Buying a used EV...auto loan etc

EV Small Talk
1

Hi,

I’m seriously considering just buying a used EV. As I get further along in the conversion planning it’s starting to look like I should expect to spend almost $10,000 any way you look at it, unless I leave out something major e.g. heater and power brakes. And to be honest it would take a heck of a long time to do since I can really only work on it on saturdays for the forseeable future do to my ‘real job’. I want to start saving $ on gas and feeling cool now!

Seriously though, has anyone taken out a car loan for an EV? What issues are there concerning that many EV conversion cars often have a low blue book value, but are actually worth much more since they are EV converts?

Could a vehicle be appraised such that the bank would then loan the cash?

Anyone had experience here?

Thanks in advance!

-Andrew

2

i’d immagine a bank wouldn’t do it since they dont know specifically what they are loaning for since its not a “safe” transaction… i could see if the car loan is for something arround KBB price, but with a swap you are usually adding on another 5-10K and almost no bank no matter whats in the car will go for that…

your best bet is refinancing your home with a home loan and doing it that way.