Certain electric vehicles (EVs) are selling for more after one year of use than they cost at retail, cap hpi has found.
The data provider suggested a combination of factors including the rollout of clean air zones, cheaper running costs, increased charging points, incentives to drive and wider availability from manufacturers has helped pique interest in EVs.
Over the course of 2017, alternatively fuelled vehicle sales surged – jumping almost 35% year-on-year to almost 120,000 for the 12 months.
Cap hpi suggested this growth was caused by a combination of factors including the rollout of clean air zones, cheaper running costs, increased charging points, incentives to drive and wider availability from manufacturers has helped pique interest in EVs.
Regardless of the reason for the growth in sales, the net result has been rising residual values to the point that, in some cases, a car bought at one year old could be run for 12 months and 10,000 miles and be sold for more money than its purchase price.
For example, the Peugeot Ion appreciated 8.6% adding £425 to its value. The Vauxhall Ampera’s average appreciation is 5.3% or £725 in value and the most popular EV on the market, the Nissan Leaf has an average appreciation of 4% or £456 on its original value.
In the realm of hybrids, the Toyota Yaris Hybrid appreciated on average 2.6% or £292, and the Lexus GS Hybrid average appreciation of 0.7% added £178 to its purchase price.
Chris Plumb, Black Book editor at cap hpi, said: “Sales continue to soar in the EV market as drivers have weighed up the benefits of ownership such as greatly reduced motoring costs and other incentives around driving an alternative to petrol or diesel.
“Our latest analysis shows that drivers who buy the right EV can still make money on a sale after running it for a year and adding 10,000 miles. This will be a major factor in persuading more drivers to go down the EV road. EVs and plug-in hybrids provide a good balance between range and efficiency plus the economic benefits for motorists can be enormous, offering big savings on fuel and tax costs as well as much lower maintenance costs.”