It is no secret that the electric car revolution is picking up momentum. With the Government’s clean air plans, the incentives for making the switch and every manufacturer focusing on efficient automobiles, it is no surprise that the sale of diesel has plummeted whilst Alternatively Fuelled Vehicle (AFV) sales have skyrocketed this year.
Soon, the roads will be filled with electric automobiles and the used car market will have a huge amount of AFVs for sale.
Used Car Market
This will be a huge change for the automotive industry and this brings a great deal of uncertainty. This is particularly true in the used car market, which is currently a difficult place to navigate as there is such an enormous range to choose from, but also many fraudulent sellers and scams to be aware of.
Fortunately, companies like HPI are making the auto industry safer by providing comprehensive history checks which check to see if the car harbours any hidden secrets. Additionally, HPI also provides accurate and reliable car valuations. This ensures that you know the true value of an automobile whether you are buying or selling.
Changes in the Market
When electric cars begin to dominate the market, we could see a change in the way automobiles are evaluated. Seeing as the technology is rapidly improving, it means that even a relatively new electric car could feature old technology soon which would be reflected in the resale value. These older electric cars will not have the range that a newer electric vehicle will, but you could pick them up for a lot cheaper in the used car market.
Whilst factors like MPG and tailpipe emissions are not an issue with electric vehicles, motorists will need to think about the battery when it comes to valuations. This is because if you own the battery (instead of lease it), it could cost more than the value of the automobile to replace.
As a result of this, the way in which automobiles are evaluated could be changing in the near future. Depreciation rates will be different and factors like range and battery life/value could become key factors. Fortunately, companies like HPI are ahead of the curve and will continue to provide reliable and accurate valuations as we begin to see more and more electric cars on the road.
The green car revolution is underway, and many motorists are already making the switch, which will have a huge impact on the automotive industry and the used car market in the coming years
