The UK’s fuel price crisis has caused an enormous surge in interest in second-hand electric vehicles as drivers search for savings and avoid expensive costs.
Octopus Electric Vehicles has noted a huge 177 per cent year-on-year increase in demand for second-hand EV leases last month.
Soaring fuel prices have prompted millions of drivers to take matters into their own hands and consider measures to make significant savings by switching to an EV or using their car less.
When prices peaked on April 15, petrol and diesel drivers were paying 158.31p and 191.54p per litre, respectively, for their fuel.
These were the highest prices seen in more than three years since 2022 in the months following Russia’s invasion of Ukraine, which sent fuel prices soaring.
While fuel costs have fallen slightly, petrol and diesel drivers are looking elsewhere to find more suitable options, especially when considering long-term costs.
There has been particular interest in the second-hand salary sacrifice market, which allows motorists to pay for the car through their gross salary.
Some of the most affordable options include a Dacia Spring, which drivers can get their hands on for as little as £176 a month or £239 from new.
Interest in second-hand electric vehicles has exploded in recent weeks
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DACIA/GETTY
The Tesla Model Y, which was one of the 10 best-selling new vehicles across the UK in March, costs around £366 per month for a second-hand model.
Motorists can save 15 per cent of their money every month when investing in a second-hand model, with a new vehicle costing £433.
Even premium brands are included in the savings, with a used BMW i4 costing 32 per cent less for a used model (£470) than new (£668).
Gurjeet Grewal, CEO of Octopus Electric Vehicles, said: “We’re in the middle of an EV demand boom in the UK, and it’s clearly not just new cars that people are after.
A second-hand Tesla Model Y is 15 per cent cheaper per month than a new EV
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TESLA“Drivers are waking up to the fact that going electric doesn’t have to mean paying new car prices.
“The jump in second-hand EV leasing shows people want a smarter, more affordable way to drive electric, while it’s clear that previous concerns about battery life are fading.”
Mr Grewal noted that an increasing number of used electric vehicles are hitting the market, which will become far more common over the coming years.
With the continued growth of electric car and van sales, more second-hand vehicles will hit the market, especially through shorter-term leasing options.
Drivers can make significant savings when investing in a used BMW i4 compared to a new model
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BMW
Recent data from the Society of Motor Manufacturers and Traders (SMMT) showed that more than 86,000 new electric vehicles were registered in March.
This represented an impressive 24.2 per cent year-on-year growth in sales, and meant electric vehicles captured almost one-fourth of the total market share.
Petrol and diesel car sales fell by 6.1 per cent and 11.4 per cent respectively as drivers turn their backs on more polluting internal combustion engine vehicles.
Only zero emission vehicles will be on the market after 2035, with the Government allowing the sale of new petrol and diesel cars until 2030. There will be a five-year grace period for hybrids between the end of the decade and 2035.
