Does Range Affect EV Resale Value?
Absolutely 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 Hamilton Township 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%. And, after just two years of ownership, an EV with a range of 100 miles has a resale value of 67%, according to current research.
All EV batteries for American cars have a warranty of at least eight years or 100,000 miles, whichever comes first. They might last longer. EV Connect states that some batteries could have a life of 200,000 miles with the proper care and maintenance.
What Can Increase Electric Vehicle Resale Value?
Many factors can increase an electric vehicle’s resale value. Depreciation always comes into play. CNBC notes that EVs keep 63% of their value after three years versus 66% for gasoline-powered vehicles. The difference between the two is small by comparison.
Following the regularly scheduled maintenance program can also increase electric vehicle resale value, just like it would for gasoline-powered vehicles. We highly recommend rotating the tires every 5,000 to 7,500 miles because EVs typically see more tire wear. The batteries make the vehicle heavier versus similarly sized internal combustion engines.
Even factoring in the added tire wear, EVs cost 40% less to maintain than gasoline-powered vehicles, according to a study from Yale University. You have the potential to save loads of cash on maintenance compared to gasoline-powered cars, trucks, or SUVs. And that’s on top of a high resale value.
Lower refueling costs and lower overall costs of ownership also come into play with EV resale value. Consumer Reports states that EV owners spend 60% less to refuel compared to gasoline. Gas prices aren’t going down anytime soon in Mount Laurel. An electric car’s resale value might increase due to its popularity in places with high gas prices. And in-demand cars will get a higher resale value.
Test Drive a New Electric Vehicle at MINI of Mount Laurel!
Ready to slip into the cockpit of a new EV? Contact us or call (856) 394-5575 to schedule a test drive with our team. We encourage you to check out the MINI Electric on your journey to find your next car.
