00:00Lower on-the-road prices for electric vehicles may attract buyers, but many other factors
00:05are likely to keep demand persistently low, according to industry players.
00:10Suresh Nair, a sales executive at Car Connection Subang, told FMT that weak demand for used
00:16EVs, low resale value, concerns over battery life, and patchy after-sales support erode
00:22the long-term value of EVs.
00:24Nair said uncertainty over battery life and replacement costs has reduced trust in the
00:29used car market, especially since, for most EVs, the battery makes up about 40% of the
00:34total price of the car.
00:36He said petrol or diesel-driven vehicles retain higher value because parts can be repaired
00:40or replaced, while EVs lose value much faster, likening the electric car to a mobile phone
00:46once the battery is depleted.
00:48He added that a new Mercedes-Benz EQS 500 that cost RM648,000 in 2024 goes for only RM350,000
00:56in the resale market this year, a drop of 45% in barely two years.
01:02Nair said buyers who want an EV usually prefer a new one with a warranty, and as a result,
01:07some dealers, including him, are reluctant to accept EVs as trade-ins.
01:12Federation of Motor and Credit Companies Association of Malaysia President Tony Kaur echoed similar
01:17sentiments, adding that warranty transferability, oversupply, and limited EV workshop capability
01:23continue to affect resale value and buyer confidence in Malaysia.
01:28Danish Rajariza, FMT
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