Electric Vehicle Resale Value

Date: Jan 26, 2024

You have many great reasons to consider buying an EV. Battery technology has improved markedly in recent years and more public charging stations are coming online in Del Mar and all over CA. Are you worried about the resale value in a few years after you purchase one of these new vehicles? We are here to allay your concerns by showing you that an electric car’s resale value is comparable to that of gasoline-powered vehicles. 

We explain everything in our guide to electric car resale value. We will get into how range affects EV resale value and what can increase electric vehicle resale value to give you the confidence you need to look into buying one. 

Does Range Affect EV Resale Value?

Definitely, yes, the range does affect EV resale value. The gold standard right now is a range of 250 to 300 miles, and that may improve in the coming years. Thanks to public charging stations on major routes throughout the United States, drivers in Rancho Santa Fe won’t need to worry about range anxiety on extended trips away from home for weekend getaways and summer vacays.

So, the range does affect EV resale value in a positive way because many new vehicles have plenty of range to go from Point A to Point B with plenty of charging stations along the way.

How Does Range Affect EV Resale Value?

Not many people know that every ten miles of range increases the resale price of EVs by approximately 5%. Consider a pre-owned EV’s worth at $50,000 with a range of 250 miles. If that same EV has a range of 300 miles, it could be worth around $64,000 in resale value (in this hypothetical example).

EV batteries are mandated by law to have a warranty of at least eight years or 100,000 miles, whichever comes first. But we don’t know how long they last because the vehicles with these warranties haven’t quite reached that mark yet. EV Connect states that some batteries could last over 200,000 miles, but drivers have to treat them properly to achieve that figure.

What Can Increase Electric Vehicle Resale Value?

Many factors can increase an electric vehicle’s resale value. Depreciation happens to all vehicles, so you can consider an electric car’s resale value by calculating the vehicle’s depreciation in the years you own it. CNBC notes that EVs hold 63% of their value after three years versus 66% for gasoline-powered vehicles. Those depreciation numbers will improve as prices of EVs go down when they are more popular in La Jolla.

Regular maintenance, just like with internal combustion engines, can increase electric vehicle resale value. We highly recommend rotating the tires every 5,000 to 7,500 miles because EVs are generally heavier than gasoline vehicles, leading to more tire wear. Even with the added tire wear, EVs cost 40% less to maintain than gasoline-powered vehicles, according to Yale University. You can save money on maintenance compared to gasoline-powered cars, trucks, or SUVs.

Consumer Reports states that EV owners spend 60% less to refuel compared to gasoline. That alone should make you take notice because gas prices aren’t going down anytime soon in San Diego. An electric car’s resale value might increase because of the lower costs of maintenance and less money to spend on fuel, which would make it more popular and have higher demand. Cars in higher demand will fetch higher resale prices.

Test Drive a New Electric Vehicle at Land Rover San Diego!

The best way to experience an EV is to get behind the wheel. Contact us or call 619-483-0734 to schedule a test drive with our team. We’ve already got some great hybrids and plug-in hybrids on our lot. We expect the first Range Rover Sport EV sometime in 2024! Meanwhile, look over our new vehicle specials to see how much money you could save on your purchase.