Electric Vehicle Resale Value

Date: Jan 16, 2024

Electric vehicles continue to make waves in the automotive industry. New battery technology continues to push research further, and EV owners love the lower costs of ownership after they purchase one of these new vehicles. Are you on the fence about putting a new EV in your Broomfield garage because of the resale value? What can increase electric vehicle resale value? We’re here to explain that the electric car resale value is very close to gasoline-powered vehicles to put your mind at ease. As you might expect, the range affects EV resale value, it may not matter as much as you think. 

Read on to learn more with our guide to electric car resale value. We’ll show you numbers and discuss how range affects EV resale value and what can increase electric vehicle resale value. 

Does Range Affect EV Resale Value?

Absolutely yes, the range does affect EV resale value. The best EVs on the market today have a range of 250 to 300 miles. Thanks to public charging stations on major routes throughout the United States, range anxiety is no longer a problem when you take extended trips away from Aurora. 

Battery technology will only get better in the future, extending their range further. Meanwhile, more public charging stations will be constructed. So, how does range affect EV resale value? The answer is in a positive way as technology improves.

How Does Range Affect EV Resale Value?

Every 10 miles of range increases the resale price of EVs by approximately 5%. That’s not a small number when you think of EV values overall. If your EV is worth $25,000 with a range of 250 miles, a comparable EV with a range of 300 miles could be worth around $32,000 in resale value (as a purely hypothetical example using real math).

EV batteries must have a warranty of at least eight years or 100,000 miles, whichever comes first. We may see these warranties go for longer as the technology gets better.

What Can Increase Electric Vehicle Resale Value?

Many factors can increase an electric vehicle’s resale value. Depreciation happens to all vehicles, so think about an electric car’s resale value by calculating the vehicle’s depreciation after you drive one off the lot. CNBC notes that EVs hold 63% of their value after three years compared to 66% for gasoline-powered vehicles. When EVs become even more popular, those depreciation numbers will get closer together as more arrive on our lot near Westminster.

Regular maintenance can increase electric vehicle resale value, much in the same way it does with gasoline-powered vehicles. Rotate tires every 5,000 to 7,500 miles because EVs are generally heavier and their tires wear out faster than internal combustion vehicles. Even factoring in tire wear, EVs cost 40% less to maintain than gasoline-powered vehicles, according to Yale University. You won’t need to replace as many moving parts over the years.

Consumer Reports states that EV owners spend 60% less to refuel compared to gasoline. That alone makes EVs a great bargain! An electric car’s resale value might increase because of the lower costs of maintenance and less money to spend on fuel, giving it a higher demand.

Test Drive a Land Rover New Electric Vehicle!

Are you ready to take the plunge? Contact us or call (855) 419-1178 to schedule a test drive with our team. We’ll show you what a great EV, hybrid, or plug-in hybrid (PHEV) experience is like.