With the EV market expanding rapidly, some nearly new electric vehicles are now available at steep discounts, offering an affordable entry point into electric driving. Here’s a look at why these deals exist, what to watch out for, and how you can find the best options.
Why Are Nearly New EVs So Cheap?
Electric vehicles tend to have higher starting prices than petrol and diesel counterparts. The average new EV in mid-2024 was priced around £47,000, which is substantially more than other vehicle types. However, the nearly new market is full of EVs with minimal mileage available at far lower prices, often due to government mandates and manufacturer sales strategies.
Government Emission Targets
Manufacturers are under pressure to increase their electric car sales to meet the UK’s zero-emission vehicle (ZEV) mandate. This regulation requires brands selling over 2,500 vehicles annually to reach specific EV sales percentages, with targets rising year over year. If they fall short, brands risk hefty fines or must purchase compliance credits from other manufacturers. To avoid penalties, many manufacturers are incentivising sales with large discounts on nearly new EVs.
Fleet Sales and Low Demand Among Private Buyers
Fleet buyers and businesses make up the majority of new EV sales in the UK, often purchasing directly from manufacturers rather than dealerships. This leaves dealerships needing to sell EVs to private buyers, despite demand being slower. Additionally, some discounted models may be demonstration or showroom vehicles with very low mileage, providing a great opportunity for buyers who don’t mind a slightly used vehicle.
Phase-Out Discounts
Some manufacturers are also gradually retiring specific models to make way for new offerings. As these models phase out, dealerships often discount them to clear inventory.
What to Expect (And Consider) With These Discounts
While the price drops can be significant, they often come with a few trade-offs. Here are some considerations when shopping for discounted nearly new EVs:
- Limited Options on Customisation: Most of these models are offered with fixed trim levels and basic customisation. If you’re looking for specific features or advanced packages, you may have to search longer or sacrifice the deepest discounts.
- Act Fast: Some deals don’t last long due to the high demand for affordable EVs. If you find a deal that suits your requirements, it’s wise to act quickly.
- Check Warranty Coverage: Many nearly new EVs may be a year or two old, which could mean a shorter manufacturer warranty. Be sure to verify the remaining coverage to avoid unexpected costs.
How to Snag a Nearly New EV Bargain
Ready to start your search? Here’s a simple four-step guide to finding the best nearly new EV deals available:
- Search Online with Filters
Use online car buying platforms with search filters to specify electric vehicles and set mileage limits to under 100 miles. Start with a lower limit and gradually increase if options are limited. For a budget-friendly search, organise results by price. - Evaluate the Price
Determine whether you’re truly getting a good deal by comparing the nearly new price with the original list price. Manufacturer sites and car review platforms provide useful benchmarks to help you spot the savings. - Check Model Age and Features
While a car may have low mileage, an older model may not have the latest tech or safety features. Knowing the exact model year can help you assess its relative value and avoid missing out on features you might want. - Verify Dealer Information
Always research the dealership’s reputation, review any returns policies, and ask if there’s any cosmetic or functional damage to the vehicle. Double-check the warranty validity for additional peace of mind.
The Bottom Line: Is a Nearly New EV Right for You?
Buying a nearly new EV offers an affordable way into electric driving, but it’s essential to weigh the pros and cons. Discounts are often available, but flexibility with model specifics and speed in decision-making can help you take advantage of these deals. By carefully evaluating your options and staying vigilant, you can find a reliable, low-mileage EV at a fraction of the price.
Keep these strategies in mind, and you’ll be ready to navigate the nearly new EV market with confidence.
At Segensworth Automobiles Ltd, we understand that your car is more than just a mode of transport—it’s a reflection of your personality. Whether you’re upgrading your car or simply looking for reliable servicing and MOTs, our experienced team is here to help. Contact us today or visit our website to see how we can keep your vehicle running smoothly and safely on the road!
Call us today on 01489 662 000 or email sales@segensworth-automobiles.co.uk to book an appointment.