Does Range Affect EV Resale Value?
Yes, the range does affect EV resale value. Many new EVs max out with a range of 250 to 300 miles. That number will go up as research improves and battery life is extended. Thanks to public charging stations on major routes throughout the United States, drivers in Hillsboro won’t need to worry about running out of battery power on long drives out of town.
So, the range does affect EV resale value in a positive way because drivers want reassurance they can reach their destination.
How Does Range Affect EV Resale Value?
Experts estimate that 10 miles of range increases the resale price of EVs by approximately 5%. After just two years, an EV with a range of 100 miles has a resale value of 67% while one with a range of 250 miles has a resale value of 73%.
Consider a pre-owned EV’s value of $25,000 with a range of 250 miles. If that same EV has a range of 300 miles, it could be worth around $32,000 in resale value (in this theoretical example). Opt for a battery with a longer or even extended range to maintain your EV resale value over time.
All EV batteries have a warranty of at least eight years or 100,000 miles, whichever comes first. However, there is research that says batteries could last longer. EV Connect states that some batteries could last over 200,000 miles with the proper care and maintenance.
What Can Increase Electric Vehicle Resale Value?
Many things can increase an electric vehicle’s resale value.
Depreciation is one factor, which happens to all vehicles regardless of how they are powered. CNBC notes that EVs keep 63% of their value after three years versus 66% for gasoline-powered vehicles, so that is a small difference.
Refueling costs for EVs are also lower, which makes EVs a popular choice. Consumer Reports states that EV owners spend 60% less to refuel compared to gasoline. Gas prices aren’t going down anytime soon in Portland. An electric car’s resale value might be more stable if these vehicles are in high demand, and demand increases the value.
Regular maintenance may increase an electric vehicle’s resale value. Tire rotations are important for EVs because tires wear out faster on EVs due to the heavy battery packs. We highly recommend rotating the tires every 5,000 to 7,500 miles. Even with the added tire wear, EVs cost 40% less to maintain than gasoline-powered vehicles, notes a study from Yale University.
Test Drive a New Electric Vehicle at Lexus of Portland!
We invite you to experience a luxury EV on our lot in Portland. Contact us, call (503) 536-2389, or schedule a test drive to get behind the wheel of an EV or a PHEV.
