Electric Vehicle Resale Value

Date: Jan 17, 2024

2022 INFINITI Q50 Hybrid

Are you shopping for a new hybrid or EV from Holman INFINITI? You might be worried about an EV’s resale value if you plan to sell the vehicle later. We’re here to abate those fears because the resale value of EVs is competitive with gasoline-powered vehicles due to several factors. You’re right in thinking the range affects EV resale value, it’s not the only thing you need to know when looking to buy this type of new vehicle for your Philadelphia, PA journeys.

Discover all of the details with our guide to electric car resale value. Our team will dive into how range affects EV resale value and what can increase electric vehicle resale value. 

Does Range Affect EV Resale Value?

Yes, the range does affect EV resale value. Most EVs have a range of at least 250 to 300 miles now, which alleviates any range anxiety drivers might be worried about when going on a long trip. There are plenty of public charging stations in the Cherry Hill area and along major routes all over the United States. Even better is that battery technology will only improve and more charging stations will come online in subsequent years. So, with the range of EVs improving with each model year, the range does affect EV resale value positively if you want to spend your hard-earned money on an EV now.

How Does Range Affect EV Resale Value?

Research shows that an additional 10 miles of range increases the resale price of EVs by approximately 5%. EV batteries have a warranty of at least eight years or 100,000 miles, whichever comes first. When battery technology improves, so will the longevity.

What Can Increase Electric Vehicle Resale Value?

Many things can increase an electric vehicle’s resale value in a few years. Consider an electric car’s resale value by looking over the vehicle’s depreciation over time. CNBC notes that EVs hold 63% of their value after three years compared to 66% for gasoline-powered vehicles. That’s very good news for EV owners. EV prices will become even more attractive when automakers deliver more of these to dealerships near Mount Laurel.

Just like gasoline-powered vehicles, regular maintenance can increase electric vehicle resale value. Rotate tires every 5,000 to 7,500 miles because EVs are heavier than gasoline-powered cars of a similar size due to their battery packs. Did you know that EVs cost 40% less to maintain than gasoline-powered vehicles? That’s according to Yale University. EV owners spend less money on maintenance!

A huge selling point for EVs comes from electricity costing much less than gasoline. Electric car resale value might increase because drivers know they won’t have to spend as much money to own an EV.

Test Drive an Electric Vehicle at Holman INFINITI

Ready to explore an exciting new driving experience? Contact us or call (856) 394-5498 to schedule a test drive with our team. Look over our new vehicle specials to see if you could save even more money.

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Holman INFINITI 39.944232, -74.973489.