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The used electric car timebomb - older EVs could be hard to sell because batteries aren't guaranteed
[Daily Mail, where America gets its news] Money Mail can today reveal a timebomb looming in the second-hand market for electric vehicles (EVs).Our investigation found that many EVs could become almost impossible to resell because of their limited battery life. Experts said that the average EV battery guarantee lasts just eight years. After this time, the battery may lose power more quickly and so reduce mileage between charges. Many EVs will lose up to 12 per cent of their charge capacity by six years. Some may lose even more. Yet the cost of replacing an EV battery is astonishingly high, our research found. In some cases, the cost of a replacement battery is as much as £40,000. For certain EVs, the cost of replacing the battery could be ten times the value of the vehicle itself on the second-hand market. That means used EVs have a limited lifespan — which makes them a bigger and bigger risk as the years go by. Research into EV batteries is yet to be conclusive and the second-hand EV market is new, given the first popular EVs were rolled off the production line in 2009. Last night, one motoring expert said customers should be wary of buying a used electric car beyond its warranty (typically eight years), as after that timespan there is no easy way of measuring how much the battery will degrade before it needs replacing. This may mean you end up needing to pay for an expensive new battery. Related: Electric vehicles 04/17/2024 China makes a ton of EVs and the unsold ones are now piling up at ports Electric vehicles 04/17/2024 'China is increasingly connected with Russia': what Scholz came to ask Beijing for Electric vehicles 04/08/2024 Biden's Electric Vehicle ‘Mandate' Might Just Be A Surprise Gift To China Posted by: Skidmark 2024-05-01 |
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