Slow charging costs rise, but used EV’s available for a bargain – AA EV Recharge Report

• Flat rate slow charging increases by 5p/kWh compared to March, fast charging rises by 1p/kWh
• Used EVs with less than 10,000 miles now half the cost of new
• “There are some bargains out there and it could push those in two minds to make the leap to electric” says AA president

The April 2023 AA EV Recharge Report shows a 5p/kWh increase in flat rate slow charging, as well as a 1p/kWh increase in flat rate fast charging.

An increase in slow charging costs by one of the suppliers to EV charging at supermarkets has pumped up the average price by 5p/kWh. However, it remains half the average cost of ultra-rapid charging when priced at a flat rate (as opposed to peak/off-peak pricing schemes).

Charging at supermarkets has become a favourite option for many electric car owners as the slower and cheaper rate of charging can be combined with a shopping trip.

Regardless, compared to petrol costs, which have fallen in the past month, slow charging at a supermarket is on average 5p a mile cheaper.

AA EV Recharge Report, April 2023. Flat rates;

AA EV Recharge Report, April 2023. Peak and Off-Peak rates;

Used EVs available at half price

Meanwhile, market analysis of used-EV values show that they average half the price of a brand new one**. A view of the AA Cars website shows that it is possible to pick up an EV with less than 10,000 miles on the clock for half the cost of a brand new model.

A Vauxhall e-Corsa, which starts at £33,930 brand new, could be bought for less than £17,000 with less than 7,000 on the clock and manufactured in 2021. Likewise, a Hyundai IONIQ Premium, which starts at £43,445 brand new, could be bought for around £17,500 for a model only one year old.

At ‘Fully Charged Live UK North’ on Friday 19th May in Harrogate, Edmund King will tell the audience that we are at an important phase on the road to zero emission vehicles with the ban on new petrol and diesel cars just 7 years away.

However, he will warn that it is crucial for fleets to lead the way to mainstream electrification as most drivers buy their cars second-hand and therefore will depend on a heathy used car market evolving from fleet sales. However, recent research*** indicates that more than three quarters of fleets (76%) are delaying the move to electrification due to cost pressures.

Edmund King, AA president said: “While the increase at some supermarket slow chargers is disappointing, on the whole the cost of charging has remained static and incredibly affordable, especially for the fastest charging speeds.

“There appears to be some stalling along the road to electrification from three quarters of fleets trying to save on capital costs. For some fleets this could backfire as they will miss out on lower running costs whilst being hit with higher repair bills on an aging fleet. It will also have a knock-on effect and further delay the uptake of EVs into the mass market.

“We are in a period of flux and uncertainty for many private drivers. Do we buy a used EV now or wait until the cars have a longer range or battery longevity is further tested?”

King continues: “Despite this there are some used electric cars with less than 10,000 miles on the clock now being offered for half the price at new, which is astonishing.

“Used EVs are trading at 47% of their original value, compared to 67.1% for petrol, 65.1% for diesel, 72.8% for hybrids and 62.7% for plug-in hybrids. These comparisons are based on vehicles of 36 months old or 60,000 miles.

“This means there are some bargains out there and it could push those in two minds to make the leap to electric. Hybrid values seem to support that, showing popularity among those wanting to keep a foot in both camps. Drivers should remember that running costs for an EV are considerably lower, they drive well, are better for the environment and are fun to drive.”

ends

NOTES TO EDITORS

* Average prices are the PAYG options without connection fee as at 26 April 2023. Subscriptions are available for all charge point speeds which can unlock a cheaper p/kWh, however rates vary across provider.

Calculations based on adding 80% to a Vauxhall e-Corsa, 50kW, with a WLTP range of 222 miles. Adding 80% range equates to 178 miles of range. Vauxhall e-Corsa specifications here: Corsa_Spec_ePG_5_January_2023.pdf (vauxhall.co.uk)

Calculations based on Vauxhall Corsa 1.2L (75PS) Petrol with a 40 litre tank. 80% refuel = 32 litres.

Petrol: 32 litres @ 146.52 ppl = £46.89. Combined MPG of 47.9 = 335 miles at 14.00 p/mile.

Vauxhall Corsa specifications here: Corsa_Spec_ePG_5_January_2023.pdf (vauxhall.co.uk)

** Autovista, which owns Glass’s Guide, tracks residual values. See www.theAA.com/cars for more deals on used EVs.

*** Bridgestone and Webfleet, April 2023, survey of 210 fleet decision makers