Over one in ten (12%) electric and hybrid cars checked by data company CDL’s My Car Check provenance checker flagged that the vehicle had existing finance on it in February, the company has revealed.
This was notably higher than the 9% recorded for diesel cars and 7% for petrol cars.
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When taken as a percentage of total warnings issued, the gap widened. Existing finance warning made up 25% of all warnings issued for electric and hybrid cars, compared to 19% for diesel and 13% for petrol.
Gavin Amos, head of valuation services at My Car Check, said these figures showed the specific issues buyers needed to consider when looking for a used electric or hybrid cars.
He said: "With ever more cars being bought on finance, particularly Personal Contract Purchase (PCP), it is important to check if the used car you’re looking at has any debt against it. The picture for pure electric vehicles is complicated by the fact that the battery is sometimes leased separately to the actual car, which can trigger an outstanding finance warning."
Plate transfer was the biggest reason for a warning regardless of engine type, although it was more common both diesel (48% of all warnings) and petrol (45% of all warnings) than electric and hybrid vehicles (40% of all warnings)
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By GlobalDataThe company also revealed that Toyota was the most popular brand checked for electric and hybrid vehicles, followed by Lexus, Honda, and Vauxhall.
The average value of electric and hybrid cars checked was £10,220, compared to £8,921 for diesels and £6,590 for petrol cars.
