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Should I buy a used EV or a petrol car?

We’ve got around £15k to spend on a second car, mostly for city centre/local journeys. We have a charging point already but unsure whether to buy a used electric or petrol? We are considering a Peugeot e-208e or Vauxhall Corsa Electric or a petrol Audi A1. We're not sure if the value of the EVs will continue to depreciate quickly?

Asked on 10 July 2024 by Cat

Answered by Andrew Brady
A used EV for around £15k makes an excellent purchase as a city runaround, especially if you already have a home charge point. While used EV values are being hit hard at the moment (manufacturers are flooding the market with EVs in order to meet zero-emission targets), we'd expect them to become more stable over the next few years as more people look to trade their current cars in for an EV. Of course, you'll also be saving money in running costs - not just in fuel, but the long-term reliability of an EV should be better than an equivalent petrol or diesel car, while servicing costs will be lower.
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