The transition to electric vehicles (EVs) is accelerating, but affordability remains a significant barrier for a large segment of the market. While EVs offer long-term savings and environmental benefits, the current used market presents challenges that keep them inaccessible for some buyers. A recent look at three real-world cases illustrates why this is still the case.
The EV Buyer: Practicality and Cost Savings
One individual opted for a used Volkswagen ID.3 primarily for a reliable commute due to a new job. The ID.3’s practicality, low maintenance (servicing every two years), and cheap overnight charging (8p/kWh or free access via family) made it the logical choice. For those with predictable usage and charging options, EVs can make strong financial sense.
The Diesel Holdout: Long Trips and Limited EV Options
Another buyer chose a diesel Volvo V40 for £4,000, justifying the decision due to infrequent, long-distance driving. Current used EV options with sufficient range and charging speed for such trips remain expensive. A decent Vauxhall Corsa-e, for example, would cost around £9,000 with reasonable mileage. For those who regularly drive long distances, the available used EV market doesn’t yet offer affordable alternatives. The reintroduction of Vehicle Excise Duty (VED) at £195/year for EVs also diminishes the cost advantage over older ICE vehicles.
The Return to ICE: Depreciation and Budget Constraints
A third buyer abandoned an EV due to steep depreciation and high finance costs. Trading a Mazda MX-30 for a bank-loan-financed used Mercedes E-Class Coupe significantly reduced monthly payments. While a Honda e was desired, the £13,000 price tag proved prohibitive. Depreciation and financing options continue to steer some buyers back toward traditional internal combustion engine (ICE) vehicles.
The Future of Affordable EVs
The situation will improve as newer, more affordable EVs enter the used market. Models like the Renault 5 and even aspirational choices like the Porsche Taycan may eventually become accessible. For now, the key takeaway is that choosing the right car depends on individual needs and budget. Electric vehicles aren’t universally superior, and it’s perfectly reasonable to delay adoption until the financial landscape shifts.
