Electric cars are the new consumer demand that is on rise both in the new and used car market. Even the pre-owned car segment is under the unwavering influence of electric car revolution. One of the reasons can be the fuel crisis and we believe that this year India will be ready for electric mobility spearheaded by the luxury giants. Likewise, this will contribute to the awareness around EV technology.
According to the estimations, the Global Electric Vehicle Market size is expected to grow at the rate of 26.8% CAGR, which will reach 34,756 thousand units by 2030 from 4,093 thousand units in 2021.
Advancements in EV Technology
It is the battery technology in EVs that accounts for the vehicle safety and efficient working. The innovation has come a long way ahead with the invention of lithium-ion in 1980s and has been an instrumental factor in giving surge to EV manufacturing. Also, consumers saw an increase in:
- Travel range
- Charge capacity
- Safety ratings
The revolutions in the silicon technologies with the coming in of new materials like silicon carbide, have been instrumental in optimizing the EV efficiency and power utilization. Additionally, advanced technologies like high-voltage current protection, signal isolation, and battery management technologies are continuously enhancing the EV performance.
But there are a few questions that a person has to think about and inspect more while planning to buy a used electric vehicle.
Convenience of Electric Vehicles
Prior to buying a used electric car, one must be thoroughly convinced about the convenience of the vehicle. The biggest issue to be considered while buying an electric car is the availability and the ability of charging the vehicle. Considering that the installation of charging station is still in progress, one without any access to electric socket might face the difficulty of charging their pre-owned electric vehicle.
Moreover, one needs to consider the various charging options depending on the type of car they possess. Although a 3-pin plug is a standard type for charging the EVs, it is the slowest method.
Checklist for buying a used electric car (EV)
Before being mesmerized with the car model, it is important to thoroughly scrutinize the battery life of the car. It proves to be imperative in saving the unwanted expenses of battery replacement. One should go for battery lease plan of the car, in order to avoid issues arising from the battery.
To counter battery issues, nowadays used EVs come with battery warranty that lasts longer than the used car warranty. Earlier, various car models offered 8-year warranty, but recently some brands have cut down the warranty period to 5 years. This warranty period will be an added advantage for the buyer and the car.
List of pros serving as a guide for making the right decision:
Good Condition: The good condition can be determined by less mileage number.
Warranties lasting longer: This is one of the best aspects of owning a used luxury car. Some luxury cars offer warranties that last longer than 5 years. For best warranties along with quality services, one should always purchase from certified pre-owned luxury car dealer, for instance Luxury Ride.
Selecting from the best collection: Though one can purchase pre-owned cars from anywhere, it is better to buy from a certified pre-owned luxury car dealer to ensure the credibility. One can directly connect with the dealer.
- Latest technology: The latest vehicles are equipped with highly efficient modern amenities. Moreover, pre-owned cars may also have additional accessories like wireless networks, TV screen, smartphone integration, etc.
- Low Maintenance: Nowadays, smart cars are supported with complimentary maintenance services. It exempts the owner from spending any extra penny for issues arising during the warranty period.
Electric vehicles are powerful, affordable, safer, and reliable in the industry as it is the Future of Auto Market. Almost every automobile manufacturer is harnessing EV technology, whereas, other industries are continually striving to incorporate science for enhanced products. This will be beneficial for the pre-owned luxury car market as well.
Mr. Sumit Garg
MD and Co-Founder
Sumit Garg is the MD and Co-Founder of Luxury Ride, a final shopping destination for the foremost exclusive and fascinating pre-owned luxury cars. At Luxury Ride, Sumit oversees various departments and his prime focus is the exponential expansion of Luxury Ride across India. He is also highly involved in the day-to-day functioning of the company in order to get the DNA right which can support the exponential business growth and create a strong foundation.
Published in Telematics Wire