Here’s our guide to beating the Exchequer and keeping your road tax payments as low (or non-existent) as possible.

What is road tax?

Road tax, or Vehicle Excise Duty (VED) as it’s officially referred to by the government, earns the Exchequer around £40 billion a year. This translates to around 5% of total government revenue. It’s a huge cash cow and plays a big role in topping up the kitty.

Contrary to popular belief, road tax isn’t necessarily used to maintain roads and doesn’t go directly to the Department for Transport. Instead, it’s channelled to the Exchequer along with other duties such as council tax. Sure, this fund can be used to fix potholes and build new motorways. However, VED can also be put towards the construction of schools, hospitals and other government-funded projects.

What can you expect to pay?

VED rates increase with inflation and as a result, payments tend to climb every year. If you drive a petrol or diesel car registered after April 1 2017, your annual flat VED rate is £155. For alternatively fuelled cars, including hybrid, LPG and bioethanol vehicles, the rate is £145. If you drive a luxury car valued at £40,000 or higher, an additional £335 is added for your first five years on the road.

Before you switch to the flat rate, you’ll pay an initial ‘first year’ registration amount determined by CO2 emissions. This can be up to £2,365, depending on the model and environmental credentials. All this changes if you drive an emissions-free vehicle, with VED dropping to zero, even if your car is worth more than £40,000.

The bottom line? Go electric and unlock big savings.

Embrace the EV revolution

In 2021, battery electric vehicles (BEVs) accounted for around 4% of new car sales in the UK. This may seem small, but it represents a huge leap compared to the 0.6% market share BEVs occupied in 2019. This is great news for used car buyers as an increase in new BEV sales translates to more choice on the preowned market. Today, you’re spoilt for choice with a huge range of all-electric saloons, hatchbacks and SUVs.

According to the UK government website “the electricity must come from an external source or an electric storage battery not connected to any source of power when the vehicle is moving to be exempt”.

Here are a few of our favourite models if you’re wondering which used cars have zero road tax.

Tesla Model S 2014

In 2014, a brand new Tesla Model S came with a price tag of up to £96,000. Opt for a second-hand model in 2022 and you can slash your budget to as low as £22,000. The high-end Model S was considered state-of-the-art in its day and still holds its own against newer models. The seven-seat models can take you from zero to 62mph in just 2.5 seconds, meaning the Tesla Model S doesn’t compromise on speed or power.

Sure, the latest Tesla models may feature exciting new bells and whistles, but the overall design remains very similar. All Tesla models continue to rely on the Supercharger network which means you won’t run into any headaches when looking for places to power up.

Nissan Leaf 2010

In its heyday the Nissan Leaf 2010 sold for between £30,000 to £40,000. Today, you can snap one up for as low as £3,000, depending on mileage. You’ll enjoy a compact size for easy inner-city driving and parking, excellent safety features and a surprisingly spacious interior. What’s not to love? A 108bhp motor promises plenty of power and while you won’t be able to hit more than 93mph, this punchy little model is perfect for urban driving.

Jaguar i-Pace 2018

If you want to go electric but would prefer a newer model, consider the Jaguar i-Pace 2018. In its launch year the Jaguar i-Pace would have cost you around £65,000. More if you wanted extra features. Today you can score these luxury EVs for as little as £40,000 and pay zero road tax. What’s more, the newer release date means the market isn’t flooded but if you can get your hands on a used Jaguar i-Pace 2018 you won’t regret it.

Opt for low emissions and save

Another great way to keep your road tax to a minimum is to opt for a low emissions vehicle. Road tax is determined by CO2 emissions which means the greener your car, the less you’ll pay. So, which used cars have low road tax?

Aim for a vehicle that falls into the 1 to 50 CO2 emissions (g/km) bracket and you’ll pay just £10 for your first-year registration tax. For cars in the 51 to 75 CO2 emissions (g/km) range you’ll pay £25. Compared to the £2345 you’ll have to fork out for vehicles with emissions of 255g/km or higher, the savings for low-emissions vehicles are enormous.

Go retro and avoid road tax

Wondering which used cars have low road tax? The UK government has confirmed that vehicles manufactured before 1 January 1981 are exempt from road tax. Why? It’s generally assumed vintage cars won’t rack up enough miles to make a significant contribution to CO2, hence the exemption. As such, if you’re willing to take your chance on a car manufactured before 1981, this could be a novel way to avoid road tax.

Get behind the wheel of a used car today

Now you know more about which used cars have zero road tax, it’s time to start shopping. Whether you’re searching for a used Ford Fiesta, a preowned Vauxhall Corsa or an eco-friendly electric model, we’re here to help. Check your car finance eligibility online or get in touch with the My Car Credit team to find out more about how we can get you behind the wheel of a low-tax used car and unlock big VED savings in the process.

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Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

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2030 Petrol Ban – Should You Make the Switch Early?

Man filling up with petrol before the 2030 petrol ban

From Tesla to Toyota, electric vehicles (EVs) and plug-in hybrid vehicles (PHEVs) are becoming increasingly popular as consumers endeavour to make more climate-conscious choices.

In fact, the sales of EVs and PHEVs tripled in October 2020, compared to their sales in October 2019. They account for one in seven new cars sold – a fact that has been acknowledged and perhaps encouraged by the increasing availability of charging points across the country.

But from 2030, the petrol and diesel ban will be in place – with hybrids joining the restrictions from 2035. If you own a petrol, diesel or hybrid car, it may be time to consider whether you want to make the switch to an electric vehicle early, in order to save you the time and hassle closer to the deadline. Below, we take you through the benefits of making this decision sooner rather than later, as well as outlining what the 2030 petrol ban really is.

What is the 2030 petrol and diesel ban?

From 2030, new cars and vans powered exclusively by either petrol or diesel won’t be sold in the UK. Some PHEVS – notably the Toyota Prius – will continue to be sold until 2035, when they will also be banned. This is contingent on these cars being able to achieve a ‘significant distance’ of travel in zero-emission mode. At present, the Government hasn’t yet clarified what that term exactly means.

The only new cars and vans for sale after 2035 will be exclusively electric vehicles, such as the Nissan Leaf or Tesla Model 3, and hydrogen-powered vehicles like the Toyota Mirai.

However, the 2030 petrol ban only applies to the sale of brand-new vehicles. Nearly new or used vehicles – that is, second-hand ones – won’t be affected by the ban, and can continue to be sold in showrooms or online. Hybrid cars which can travel ‘significant’ distances in zero emission mode will also still be allowed to be sold on the used marketplace.

What are the benefits of switching early?

There are a number of reasons that it might be advantageous to start thinking about your vehicle before the ban comes in – particularly if you’re in possession of a petrol or diesel car.

Benefit from tax incentives

In order to help the move to EVs, the government is setting aside £582 million in grants to facilitate the transfer to EVs and PHEVs. At present, the government subsidises £3,000 from the purchase of EVs. The government is likely to extend the period during which this is offered, but the transport secretary has acknowledged that it will ‘go eventually’. By making the switch early, you’re more likely to see some of this funding, which can then help you fund a new vehicle.

Get a higher resale value for petrol or diesel cars

As 2030 approaches, manufacturers are likely to offer significant discounts on new models, as they attempt to shift them before the ban comes into place. Consequently, the resale values of traditional combustion engine vehicles are expected to be hit. Getting in early and reselling your car will therefore be more financially forward-thinking. You’ll also avoid any potential tax increases for petrol and diesel vehicles further down the line.

Avoid disruption

When the 2030 petrol ban comes in, there will inevitably be some disruption as drivers get their heads around the way that EVs and certified PHEVs work. For example, drivers will have to get used to charging their cars using either public networks or domestic plug-ins. Travel times will possibly have to be amended – particularly for long distance journeys – in order to accommodate charging, too. By making the switch early, you’ll be more comfortable with how EVS work, and where your local charging point is.

Preparing for the 2030 petrol ban

If you’re looking to make the switch to an electric vehicle, My Car Credit is on hand to help. With our car finance checker, you can check your eligibility without affecting your credit score, before comparing deals from our wide panel of lenders for all circumstances. To find out more, call our friendly team on 01246 458 810.

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Loan amount

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X monthly repayments of
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Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

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ULEVs (Ultra Low Emission Vehicles) in the UK

Man recharges Ultra Low Emission Vehicle in UK

In his first speech as Prime Minister in July 2019, Boris Johnson introduced us to his plan for – amongst other things – the United Kingdom to become ‘the home of electric vehicles’.

… or more specifically: ULEVs. Ultra-low emission vehicles (ULEVs) is a broad term that encompasses a variety of low carbon and zero-emission vehicles. From Nissan Leafs to Teslas, more and more green cars are hitting our TV screens, billboards and motorways. It’s pretty clear the ULEVs are on the rise, but just how feasible is Mr Johnson’s goal for an ultra-low emission future led by the UK?

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Loan amount

£

Repayment term

My credit rating

X monthly repayments of
^£X

Typical rate

Loan amount

Total payable

X% APR*

£X

*for illustration purposes only

No impact on your credit score*

Representative Example

Borrowing £7,500 at a representative APR of 12.4%, annual interest rate (fixed) 12.36%, 47 monthly payments of £196.44 followed by 1 payment of £206.44 (incl. estimated £10 option to purchase fee), a deposit of £0.00, total cost of credit is £1,939.12, total amount payable is £9,439.12.

Evolution Funding Limited, trading as My Car Credit, is a credit broker and not a lender.

Please ensure you can afford the repayments for the duration of the loan before entering into a credit agreement.

*Initial application is a soft search. Should you progress, some lenders may perform a hard search on your credit file.

Require more help?

Got a question you can’t find the answer to, or need some advice and guidance around taking out car finance? Our Car Credit Specialists are friendly, experienced, and here to help so get in touch today!

or call 01246 458 810

electric cars green cars low emission ULEVs

From minimising your environmental footprint to eliminating petrol expenses, electric cars (EVs) offer some seriously good benefits. Purchasing new can be expensive, which leaves many Brits asking the question, “are second hand electric cars worth buying?”

A nation of EV enthusiasts

Your lifestyle

Financial benefits

Skipping long wait times

The best second-hand EVs to buy

The future of the EV market

Financing your second-hand electric car

Rates from 9.9% APR. Representative APR 12.4%

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Require more help?

Whether you cruise along country lanes or speed along urban motorways, if you’re behind the wheel of a car you’re subject to road tax. Brits are a thrifty bunch. As such, it’s no surprise that many motorists take steps to minimise their road tax payments.

What is road tax?

Embrace the EV revolution

Opt for low emissions and save

Go retro and avoid road tax

Get behind the wheel of a used car today

Rates from 9.9% APR. Representative APR 12.4%

Related articles

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Require more help?

From Tesla to Toyota, electric vehicles (EVs) and plug-in hybrid vehicles (PHEVs) are becoming increasingly popular as consumers endeavour to make more climate-conscious choices.

What is the 2030 petrol and diesel ban?

What are the benefits of switching early?

Preparing for the 2030 petrol ban

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Related articles

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In his first speech as Prime Minister in July 2019, Boris Johnson introduced us to his plan for – amongst other things – the United Kingdom to become ‘the home of electric vehicles’.

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