Image Courtesy: Mercedes Benz
The electric vehicle market is gaining traction, especially in Europe, where sales are continuing to set new highs. A battery electric vehicle (BEV) or a plug-in hybrid electric vehicle (PHEV) accounted for 11% of the over 1.36 million new electric passenger cars registered in Europe in 2020. In the first two months of 2021, 14% of new passenger cars registered in Europe were electric. While the new electric car market is growing, the used car market is still in its early stages.
In general, most people's budgets do not allow for a new car. Households with higher incomes buy more new cars than those with lower incomes. Second-hand electric automobiles that are more inexpensive can help to meet the needs of a broader consumer base.
Electric car sales in a given year are unlikely to show up on the used car market for several years. This will happen in roughly 2 to 4 years for leased company cars, and in about 6 years for private buyers. As a
result, the high adoption of electric cars in 2020 will most likely be reflected in the second-hand electric passenger car market starting around 2023.
We're starting to grasp how battery-powered cars age now that cars like the Tesla Model S and the original Nissan Leaf have been on the road for roughly a decade. Is it a good idea to buy a used electric
vehicle? The simple answer is yes, especially if you're on a tight budget and want to hop on the battery-powered bandwagon as soon as possible. Well, buying an EV is similar to shopping for any other
pre-owned car but there are a few EV-specific concerns you need to keep in mind.
Image Courtesy: Audi
The battery in an electric vehicle, like the battery in your smartphone, will degrade over time. The driving range of an electric vehicle will be reduced as a result of this degradation. A Canadian firm called Geotab, utilises GPS and other data to manage car fleets, evaluated extensive data from 6,300 EVs in real-world operation and discovered that battery degradation was minimal, with an average capacity loss of 2.3 percent per year. According to the analysis, an EV with 240 kilometres of range when new, would lose around 27 kilometres of range after five years.
The amount of range loss varies according on the car's make, model, and usage. According to Geotab and other studies, using DC fast chargers frequently and driving in hot climates can (slightly) accelerate battery degradation.
Degradation becomes less of a concern as battery technology improves and capacity grows. Because new EVs can travel significantly further distances on a single charge – up to 400 kilometres – regular battery degradation shouldn't be a deal-breaker on second hand models.
As the earliest EVs, such as the first-generation Nissan Leaf, didn't have much range to begin with, degradation is a more serious issue. As a result, second hand electric vehicles can now be purchased for less than $10,000. They may have a range of less than 100 kilometres, but they could be a good option if you need a cheap second car for short travels.
Image Courtesy: BMW
One of the most compelling reasons to buy a used electric vehicle is that they are less expensive to maintain. According to a study, EV drivers spend half as much on repairs and maintenance during the life of their vehicles. This is due to the fact that electric cars have less moving and wearable parts. In addition to not having to buy a gas-powered car again, the savings add up to thousands of dollars over the life of the vehicle.
If you're concerned about the possibility of a dead electric vehicle battery and the enormous cost of replacing it, the study found that dead batteries are unusual. They may also be covered by the manufacturer's warranty. According to the study, you can anticipate a vehicle to last between 250,000 and 350,000 kilometres before the battery fails, which is roughly the same lifespan as a conventional car's engine or gearbox might fail.
Electric vehicle batteries might survive 12 to 15 years in moderate climates and eight to 12 years in difficult climates, according to a study conducted by the National Renewable Energy Laboratory of the United States government. The batteries in Tesla's Model S and X are guaranteed for eight years or 240,000 kilometres, with a minimum 70% capacity retention over that time. Most other EV batteries are protected for at least 160,000 kilometres, but verify with the manufacturer for specifics before buying.
The iZEV incentive programme, run by the Canadian federal government, offers up to $5,000 off the purchase price of new zero-emission vehicles, however it does not apply to used EVs. However, depending on where you reside, there are different incentives and reimbursements for used EVs.
Image Courtesy: Tesla
As the pre-owned electric car industry matures, giving incentives similar to those offered for new cars appears to be a critical component in reaching a broader consumer base. Additional incentives for lower-income households might help service an even larger market, ensuring that electric vehicles are available to everyone, not just the wealthy. Although, there are other policy alternatives available to assist in the adoption of electric vehicles by lower-income groups, such as electric car-sharing programmes or the expansion of the public charging infrastructure network in less wealthy areas. How the used electric passenger car industry develops in the months and years ahead, as well as what governments are planning to do to regarding the same is yet to be explored.
So to conclude, you won't get the longest range or the fastest charging rates if you buy a used EV, but depending on your demands and budget, it can be a reasonable compromise.