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Is the Initial Bargain Worth the Hidden Costs?
The rapid decrease in the cost of second-hand Electric cars compared to their petrol counterparts may seem like a great deal at first glance. However, buyers should be cautious of the potential hidden expenses that can arise after the initial purchase. According to new research, the average electric car depreciates by a staggering 42 percent in its first two years, far higher than the 14 percent drop experienced by petrol cars. This means that while you may save money upfront, you could be hit with unexpected costs down the line.
Consider the Long-Term Costs
When compared to petrol cars, Electric vehicles often come with higher upfront costs due to the expensive battery technology they rely on. While you may save money on fuel expenses, the cost of maintaining and repairing an electric car can quickly add up. For example, insurance for electric cars can be more expensive due to the complexity and cost of repairs.
Importance of Battery Health Tests
One of the key factors to consider when purchasing a used electric vehicle is the health of the battery. It is crucial to have a battery health test performed by an authorized dealer to ensure that the battery is in good condition. However, finding someone to conduct this test can be challenging for private sellers and buyers.
Training and Industry Experience
The lack of industry experience and training related to electric vehicles has been a contributing factor to the hidden costs associated with used EVs. Insurers may be hesitant to cover electric cars due to the complexity of repairs, leading to higher insurance premiums for owners. As the industry works towards re-training and gaining more experience with electric vehicles, it is hoped that prices will stabilize and safety concerns will be addressed.
Conclusion
While the initial cost of a used electric car may seem like a bargain, it is important for buyers to consider the long-term expenses and hidden costs that come with owning an electric vehicle. Battery health tests, insurance premiums, and maintenance costs are all factors that should be taken into account when deciding between a petrol and electric car. In order to ensure a good value for money and a positive ownership experience, buyers should carefully weigh the pros and cons of purchasing a used electric vehicle.
The Tesla Model Y just received the highest possible safety rating from IIHS, this is the car you want your loved ones in if you take safety very seriously pic.twitter.com/ve07Lzp2YN
— Teslaconomics (@Teslaconomics) February 27, 2024