India's used EV market braces for 20-25% growth as financiers and organised retailers step in
Spinny partners with JSW MG for certified refurbishment while Bajaj Finance explores future-value products. Organised transactions seen rising to 8,000-12,000 in FY26 from 2,000-3,000 in FY25, with certified units commanding ₹40,000-70,000 premiums.
What happened
Spinny · India's used EV market is entering a growth phase, expected to expand 20-25% next year, as financiers like Bajaj Finance explore future-value products
Key facts
- 20-25% growth
- 8,000-12,000 transactions FY26
- 2,000-3,000 units FY25
- premiums of ₹40,000-70,000
Why this matters
The scramble for organised used-EV share is triggering OEM-retailer-financier alliances (Spinny×JSW MG, Bajaj Finance products), signaling a window for partnership or acquisition of certification and financing capabilities.
What to watch
- Actual FY26 organised transaction count vs 8,000-12,000 guidance
- Certified premium holding above ₹40K or compressing
- New-EV discounting intensity and its drag on used residuals
- Emergence of standardized battery state-of-health rating framework
- NBFC loan-to-value ratios and default rates on used-EV financing
- Entry of additional OEM-retailer refurbishment partnerships
- Spinny expands certified-EV refurbishment beyond MG to other OEM tie-ups (Tata, Mahindra)
- Bajaj Finance and rival NBFCs launch residual-value/buyback financing products tied to certified battery health
- OEMs launch or expand their own captive used-EV certification programs to defend residuals
- Third-party battery diagnostics/warranty providers enter to underwrite the certification premium
- Insurance and extended-warranty bundles introduced to lower perceived ownership risk