Understanding Electric Car Resale Value

Date: Dec 12, 2023

While manufacturers set the retail price of their vehicles, the demand, vehicle condition, and electric range determine the resale value of electric cars. With the innovative technology and performance available in new EV models around Moorestown, it’s natural for EV owners to wonder about their electric car resale value after three to five years. Does range affect EV resale value? How can you increase your resale value? There are several factors that affect the value of a used EV, including range and battery condition. Learn more about the contributing factors and what can increase electric vehicle resale value with Holman Ford Maple Shade. 

Does Range Affect EV Resale Value? 

Electric vehicle range is one of the main factors that help determine an EV’s resale value. Range anxiety is a common concern when shopping for a new or used EV, so it follows that EV models with a longer range have a greater resale value than models with a shorter range. Although vehicles with a longer range often have a higher price tag, that value is offset by a greater resale value when it’s time for an upgrade. This makes sense when you consider your average driving experience around Moorestown. When you’re shopping for a used EV, you’ll likely want a model that can easily handle longer trips and errands without interrupting your time on the road. 

According to a Consumer Reports analysis, electric vehicles with a range of over 200 miles are likely to depreciate similarly to their gas-powered counterparts over a five-year period. So, although range does affect EV resale value, you’re not at an immediate loss when shopping for electric vehicles. 

Other Factors That Affect Resale Value

Like with any used car, the condition of the vehicle is another determining factor for its resale value. If a model has noticeable damage or will need costly repairs in the future, it’s not likely that used car shoppers will want to invest the time and money into keeping the model running. Other factors that can affect electric vehicle resale value include: 

• Brand/model popularity: New and exciting electric technology is coming to the roads around Cherry Hill every year. As the reputation and demand for a vehicle grows, it’s only natural that they have a higher resale value as a result. 
• Access to charging infrastructure: While public charging infrastructure is growing around Pensaukken, areas that don’t have access to reliable charging can see a dip in electric vehicle resale value. If drivers don’t have access to reliable charging from a home or public charging station, it’s unlikely they’ll invest in an electric vehicle. 
• Battery condition: Since electric vehicles are powered by a battery and electric motor, poor battery condition can greatly affect an electric vehicle’s resale value. Over time, a degraded battery can affect its performance and range. 

What Can Increase Electric Vehicle Resale Value?

Several factors go into determining the depreciation value of an electric vehicle, but there are a few things you can do to bring your value up. So, what can increase your electric vehicle resale value?: 

• Upgrade the battery to help increase the vehicle’s range
• Stay up-to-date with the latest technology for your model
• Keep the vehicle maintained with routine maintenance and correcting cosmetic flaws
• Access to tax credits for used EVs

Learn More About Electric Vehicles with Holman Ford Maple Shade!

The demand for electric vehicles is only going to increase as more drivers have access to an affordable electric vehicle resale market. When you’re ready to add a new or used EV to your trips around Moorestown, learn about EV maintenance and tips you should know as a first-time buyer with Holman Ford Maple Shade.