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Why it's Important to Get a Warranty Plan for Your Used Electric Car

  • Why it's Important to Get a Warranty Plan for Your Used Electric Car

Here are some key reasons why a warranty plan is important for used electric car.

Purchasing a used electric vehicle can be a great way to get all the benefits of an EV at a lower cost. However, used EVs still require proper maintenance and repair just like any used car. That's why getting a warranty plan is highly recommended to protect yourself from potentially costly repair bills down the road. Here are some key reasons why a warranty plan is important for used electric car.

Peace of Mind

An EV warranty provides peace of mind when unexpected repair costs will be covered. EV batteries and electrical systems are complex and repairs can be expensive if something goes wrong outside of the manufacturer's warranty period. Knowing these repairs are covered for a set time period with a warranty plan provides great financial protection if things were ever to go wrong with your vehicle.

Protect Resale Value

Having a warranty plan makes your used EV more appealing to future buyers as any remaining coverage transfers over to the new ownership. This can help retain more resale value over time. Without a warranty, buyers may be wary of taking on repair costs for an out-of-warranty EV.

Coverage for Expensive Components

EV battery packs, electric motors and onboard charging systems are very expensive to replace. A warranty plan can provide coverage for these major components in the event of a failure after the manufacturer's warranty expires. Replacing these can cost thousands, so coverage is crucial.

Diagnostics and Labour Costs

Warranty plans often cover diagnostic fees and labour costs related to covered repairs, saving you money compared to paying out of pocket. Diagnosis of EV issues can be complex.

Roadside Assistance

Many EV warranty plans include roadside assistance. That provides help with flat tires, lockouts, battery jump starts and towing if your electric vehicle breaks down. Roadside assistance gives an added layer of protection.

Inspection Requirements

Used EV warranty plans often require an initial inspection to identify and fix existing problems. This helps assure your EV is in good working order when coverage begins. Ongoing inspections may be required too.

Tax Benefits

There may be tax deduction benefits related to the cost of an EV warranty plan for business owners or individuals. Always check current UK tax law for details.

Electric-Only Components

Parts like battery management systems are electric-only components not found in petrol cars. Warranty coverage provides peace of mind for repairs on complex EV-only systems.

Rapidly Evolving Technology

Electric vehicle technology is changing rapidly. A warranty plan helps account for repair costs related to dated technology and parts on older model used EVs.

Battery Degradation Coverage

EV battery range deteriorates naturally over time. Some warranty plans provide coverage for battery degradation beyond a certain threshold, allowing for battery repair or replacement.

In summary, purchasing a used electric car is an excellent way to enjoy EV benefits at a lower purchase price point. Protecting that major investment with a used EV warranty plan eliminates the risks of costly repair bills. The warranty provides extensive coverage options on expensive electric systems and components not found in petrol-powered vehicles. For used EV buyers, getting a warranty plan provides major financial protection and peace of mind.

At Warranty First we provide EV car cover within our ‘Premium’ plan. Compare our warranty plans today and get started.