The skyrocketing fuel prices in India have persuaded many potential car buyers to invest in an electric vehicle (EV). But buyers are uncertain about shifting to new technology. In such a scenario, experimenting withsecond-hand EV cars before making a complete switch seems a viable option.
Read on to understand all about the used EV industry in India.
The used electric car industry in India
Owning a car is a dream for many. But the percentage of car owners in India is at just 2%. Given the economic position of an average Indian, the concept of used cars has always remained popular and has now seeped into the electric car market. Also, the notion that a used car is associated with your status has been completely wiped out by practical ways of thinking, thus fuelling the demand for used cars.
Easy and accessible financing like the option of a used car loan has also encouraged buying of pre-owned EVs.
The buyer’s financial capacity is not the only reason to opt for an EV. Performance of the car, safety, and environmental factors are also ushering in a large percentage of potential EV car buyers. With this growing demand, thesecond-hand electric car industry also has substantially progressed with the help of emerging technological advancements and innovation. It is estimated to become a $50 billion industry by 2026.
The Covid-19 pandemic has also contributed to this estimation, with a sudden rise in people preferring private transport over the public. Also, the recent lockdown has taught people the importance of being self-reliant, independent and economical. This change in perception has influenced their buying behaviour, leading to a positive effect on the second-hand EV industry.
Additional Read: All you need to know about electric two-wheeler industry in India
Things to consider before investing in used cars
Purchasing an electric car is safe as it has fewer moving parts, unlike the conventional diesel/petrol car.
Nevertheless, you should ensure the car’s condition and pay special attention to the battery performance and mileage of the car. It is difficult for used EV sellers to check the intricate parts of the motor, so make sure you check and compare its range over time. Otherwise, the repair and replacement would put a financial burden, with the battery being almost 50% of the car’s price.
If you are considering buying a used electric vehicle, educate yourself on the technical terms and requirements of an EV before shopping. And in case you are looking for a car loan financing, choose a suitable loan repayment plan according to your estimated monthly payments. To figure out your potential EMIs, you can use an online used car loan EMI calculator.
Additional Read: What is a Hybrid Car? How Exactly Does it Work?
With governments encouraging EVs, and certain states offering benefits to electric car owners like complete exemption from road tax, car buyers are motivated to choose electric cars.
If you, too, are considering a pre-owned EV, then finance your car with Tata Capital at competitive used car loan interest rates. Enjoy benefits like flexible EMI plans, quick disbursals, and swift processing. Visit our website to know more. Apply today!