New vs. Used EVs – What are the Advantages & Disadvantages

The popularity of EVs are increasing day by day and people are adopting EVs to reduce their carbon emissions and including them into their daily lives as an important part of mobility. There are 2 types of EVs you can choose from: New and used. Each has their own advantages and cons, so it is important to carefully analyse your options before making a decision.

New EVs

Advantages

1. Whenever you purchase a new EV, it comes with a full warranty which gives you confidence to take your EVs on long distances without any hassles or worry.
2. New EVs are loaded with new features, technology and advanced safety systems, which is a big plus as buying a new car always means staying ahead of the technology with latest upgrades.
3. Nowadays companies are giving their customers the choice to customize their car according to their needs with the freedom to choose their interior styling, colors and accessories.
4. The government is also promoting the use of EVs by launching various schemes that encourage EV adoption by introducing low-interest rates and various incentives on the purchase of EVs.
5. The new EVs have completely fresh redesigned batteries that offer more range, thus increasing the efficiency and performance of your car.

Disadvantages

1. The cost of new EVs is higher than used EVs as the new technology, features and bigger battery comes at a cost.
2. One big issue with new EVs is they depreciate at a faster rate, resulting in decreased overall value of the car in just a few years of purchase.
3. The charging infrastructure is still in development phase and buying an EV limits your run as there are no provisions for chargers in rural areas so you have to sacrifice your long-highway runs.

Advantages

1. Used EVs come at a cheaper price and are quite affordable if you are having a budget.
2. Used EVs are already tried and tested properly in all road conditions, so it could be a hassle free option to buy one.
3. The depreciation of used vehicles has already been done, so after purchasing their value will be more or less the same only and there will be no risk of losing your money.
4. Used EVs generally contribute to a sustainable environment and are more feasible than new ones.

Disadvantages

1. The biggest disadvantage of owning a used EV is that there is no warranty available on the battery which results in a fear in the minds of a buyer as he is not aware of the battery’s health and performance.
2. The cost of a new battery is quite costly so practically, buying a used EV with a fear of new batteries cost is not a right decision.
3. There are no customization options available for a used EV so you cannot style it according to your needs.
4. Used EVs come with limited features, older technology and older battery configurations which have limited and less range.
5. For buying and selling of used cars, there should be a developed market and unfortunately there is no used car market currently in India as the number of EV owners are still less compared to ICE owners.
6. The demand of any used car industry is directly related to the purchase of new cars. Higher the demand of new cars, higher demand of used cars will be there, but EV car sales indicate only 2.5% of sales of total new cars which is very low.

Conclusion

The buying decision is dependent on various factors like your budget, your needs, and your range preferences. But by analyzing all the scenarios and going through all perspectives, we believe that purchasing a new EV is a much better option than buying a used one. Buying a new EV will provide more value for money to a customer as he would be getting upgraded features with new battery technology, resulting in higher range and customer satisfaction.