Electric Vehicle Resale Value

Date: Nov 30, 2023

Saving money on fuel costs and maintenance are two fantastic reasons to buy an EV. However, if you’re worried about your new vehicle’s resale value if you want to trade it in or sell it, you might have some worries about investing in an EV for your Miami drives. We’re here to ease your mind about an electric car’s resale value with our guide.

Our team will dive into how range affects EV resale value and what can increase electric vehicle resale value as a way to give you another option when buying your next vehicle near Hollywood.

Does Range Affect EV Resale Value?

Most definitely yes, the range does affect EV resale value. Many new EVs on the market right now sport a range of 250 to 300 miles. You can expect that figure to go up in the coming years as more models come out and research improves. Thanks to public charging stations on major routes throughout the United States, drivers in Coconut Creek won’t need to worry about range anxiety on weekend getaways or summer road trips!

So, the range does affect EV resale value in a positive way because there is plenty of infrastructure in place to go wherever you want.

How Does Range Affect EV Resale Value?

Experts estimate that 10 miles of range increases the resale price of EVs by approximately 5%. Consider a pre-owned EV’s value of $25,000 with a range of 250 miles. If that same EV has a range of 300 miles, it could be worth around $32,000 in resale value (in this theoretical example).

All EV batteries for American cars have a warranty of at least eight years or 100,000 miles, whichever comes first. However, they could last much longer. EV Connect states that some batteries could last over 200,000 miles, but drivers have to charge them properly to reach that figure.

What Can Increase Electric Vehicle Resale Value?

Several things can increase an electric vehicle’s resale value. Depreciation is one factor, and it happens to all vehicles once they are sold. CNBC notes that EVs keep 63% of their value after three years versus 66% for gasoline-powered vehicles, so that is a small difference.

Regular maintenance also can increase electric vehicle resale value. Keeping a car in top condition helps it to retain more value as it gets more miles. We highly recommend rotating the tires every 5,000 to 7,500 miles because EVs have more tire wear due to more weight from the batteries. Even with the added tire wear, EVs cost 40% less to maintain than gasoline-powered vehicles, notes a study from Yale University. You can save money on maintenance compared to gasoline-powered cars, trucks, or SUVs, as well as increase an EV’s resale value by keeping up with scheduled maintenance.

Consumer Reports states that EV owners spend 60% less to refuel compared to gasoline. Gas prices aren’t going down anytime soon in Fort Lauderdale. An electric car’s resale value might increase due to its popularity with owners who want to save on refueling. And popular cars will get a higher resale value.

Test Drive a New Electric Vehicle at Lauderdale MINI!

Ready to get behind the wheel? Contact us or call 954-607-2630 to schedule a test drive with our team. Check out our MINI Electric when you find your next car.