Warning for drivers to be cautious when buying a second-hand electric car - here's what to look out for
“The lack of publicly available data for consumers on whether batteries are included or not poses a big challenge.second-hand modelWhen purchasing a second-hand vehicle, drivers should bear in mind that if the vehicle is over three years old, they will be responsible for having the car MOT’d once per year.This could change in the coming years after the
launched a public consultation earlier this month to potentially change the frequency of tests for recently registered vehicles.associated with older vehicles. This includes the increased servicing needs and potential repairs needed, in comparison to a brand-new model. Simon Bayley, Managing Director at SMF , said: “The first question consumers need to ask is 'are the batteries part of the vehicle or on a separate lease?'.
“If it’s the latter, it can be very difficult to find a suitable way of offering finance and this usually ends up happening via a personal loan rather than a Hire Purchase agreement."Although HP agreements are easy if the customer wants a Personal Contract Purchase or contract hire agreement, the lenders need to look at the residual values.
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