MotoNovo Finance calls for government support for BEVS

MotoNovo Finance is continuing to call on the government to introduce support for used BEV buyers that is not limited to employer benefit schemes.

It said its consumer research on the emerging used electric vehicle market, involving 2,000 UK adults, supports this levelling-up call.

While the price gap between ICE cars and BEVs has closed in the newer used car market sector, the average advertised price for a used EV was reported recently as £27,607 – significantly higher than for petrol or diesel alternatives.

However, according to MotoNovo Finance’s research, with the type of government financial help that has seen new BEV sales grow dramatically, many more used car buyers would choose to buy one.

When asked, “To what extent would a government financial grant/incentive, such as a scrappage scheme, encourage you to switch to a used battery electric vehicle rather than a petrol or diesel car?” over half of people said it would make a difference and a third of these people said it would make a ‘big’ difference.

MotoNovo Finance commercial director Debbie McKay, said: “Looking ahead, the supply of used BEVs will increase significantly, mirroring the growth in the new car market over the last three years. Encouraging more consumers to choose a used BEV is crucial.

“The road to net zero needs a strong used BEV market because of the symbiotic relationship between used BEV values and new BEV monthly payments for leasing and PCP agreements. Sustainability in both will help deliver the environmental benefits sought.”