Should You Buy Or Sell An Electric Car in 2023?

Last updated August 04, 2022

Whilst electric cars can cost a lot more up front than their petrol or diesel counterparts, they offer a great, potentially considerably cheaper way to get around. Their electric range is limited when compared to the ease of a quick fill-up, however many electric vehicles have a great range nowadays and for those of us who require only shorter journeys, they’re a perfect alternative.

With many more cities looking at including congestion and emissions charging, as well as the ULEZ in London and the Clean Air Zones in Birmingham and Bristol, it might make sense to start considering the EV route.

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Considerations before buying electric cars

Because EVs are a bit more expensive up front, they are by no means a straight swap alternative for a fuel-powered vehicle. Here are some things to consider before purchasing:

  • Environmental

    Switching to an electric vehicle means no tailpipe emissions, which will significantly reduce the amount of air pollution in urban areas. Also, because EV manufacturers recognise that many potential customers want to maximise their environmental impact, they also tend to incorporate more sustainable materials and manufacturing processes.

  • Cost

    EVs provide environmental benefits thanks to their lack of tailpipe emissions, but they also provide a substantial saving in running costs. Most electric vehicles are cheaper to run than their petrol-engine counterparts; partly because of cheaper refuelling costs but also because they have fewer moving parts and can cost less to service. However, they cost a lot more up front than their petrol or diesel-engine alternatives.

  • Charging times

    When you do have to top up, you’ll want to do it as fast as possible. Charging an EV still isn’t as quick as refuelling a petrol, diesel or hydrogen car - but topping up an electric car is gradually speeding up. The bigger the battery, the longer it takes to charge - so, if charging might be a big issue for you but you want an electric car, it might be worth checking how much space you require and opting for a smaller car.

  • Range of cars

    If price is a primary barrier to EV ownership, range is certainly a close second. Even though the range of electric cars has moved on considerably, range anxiety is still a factor for many motorists. However, the range of which an EV can travel is continues to constantly improve in the electric car world, and you might find that it’s not as much of a pressing issue as you’d expect. When paired with a home charger or even just a local power point, most EV owners rarely approach the upper limits of their range - and charge less frequently than you might expect. Add up your most common journeys as well as your longest, and you’ll see how feasible having an electric car could be.

  • Legal requirements

    The ban on the sale of new petrol and diesel cars will come into force in 2030, with sales of new hybrids projected to last until 2035. Whilst this doesn’t mean you’ll legally have to buy an EV, there are some other laws you should keep in mind.

    Many cities have introduced low emission zones, with local councils implementing restrictions on parking for petrol and diesel cars. New rules introduced in Lancashire have made it illegal to park a petrol or diesel car in any of the parking spaces adjacent to the county’s on-street electric vehicle charging stations.

  • Insurance

    Due to the paucity of historical data, insurers have produced over-cautious predictions when it comes to electric cars, raising premiums and in some instances declining to insure electric cars. However, as electric cars are becoming increasingly commonplace, this is starting to change. More insurers have entered the EV market and costs have started to come down.

  • Servicing

    The high price of EVs might lead consumers to think that they are somehow more complex than petrol or diesel cars – however, this couldn’t be further from the truth. You will still need to replace tyres, windscreen wipers and more, but when it comes to the actual moving parts inside there are often fewer within EVs than conventional engines

    However, unlike petrol or diesel cars, EVs all have some form of regenerative braking. This uses the electric motor rather than friction brakes to slow down the EV while also putting electricity back into the battery. If you regularly rely on regenerative braking, then you’ll notice less wear and tear on the brakes.

  • Repairs

    The longevity of EV batteries is one of the biggest concerns among potential buyers. However, the rate of battery degradation is much less than initially feared. It will eventually need to be replaced, though, so bear this in mind.

Choosing the right electric car

If you’re warming to the idea of an electric car, it’s worth working out what sort of vehicle you’re after. EVs come in all shapes and sizes. If you have a family in tow, you can find an electric SUV. Assess how much space you need, the distances you drive and also where you drive, and this should make your search more specific. Then, you can look at what each electric vehicle provides, and decide which is which for you.

Should I switch to an electric vehicle?

If you’re after an electric car that can be a straight swap for your gas-guzzling vehicle they do exist, but most are very expensive. In comparison to internal combustion engines, they are expensive. However, more and more affordable EVs are released as time goes on.

If you’re after an electric car that can be a straight swap for your gas-guzzling vehicle they do exist, but most are very expensive. In comparison to internal combustion engines, they are expensive. However, more and more affordable EVs are released as time goes on.

Once again, EVs come down to the cost/usability argument. They cost more than a fossil-fuelled vehicle, currently offer less range, but could save you a decent amount in terms of fuel, servicing and even parking charges.

You could also go down the used route, second-hand electric cars that are three or four years old have seen an incredible drop in price compared to their new counterparts.

How long does charge last on an EV?

Many of today’s EVs can cover between 150-300 miles on fully charged batteries - a more than suitable distance for casual drivers and long commuters. The battery size, and therefore range, varies from model to model.

Should I sell my electric car?

If you already own an electric vehicle, you could be wondering if it’s time to sell your car. You might require more range, or your battery has degraded. When it comes to EV depreciation, electric cars are pretty much the same, if not slightly better than their fossil-fuelled counterparts.

Finding the right time to sell an electric car can be a little easier as their prices fall slower than petrol or diesel cars, so you can keep them for longer to offset the loss.

Do electric cars lose value?

When electric cars were first available to buy, they did depreciate quite quickly. This is because there wasn’t a big market for people wanting electric cars. As electric car batteries have improved over time, the demand for electric cars has risen and so they retain their value for longer.

Premium brands tend to hold their value longer - as with ICE vehicles - mainly because owning a premium vehicle means you get the luxury and high-end battery but with the extra help of reduced low emission zone charges. Alternatively, lower end and more affordable vehicles are more likely to depreciate more quickly. These cars are more affordable when new as they use cheaper parts, meaning they are likely to wear more quickly impacting the value of the vehicle over time.

Where can I sell my electric car?

You can sell your car down usual traditional avenues - privately, to a dealer, or to someone like us. webuyanycar can provide you with a quick valuation of your electric vehicle in less than 30 seconds, and you can have your electric car sold in as little as an hour.

Should You Buy An Electric Car in 2023?

Ultimately, only you can decide if it’s time to buy an electric car. You have a full awareness of your usage habits and budget, and if an EV is in your range, then getting an electric car is a great idea. Not only are they cheaper to run, but they are also eco-friendly, great for city driving and a way to futureproof your method of transportation – as well as a great way to combat ever changing fuel prices.

Other Frequently Asked Questions

As of July 2022, there are currently more than 42,000 charging points in the UK according to EDF energy , with government initiatives aiming to have 300,000 by 2030 (when the sale of fuel-powered cars will be banned).

Charging an electric car depends on the charger you’re using as well as the size of your battery. If you’re charging at home, you may need to charge overnight to fully juice up your battery, but if you’re at a rapid charging point, it could take as little as 30 minutes.

Just like the batteries in our laptops, mobile phones and more, electric car batteries will begin to degrade over time and their effectiveness will decrease. This will eventually reduce the car’s fully-charged range given enough time - but not drastically, and this can be resolved by replacing the worn battery.