Do electric vehicles have a good resale value?
Buyers are increasingly developing an affinity toward electric vehicles. As the market shapes up those looking to buy an EV will be keen to know the resale value before buying one.
So are electric cars worth buying and Do electric vehicles have a good resale value?
Currently, second-hand EVs are priced – lower as compared to IC vehicles. The technology has only recently got a buy-in thanks to – considerable scale efforts to increase charging infrastructure in the country.
The current low resale price only alludes to range anxiety and the warranty period of the battery pack. Additionally, since EV charging infrastructure in India is still developing, it creates a barrier. Just like IC vehicles, customers foresee that a second-hand vehicle would entail costs, but since there is still a lack of awareness of EV maintenance costs this adds to the apprehension. Of course, resale value also depends on the model, the condition of the car, number of kilometers driven, among others.
One thing is for sure – the number of charging stations is only going up and EV battery packs are quite reliable giving EV enthusiasts the confidence they need to buy one.
To increase adoption, MG Motors offers customers the 3:50 buyback plan at the time of purchase. Customers pay Rs. 49,000/- and can resell the car back to the company and get 50% ex-showroom value. This plan is for 3 years or 30,000 km whichever is earlier. Obviously, the car should not be damaged, cannot be serviced outside MG Motors and no tampering should be done with the kilometers for the resale to be initiated. The package also includes a 3-year maintenance cost. All in all, a good deal under which customers can safeguard the resale value of their MG ZS EV.
As with any new technology, it’s a given that over time, offers will get more competitive as the market matures.
Do electric vehicles have a good resale value? Final answer is yes, The EV market is going to boom in few Years.
