When it comes to used car costs, EVs may soon pull away from ICE equivalents

When it comes to purchasing their next used car, the economic argument facing drivers should mean more and more people opt for a used EV over internal combustion engine (ICE) cars.

When it comes to purchasing their next used car, the economic argument facing drivers should mean more and more people opt for a used EV over internal combustion engine (ICE) cars.

Here at MotoNovo, we’ve collated research from a range of industry experts to explain why this is the case, with some specific examples of the current state of play in Scottish markets.

When it comes to purchase price, used EVs leave ICE models out in the cold

When looking at the costs for specific used EVs with their make/model internal combustion engine (ICE) equivalents, ICE models were, on average, £2,560 more expensive than the EVs, according to research carried out by Car Gurus in February. Additionally, those EVs had 18% fewer miles (equating to 3,252 miles) on average than comparable ICE models, providing drivers with an additional incentive.

Used EV running costs also come up trumps

In February, charging point manufacturer Andersons released data highlighting that the total cost of operating an electric vehicle was £1,154 per year, just under half the £2,316 cost of running a petrol car. Even if 8% of charging were at ultra-rapid motorway charging points, with average costs of 81p/kWh, EV drivers would still pay just under a quarter less than petrol drivers.

According to ChargePlace Scotland, there are ultra-rapid charging options with costs as low as 61p/kWh in Dundee and 75p/kWh in Falkirk, as an example. Though it should be noted that ultra-rapid options are not yet widespread.

There are also a wide range of rapid charging points costing 47p/kWh in Aberdeen, 45p/ kWh in Argyll & Bute, 40p/kWh in Edinburgh and 50p/kWh in Glasgow, so for Scottish EV drivers who plan ahead, there are significant cost savings to be made. When you factor in that ChargePlace Scotland is Government-backed and has 3,000 or so (and growing) charge points, the landscape is becoming increasingly more convenient as well as cost-effective for Scottish EV drivers. In fact, a Daily Record article from last year highlighted that eight in ten Scots now live within 20 minutes of a charge point, and the Scottish Government wants to deliver 24,000 more charging points by the start of the next decade.

Car Expert has also, handily, examined servicing costs in isolation. The average yearly price for an EV is £232, but an equivalent petrol car costs £295. After five years of ownership, the gap is greater still, with EV servicing costing £3,857 compared to £5,514 for a petrol car.

ICE models winning on insurance costs, but for how long?

The only area where EVs fall short of their ICE counterparts at the moment is in insurance costs. January 2025 figures from Confused. com indicated that EV drivers are likely to pay £125.81 more per year, on average, compared to a petrol car driver. However, even here, Confused.com reports that EV insurance costs are on a downward trajectory, falling by 18% year-on-year in 2024.

In Scotland itself, it’s crucial to note that there are still improvements that must be made to EV infrastructure, if ambitious targets are to be met regarding EV ownership. Clearly, many EV drivers across the country are disgruntled with several aspects of their experience. Consumer Scotland discovered last year in its YouGovbacked survey that nearly half of EV drivers said public charging points aren’t in good order, whilst nearly four in 10 respondents stated there still aren’t near enough public charging points available. Nonetheless, it’s worth noting that Scotland has the second highest public charging provision in the UK per head of population after London.

Whatever peoples’ views on EVs may be, and regardless of some of the structural improvements that will need to occur, one thing seems plainly obvious. If the economics favour EVs over ICE so markedly as the range of data suggests, then EVs will absolutely eat up more market share.