- Depreciation (if you are buying outright – either new or used).
- Fuel (charging)
- Vehicle tax
- Other EV-specific costs
This is by far the biggest cost of running a car. The good news for EV owners is that media predictions of horrendous depreciation have generally been wrong!
e.g. AutoExpress, Jan 2018 “electric cars have poor depreciation that will soon see their used price fall below the cost of battery replacement.”
It’s true to say there has been some past depreciation – for example if you bought a new EV in 2013 you will have incurred some losses. But with the amount of negative publicity around diesel vehicles and increased awareness of EVs the market has completely changed.
Some canny EV buyers have broken even or even made a profit!
So let’s have a look at the math(s) using a real car purchase (Nissan Leaf 24kWh 2014 model). In 2016 paid £9,500 after various rebates and deals – for a 2 year old vehicle with less than 10,000 miles. And it’s true it did drop in value in the year after – so in 2017 the value was around £8,000. But the value in 2019 was….£9,500. Yes that’s 3 years motoring @ zero depreciation! 🙂
There were some anecdotal examples of where people have bought an EV in 2017, put 10,000 miles on it and sold it a year later for more than they paid for it.
In 2021 you can expect a pure EV to depreciate less than any other type of vehicle. We predict PHEV depreciation will be higher once used buyers understand the increased complexity and maintenance costs of these vehicles. Buying a diesel is now highly risky with uncertain future used values.