UK fuel prices have been on the rise since late 2021 when a supposed ‘fuel crisis’ began. According to RAC data, in August 2021 petrol was priced at 135.29p per litre, compared to 136.66p per litre of diesel. However, their latest figures show petrol prices at a new high of 186.59p per litre on average. Whereas diesel prices are close to hitting the £2 per litre point at 192.48p on average. With these kinds of figures, it’s no wonder so many Brits are considering used electric cars.
While you may have heard about rising energy prices, these are in no way comparable with the rate of rising fuel costs. In fact, fuel prices are becoming so out of hand that the Government has ordered a private inquiry to take place. The Competition and Markets Authority (CMA) has been instructed to investigate fuel retailers as to why prices are still soaring.
Back in March, the Government’s Spring Statement announced a 5p per litre cut in fuel duty. However, since then prices have further increased. On average, petrol car owners are paying more than £100 to fill up. But could switching to an electric vehicle really save you money?
Electricity vs fuel costs
Recharging an electric car has almost always been cheaper than re-fuelling a petrol or diesel vehicle, but these savings are now quite significant. An analysis published by Carbon Brief suggests that recharging an electric car could save drivers £63 per ‘tank’ of fuel. In comparison to the £100 it costs to fill up a standard petrol tank, EV drivers could recharge their vehicles to travel an equivalent distance for just £37.
These figures are based on an electric vehicle being charged at home using the current average electricity price. Therefore, this doesn’t include any potentially higher charging costs from on-the-go rapid charge points. It’s also worth noting that charging an electric car on an overnight tariff could work out even cheaper than £37.
Alongside Carbon Brief’s analysis, ZapMap has come to a similar conclusion. They’re now reporting that the cost of running an electric Volkswagen ID.3 is almost half that of a petrol Volkswagen Golf. The pence per mile for an ID.3 is likely to be around 11.7 compared to 19.9p to refuel a Golf. This could save VW drivers well over £500 a year.
While brand new electric cars still have a higher price tag than equivalent petrol or diesel vehicles, the potential savings of driving electric are certainly appealing to many. That’s why now is the perfect time to buy used electric cars!
Buying used electric cars
For the first time ever, sales of used electric cars are matching diesel and petrol vehicles. Reports from Indicata Market Watch shows that the sales of used electric cars were up by 68% in April 2022. The data also showed that between April and May 2022 used car prices dropped by 1.4% on average.
Meanwhile, usually both the new and used car market would begin to soften after Easter. However, the popularity of electric vehicles and the high demand for them has significantly impacted the stock of electric cars. This has been an ongoing issue since early 2020, but manufacturers are struggling to produce their latest all-electric models.
This has led to an increase in delays and waiting times for brand new electric vehicles. As a result, many motorists are turning their heads towards the used electric car market. Thankfully, electric vehicles have been around in the UK for over a decade now which means there’s plenty of choice in the used market.
The Renault Zoe, BMW i3 and Nissan Leaf are long-loved EVs that have some great potential being second hand vehicles. Likewise, Tesla’s ever growing range of vehicles has left an array of used models open to a much more affordable price bracket.
Used electric vehicles at EV Sales
Here at EV Sales, we have a range of new and used electric cars and vans available for sale now. Most of our EVs are based at our Head Office in Strood, Kent, however we are able to arrange delivery across the UK.
We currently have a range of models from Tesla, Renault and Vauxhall available, however we are always adding vehicles to our stock. You can find more information about the vehicles available here, or contact our team of EV experts on 01634 914 063 for further details!
* All information correct as of 06/07/2022.