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Costs for used EVs set to fall as company leases come to an finish

Costs for used EVs set to fall as company leases come to an finish

Costs of second-hand electrical automobiles are set to massively cut back as company leases come to an finish, in keeping with new information from New AutoMotive.

Firms now personal round 475,000 electrical automobiles, and 200,000 plug-in hybrids, most of which will probably be held for 2-4 years earlier than being bought into the second-hand marketplace for ~50% of the unique worth. Due to company-owned automobiles coming into the second-hand market, the previous six months has seen the median worth of used EVs drop by £10,000, with used hybrid automobiles seeing an equally dramatic drop of £9,000. 

Because the variety of electrical automobiles transferring from firm to non-public possession continues to rise, this pattern is barely set to proceed, forcing the value of second-hand electrical automobiles down even additional – making them extra accessible to most people. 

On the findings, Ben Nelmes, CEO of New AutoMotive, feedback: “It’s no shock that since 2020 – when the tax charge on firm bought electrical automobiles dropped to 0% – there’s been an enormous uptick within the variety of company electrical automobiles on our roads.

“The federal government’s technique was to encourage corporations to be the early adopters of electrical automobiles. As the primary wave of company-owned electrical automobiles are beginning to move into the used automotive market, motorists are reaping the rewards of the federal government’s technique. It’s a pattern that’s set to speed up as extra second-hand automobiles seem in the marketplace, forcing the value down even additional and accelerating the UK’s transition to electrical.

“The advantages of going electrical will probably be more and more out there to folks up and down the nation, and it’s nice to see that so many individuals are actually capable of buy ex-corporate fleet automobiles on the rising used EV market.”

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