Resale value of electric cars on the rise
The resale value of electric cars will soon match their diesel counterparts, making them a more attractive proposition, experts have claimed.
Glass’s – a second-hand car valuator – said that the resale values of electric vehicles would continue to increase as the market becomes more accustomed to the technology.
The current gold standard, according to Glass’s, is the Tesla Model S, which has a three-year/60,000 mile value of around 43% of its original value. This is almost exactly the same as a well-established diesel competitor, the BMW M535D M Sport.
Although this is still the exception rather than the rule, the gap is diminishing thanks to expected battery power upgrades and increased familiarity.
Glass’s head of valuations Rupert Pontin said: “Clearly, there is still a difference here between EVs and diesels but there are signs that it is closing all the time. Crucially, when the overall running costs of an EV are taken into account, factors such as savings on fuel mean that they may beat traditional models.”
Fit for purpose
The growing track-record of reliability is also increasing consumer confidence in electric cars, as Nissan revealed new figures today that showed 99.9% of the batteries in its all-electric LEAF model remain “entirely fit for purpose” after three years.
In real terms, just three batteries have failed out of the 35,000 sold.
The Nissan LEAF is also 40% cheaper to maintain compared to petrol or diesel-powered alternatives thanks to an engine with just three main components – the on-board charger, inverter and motor.
2014 saw a remarkable surge in ultra-low emission vehicle sales in the UK, with a four-fold increase over 2013 to 2% of all vehicles.
However Glass’s Rupert Pontin stressed that this figure would need to rise if UK is to meet its 2020 emissions target of 95g/km per vehicle.
The necessary infrastructure is also being developed, as the Department for Transport (DfT) announced £43m funding in February to build electric car charge points at train stations and A-roads around the country.
Global electric vehicle sales shot up by 76% in 2014.