With more and more manufacturers adding electric vehicles (EVs) to their lineup, there will soon be a market for used electric vehicles. What should one look for while purchasing a used electric car, though?
Here are the top things to consider:
1. Charging infrastructure
It is useless to purchase an electric car if you have nowhere to charge it. Do you have a parking spot that will allow you to charge the vehicle overnight or during the day while you work? Will you have to pay extra to have a fast charger installed at either your house or your workplace? Does the car have its own emergency power cord you can use for its emergency charging from a wall socket?
The government has put in place a plan to install the requisite charging infrastructure, but until then, you need to support your EV charging yourself. If a second fast charger will be handy to you but exceed your budget, a used car loan will be a neat solution. Approvals and disbursals for used car loans are quick these days.
2. Warranty on the battery pack
Cars usually have a warranty for their various parts, and EVs are no different. The battery pack is perhaps the most expensive component in an EV, so make sure that you are clear on the warranty for it, both in terms of time and kilometers. It is also advisable to get an extended warranty.
3. Health of the battery pack
Internal combustion engines lose power over time with usage. You can expect a similar case with EVs. So, manufacturers account for this when they build an EV. However, make sure that the vehicle you are interested in does not have a battery pack on its last legs. As battery packs are not currently manufactured in India, you’ll have to pay extra and wait for a considerable period for a replacement.
4. Service support
If you purchase an EV, you will need to service it periodically. Of course, EVs do not need an oil change like regular cars do, but they will still need regular check-ups, software updates, and preventive maintenance. So, ensure you have a suitable service center and/or EV technician handy in your area.
5. Your usage
If you have a commute that will drain the vehicle’s battery daily or run it to the absolute end of its range, an EV is probably not a good choice. However, if you have a short commute with a lot of stopping and starting, then an EV will be a sensible choice – you can charge it once a week on your days off.
If you have minimal daily usage and space to charge the car while parked, there can be nothing better than an electric car for your commute! Even better, if you can test your experience with a used electric car.
Finding yourself a used electric car might be quite difficult, though, as EVs like the Maini Reva and Mahindra e2o has only been around in the Indian market for a couple of years. However, you will find that getting a second-hand car loan will be far quicker and easier.
Lenders provide a way to check your used car loan eligibility on their websites. Should you be eligible, you can look at the used car loan interest rates and even instantly take a look at the possible EMIs via a used car loan EMI calculator on the website.