Planning to buy a second-hand electric vehicle? Keep these facts in mind
At a time when the global oil and gas industry is puzzled about its future and trying to find new business solutions for the coming decades, the EV industry is witnessing a rapid surge in demand. Globally, the pandemic has caused havoc for the auto industry at large. In the EV segment though demand and sales have increased substantially.
While the rising fuel costs are driving consumers towards electric vehicles, demand for personal mobility at the time of pandemic is igniting the trend further.
Another interesting trend in the passenger vehicle market is the high demand for pre-owned or used vehicles. The reason behind this is used vehicles come at affordable prices compared to brand new models. At the same time, they serve the purpose of personal mobility without burning consumers' pockets like completely new vehicles.
With the rising sales of electric vehicles, the pre-owned vehicle market is expected to witness a surge in the share of green vehicles. While consumers are more or less aware of the factors to consider while buying a used ICE vehicle, do they know what should be the factors to check while buying EVs?
Here are the facts you should keep in mind.
Why choose a used EV
The first answer to this question is, EVs emit zero pollutants, be they new or used. Secondly, EVs come with a slower depreciation value compared to ICE vehicles. An electric vehicle loses around 20 per cent of its value as soon as the consumer buys an EV, which is still lower than an ICE vehicle.
The latest supply chain disruptions are causing longer waiting periods for brand new vehicles, even EVs. A used EV on the other hand be driven away immediately. This is certainly an appealing fact for those who are looking for an EV for personal mobility.
Remaining battery life
This is a very critical factor one should take into consideration while buying a used EV. The used EVs with good condition of the battery is a common thing. But, you should still check the remaining battery life and range before spending the money, just like you check before buying a used ICE vehicle. After all, it is about value for money.
It is difficult to define the battery life and range, but there is no harm in trying to learn that. There are some startups in the market that offer these types of solutions. Also, keep in mind that battery life depends on factors such as charging type, charging frequency and to what level the battery was drained out.
Fast charging might lower the downtime for the EV, but it fries the battery. A slow but regular home charging socket ensures a longer battery life. Draining out the battery to zero and charging it frequent also impacts the battery life negatively. Inspect these factors before you buy the used EV.
Range on offer
The range of an EV depends on the battery size. The large the battery is, the longer-range the EV will offer. Hence, always enquire about the battery size and its average range on offer before finalising the deal on the pre-owned EV. You don't want to end up dead in the middle of the road because of the poor range capacity of the electric vehicle.
Charging infrastructure availability
This is another critical factor one should take into consideration. If someone buying an EV for regular commuting in and around the city, home charging could be a solution that is easily available. However, make sure you know about the battery type, whether it is a removable one or a fixed one.
But for people who are buying a used EV for driving on highways and longer range, it is important to know the range on offer and the availability of charging infrastructure as well. This certainly provides peace of mind. However, there are some other solutions as well.
Many startups are now coming with battery leasing facilities. This can be useful for the EVs that come with removable batteries.
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Cost of ownership
Cost is certainly another factor that we take into consideration when buying anything, especially for big-ticket purchases like vehicles. The cost of ownership includes the cost of purchase and the overall cost of maintenance during the lifecycle of the EV.
EVs come with higher upfront costs compared to their ICE counterparts, but the overall cost of ownership is much lower for them. The pricing of buying an EV and the overall cost of ownership for the green vehicle should be considered while buying such a vehicle.