Electric Vehicle Resale Value

Date: Dec 12, 2023

Each year, new EV models are introduced with compelling features that improve your range performance and comfort on the roads around Wenonah. When you’re looking to upgrade your daily commute, it’s important to understand what affects electric car resale values. While vehicle demand and condition affect the resale value of a vehicle, does range affect EV resale value? Learn more about the factors that go into determining an electric vehicle’s resale value and what can increase electric vehicle resale value with Holman Ford Turnersville.

Does Range Affect EV Resale Value?

When you’re looking to sell your EV, one unique factor you have to consider is its electric range. Does the range affect the EV resale value? Range is actually one of the main factors that helps determine a vehicle’s resale value. Although vehicles with a longer range tend to have a higher price tag, they have a greater resale value than vehicles with a shorter range because of their greater versatility on Blackwood and Wenonah streets. 

Used EV shoppers are often looking for a vehicle that helps them overcome their range anxiety, especially if the vehicle will be used for daily city commutes and errands around town. Since shoppers are looking for a reliable vehicle without the hassle of frequent recharging, EVs with a shorter range become less desirable than longer-range models. However, long range doesn’t always guarantee a higher resale value; other factors contribute to the overall value of a vehicle. 

Other Factors That Affect Resale Value

If you’re wondering how EV resale value compares to their gas-powered counterparts, a Consumer Reports analysis concluded that electric vehicles with a range of over 200 miles are likely to depreciate similarly to gas models over a five-year period. Although vehicle condition, repair history, and mileage affect both types similarly, there are a few unique factors to consider when evaluating EV resale value: 

• Brand/model popularity: Electric vehicles are growing in popularity, and new models like the Ford F-150 Lightning may be catching more eyes than older EV models. As the reputation and demand for an EV grows, it can maintain a higher resale value. 
• Access to charging infrastructure: The number of public charging stations around Washington Township is growing, but some areas are still trying to catch up. Electric car resale value can fall in areas where there isn’t reliable access to home or public charging networks. 
• Battery condition: The vehicle’s performance and connectivity options rely on strong battery power beneath the hood. As a battery degrades over time, it can reduce its range and affect its resale value.

What Can Increase Electric Vehicle Resale Value?

The demand for electric vehicles continues to grow as people are concerned about their environmental impact, but EVs are not exempt from depreciation. So, what can increase your electric vehicle’s 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 state and federal tax credits for used EVs

Learn More About Electric Vehicles with Holman Ford Turnersville!

Advancements in the EV market mean that drivers can find longer-range models with the latest technology at an affordable price. Get an idea of your electric car’s resale value by valuing your current model, or learn about how you can prepare for an EV if you’re a first-time EV buyer. The team at Holman Ford Turnersville is ready to help you get top dollar for your vehicle trade-in and into a new model you love!