Are you planning to buy a second-hand or a used Electric Vehicle (EV)? It is important for you to understand the nitty gritty of the EV business so that you make a conscious and well-informed decision. This segment has seen a boom during the COVID-19 pandemic and several manufacturers have either come up with different kinds of options or are planning to do so.
Even if the EV market stands at a nascent stage in India, the demand for these vehicles has only seen a rise. However, the challenge is that there is limited availability of vehicles in the market. Still, you can explore an option to buy pre-owned vehicles from the market. Therefore, it is important to consider certain criteria before you buy a used pre-owned vehicle.
Things to know before buying a used electric vehicle
Electric Vehicles depreciate quickly
If you are planning to buy a cheap used car, a pre-owned electric vehicle can prove to be the correct option for you as per your will to shell out money. Experts told HTauto that the depreciation rate of these is faster than the other fuel-powered vehicles, which basically means that a pre-owned EV will be available at a cheaper rate than a petrol or diesel vehicle.
Smooth Driving Experience - Electric vehicles generally give smoother and quieter driveability against other fossil fuel-powered vehicles. It is more soothing and quiet to drive an EV as compared to other vehicles.
Environment Friendly - The electric vehicles do not emit tailpipe pollutants which are responsible for highly contributing to global warming. Therefore, it is in the best interest of a buyer to choose an EV over petrol or diesel vehicles as it is more environmentally friendly.
Cost of Ownership - The cost of ownership is very less with EVs as compared to other vehicles. The increasing fuel prices won’t be a headache for you if you own an EV. It also demands lesser maintenance.
Subsidy under FAME-II scheme - The government provides subsidy to EV buyers and promotes electric mobility. Discounts can be availed under FAME-II scheme and electric cars can avail the same.
With certain advantages, you can definitely go for a second-hand electric vehicle. But it is important to understand the ugly side too.
Low Battery Performance - The battery performance of EVs are lesser than the other vehicles as the engine doesn't perform up to the mark, the battery performance gets affected due to a low voltage.
Charging Infrastructure - EV charging is a headache for those who own it and the charging infrastructure becomes a cause of concern. The lack of a proper public charging network for electric vehicles affects the vehicle’s performance. Charging infrastructure is a great concern for EV owners.
Less Advanced Technology - The technology of electric vehicles becomes outdated for a used EV as the tech is ever-evolving when it comes to EVs in general.
Battery Life - EVs are not blessed with good battery life as their longevity doesn’t stay for quite some time. So you can expect a low battery performance if you are adamant to buy a pre-owned vehicle.
Resale Value - The resale value of EVs are very less as compared to other vehicles and it will be at a cheaper rate than other petrol or diesel vehicles.