Climate change has become a severe issue, and India is the fourth largest emitter after China, the US and the European Countries. Working towards climate consciousness, researchers believe that India could get to net-zero emissions between 2065 and 2070. Hence, in the auto space, decarbonization is the future. We could see a full-fledged replacement of the traditional cars with battery-run models in the coming years. Also, Ola is doing a tremendous job with ‘futurefactory’ and ‘hypercharger’ and is changing how we travel. So if you are considering a motor vehicle purchase, you could buy a second-hand electric car instead of a traditional car.
Is purchasing a second-hand electric car a good option?
For so many years, conventional motor vehicles have been polluting the Earth. Finally, there seems to be a solution. Electric Vehicles are battery-powered and do not emit harmful gases. An electric car runs entirely on batteries; that is, pre-installed batteries power even the vehicles’ lights and wipers.
However, the catch is that the upfront cost of purchasing an electric vehicle is more than that of a conventional vehicle. This is why it would be advisable to purchase a second-hand electric vehicle. Such a purchase would let you enjoy all the benefits of an electric vehicle and not be too harsh on your pocket. A second-hand car loan is readily available to those who intend to and can repay the borrowed funds. Used car loan interest rates are not costly, and you should do your research before opting for a loan facility.
Benefits of an electric vehicle
The long-term benefits of owning an electric vehicle surpass the immediate cost you incur as the purchase payment. Let’s consider all the advantages of owning an electric vehicle:
1) No fuel is needed
On 6th October 2021, The Economic Times reported that petrol and diesel prices have reached an all-time high across the country. The price in Delhi stands at Rs. 102.94 and in Mumbai at Rs. 108.67 per litre. But, what if you didn’t have to undertake the constant tension of fuel price hikes? If the price rise worries you, consider paying for a used car loan and switching to an electric vehicle. An EV does not need fuel, and hence the running costs are considerably low.
2) Charging is convenient
Ola is on a mission to build the largest network of EV charging stations in the country. Soon you will be able to locate a charging station at malls, schools and other public places. Moreover, you can get a charging socket installed in your garage as well. This way, you can charge your vehicle while parked and don’t have to travel long distances to find a charging station.
3) Long battery life and ease of driving
A good quality EV battery should last up to 10 years. As innovations are readily happening in this space, it is expected that the battery cost will come down shortly. EVs are great for long-distance travel as driving becomes smooth and they do not cause noise pollution.
‘Regenerative braking’ is another innovation in the EV space. When a driver presses the brake of a car, kinetic energy gets released as frictional heat. But, in an EV, the energy released is used to charge the batteries, hence avoiding wastage of kinetic energy.
Undoubtedly, the advantages of using an electric vehicle outweigh the disadvantages. 2021 is the best time to buy an EV – opt for a loan to make a purchase today! Also, you can use your lender’s used car loan EMI calculator to track your financial commitments with ease.