Are you considering buying a used or second-hand electric car (EC)?
For you to make an informed and conscious decision about electric cars, you must understand the ins and outs of the EC industry. Several manufacturers have either developed different kinds of ECs or plan to do so in response to the COVID-19 pandemic.
While the EC market in India is still at an embryonic stage, there is a strong demand for these electric cars. A challenge is that there are a limited number of cars available in the market. Despite this, you can still consider buying pre-owned cars on the market.
Used car buying has become less of a stigma in recent years, thanks in part to the ease of buying and the availability of a used car loan. Used car loans are attracting potential buyers due to affordable interest rates and minimum eligibility requirements. This has led to this change in consumer behavior.
Essential Tips Before Choosing
Before going for a second hand car loan, it is important to first settle for the right car. When considering a pre-owned car, it is essential to take certain criteria into account.
- Look at the electric motor’s condition
It is easy to judge the visual condition of a car simply by looking at it. Taking a quick look at the powertrain, however, may not be enough to understand its complexity. When compared with internal combustion engines, electric car powertrains have few moving parts, making them relatively simple. It’s hard to damage a motor by simply driving around. If the drive motor is damaged, it would most likely be due to physical impact. Unfortunately, it is difficult to determine the status of the battery pack and electro-mechanical system.
- Check the battery pack’s power retainability
It gets tricky when it comes to electric cars. A wrong charging habit can also damage batteries over time, and it is not always easy to recognize it. To examine a battery thoroughly, it should be drained completely, then charged up from zero to full. Charging time should be as specified by the manufacturer. When it takes longer, it may be that the battery cannot draw power as quickly as before.
A long test drive will be needed to determine if the manufacturer can still claim the electric car can go the distance. Additionally, if there are battery problems, the battery pack can be replaced quickly.
- Keep in mind that electric cars depreciate quicker
It is a well-known fact that luxury cars and two-wheelers depreciate quite rapidly. In India, the majority of electric cars fall under premium categories and their prices depreciate rather quickly. Depreciation is the very reason people look for EVs in the used car market. Moments after riding out of the dealership, prices fall dramatically.
Thus, even though you purchase a second hand EC using an affordable interest rate used car loan, prices for electric cars will continue to decline.
- Setting up a charging infrastructure
Owning an electric car requires a charging infrastructure. Electric cars usually come with their own charging cables. A few premium offerings come with fast chargers, and these chargers are sold by the manufacturer. If you are looking to purchase a used electric car, you might want these chargers installed at home.
- Look into the electric car’s technology
In the years since they were first introduced, EV technology has evolved significantly. The installation of firmware updates can be done at a later time, but the installation of hardware updates is difficult. Compared to an older EV, a more recent model will have improved technology. While buying a used electric car, it would be wiser to opt for a recent model.
ECs are becoming increasingly popular in the Indian market and more ECs are being purchased each month. Additionally, more ECs are turning up on the second-hand car market as well.
Therefore, if you are planning on buying a second hand EC, you should go for it! You may also consider applying for a used car loan to meet your funding needs.
You can get a used electric car loan of up to fifty lakhs at affordable used car loan interest rates. On the lender’s website, you can find out if you meet the used car loan eligibility criteria for a pre-owned electric car loan. You can also calculate your EMI using the used car loan EMI calculator available on your lender’s website.