Date: Jan 18, 2024
When shopping for a new vehicle near Miami, have you considered buying a luxury EV from BMW of Pembroke Pines? We’ve got a BMW iX SUV and a BMW i5 sedan waiting for you to explore. You might think an electric car’s resale value isn’t very good. But that’s not true for several reasons, so you don’t have to worry about your EV’s resale value in a few years.
Find out more details with our guide to electric car resale value. Our experts will discuss how range affects EV resale value and what can increase electric vehicle resale value. The idea is to give you confidence in researching a new EV purchase.
The range does affect EV resale value. Look for a range of 250 to 300 miles, and that should improve in the coming years. You won’t need to worry about range anxiety because major routes throughout the United States have plenty of public charging stations. Get ready to travel on extended trips away for weekend getaways and summer road trips.
Indeed, the range does affect EV resale value in a good way. Many new vehicles have plenty of range to get you where you need to go.
Did you know that 10 miles of range increase the resale price of EVs by approximately 5%? If your pre-owned EV is worth $50,000 with a range of 250 miles. If a similar EV has a range of 300 miles, it could be worth around $64,000 in resale value. However, your actual results may vary based on market conditions.
Every EV battery for a new vehicle sold in the United States has a warranty of at least eight years or 100,000 miles, whichever comes first. But they may last longer! EV Connect states that some batteries could last over 200,000 miles. Routine maintenance and taking care of the battery can help tremendously.
Several things can increase an electric vehicle’s resale value. Consider depreciation of the car’s value. It happens to all vehicles, regardless of what powers them. CNBC states that EVs hold 63% of their value after three years versus 66% for gasoline-powered vehicles. Those figures might start to favor EVs if they become more in demand for Hollywood drivers.
Regular maintenance for EVs can increase electric vehicle resale value, just like it does for gasoline-powered vehicles. We highly recommend rotating the tires every 5,000 to 7,500 miles because the tires on EVs might wear out faster due to the heavier weight of the car. Even with the added tire wear, EVs cost 40% less to maintain than gasoline-powered vehicles, says Yale University.
Consumer Reports states that EV owners spend 60% less to refuel compared to gasoline. That alone should make an electric car’s resale value increase because the lower costs of ownership will make EVs more popular and desirable.
Sometimes, you just have to experience an EV to get on board for one. Contact us, call , or schedule a test drive with our team. We think you’ll love one of our EVs for sale!
