Resale value of electric vehicles are on the rise
Hello People. This article explains how the resale value of electric vehicles are on the rise. The Chevrolet Bolt EV is one of the electric cars to maintain solid three-year resale values.
The Bolt EV has a mileage of 238 miles per charge, other electric cars namley i-Pace has a mileage of 234 miles and the e-tron promes 248 miles. This effectively solves the so-called range anxiety. Similar mileages are expected from just-introduced longer-range models including the Hyundai Kona Electric (258 miles) and the Kia Niro EV (239 miles).
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Range could be an important factor in determining an EV’s resale value. This is one reason why Tesla Motors, with a three-vehicle lineup that boasts the most miles per charge among all current EVs, have excellent resale values.
The top EV with high resale value is the popular Tesla Model 3, with a 310-mile range. It is expected to retain 64.3% of its original worth after three years. And three-year resale value of Toyota Tacoma pickup truck is expected at 69.4%.
Longer-range electrified crossover models are expected to be the best EVs in the resale market. The Jaguar i-Pace is predicted to return 52.8% of its original value after three years, with the Tesla Model X at 52.7%, and the new Audi e-tron at an above-average 52.5%. Chevrolet Bolt EV is expected to retain 41.0% of its value after 36 months.
What is the impact on EV resale market as newer vehicles with longer ranges become more available?
EV’s early reputation for poor resale performance was due to limited range. Some models could only go 60 miles before charging. That’s no longer the case. It’s commonplace for new EVs to range over 200 miles (322 km). In fact most of the models currently on the market meet that criteria. This will reduce buyers’ anxieties and make the foray into EVs an easier choice and make the depreciation rates more comparable to ICE vehicles.
How does the life of the battery impact the resale value?
Battery health and maintenance are key to maximizing the resale of an electric vehicle. Diminished capacity or damage will have a direct impact on resale performance. Yet, battery assessment and disclosure of its condition will be critical to the process.
Electric vehicle vs Gasoline vehicle resale value comparison
A 200+ mile range battery-electric vehicle (BEV) is projected to depreciate 56% over the next 5 years. A similarly-sized and designed compact gas-powered vehicle can be expected to depreciate 55% over the next 5 years.
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