Future-Proof Your Mobility with a Used Electric Vehicle

Posted on: Jun 13, 2022 | | Written by:

Future-Proof Your Mobility with a Used Electric Vehicle

In India, the EV market is gradually gaining traction, especially with more and more people looking for used electric vehicles at an affordable price. However, choosing the right electric vehicle is a whole lot different compared to choosing a traditional car with an internal combustion engine (ICE). With ICE cars, there are a lot more options. Throw in variables such as make and model, reliability of the brand, and engine, age, and price of the model depending on the retail outlet, it can get challenging to make the best decision.

Now, considering rising fuel prices, rising car costs, a global energy crisis, and environment-friendliness, electric vehicles have emerged as the future proof-solution. But buying a used EV requires a completely different set of variables to consider, including car insurance.

So, let’s look at how you can make an informed decision while buying a used electric vehicle

1. Understand your range requirement

Unlike traditional ICE cars, wherein you can refuel easily at multiple stops along your route, the charging ecosystem for electric vehicles is in its nascent stage. There aren’t as many points, which mean the range of your vehicle is crucial in determining how far you can drive it. Newer EV vehicles have considerable range, which will reduce with time. Therefore, look for a vehicle that has a high advertised range, as driving in real-world conditions will reduce it further. Choose a range that you would be comfortable travelling to and from, without needing a recharge.

2. Check battery replacement history

While ICE vehicles have a repair history, it’s vital to check the battery replacement history of your used EV. Batteries tend to lose their efficacy over time – with repeated charging and discharging cycles. Lithium-ion batteries, which seem to be the norm in the first and second generation of EVs, are particularly vulnerable to degradation in holding charge after a few years. They are also likely to take longer to charge than newer batteries. Check the replacement history of the battery and find out if the battery can be replaced if it’s more than 5 years old.

3. Battery warranty

Batteries are covered upto a certain distance or time by the manufacturer. A used car generally transfers the warranty to the new owner, but that may not always be the case. Find out if the battery warranty will be passed on, and how much time or distance you have left on the battery warranty. If it’s not enough, consider changing the battery and its related costs before buying the vehicle.

4. Charging apparatus costs

Check the cost of purchasing the right charging equipment if required. You may need to buy charging cables and install the right charging plug at home. These are proprietary solutions, which may be expensive, and hence, need to be considered.

5. Government incentives

State governments across India have been offering incentives and subsidies on electric vehicles, to promote the shift to electric mobility. These incentives are primarily for new electric vehicles, but may also extend to used EVs, as the market evolves, and gets bigger.

6. Calculate the cost-benefit of the switch

Electric vehicles tend to be more expensive than their ICE counterparts. Furthermore, the depreciation in quality of the components may not be as high as ICE cars, given the fewer moving parts, low heat, etc. As a result, the resale value will be considerably higher. Consider your daily travel requirement, and the cost of electricity and the vehicle, to understand whether the investment is worth it. It goes without saying that if you travel long distances daily, then footing the bill for an electric vehicle makes sense.

Finally, look at different retail outlets to arrive at the best possible price for your EV. Consider the cost of used electric electric car insurance. These tend to be on the lower side, given their reliability, but depends on a lot of other variables such as your location, cost of vehicle, age, etc. Another factor to consider is the ambient climate of your location. Batteries tend to perform negatively in extreme temperatures. With these in mind, you can make the switch to future-proof your mobility and save money in the long run.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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