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What is the resale value of electric cars?
There’s a lot of talk about buying a brand new EV, and all of the incentive programs for new buyers, but I am wondering if EVs still hold value when bought used. The battery packs don’t last as long and replacing them is expensive. What is the resale value of electric cars?
Marlee John · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Great question! While EVs are inexpensive to refuel, experts have determined that EVs will lose about $28,500 off their original price in the first five years compared to the average of $16,000 in the same time for traditional engine cars.
Like any car, the resale value will depend on the condition and how much it has been used, but why do EVs go down so much so quickly?
Limited battery capacity for one. Like all rechargeable batteries, lithium-ion EV batteries tend to wear down after a while and are expensive to replace. Even if an EV is kept in pristine condition and all the manufacturer’s suggestions are followed, the battery slows down as it gets older.
Another issue is the demand. Since there aren’t as many converts to EVs as companies and governments would like, there is not very much of a resale market.
Despite this, there are some exceptions to the rule: EVs with longer ranges are predicted to have a better chance in the resale market. Tesla, a quality brand with a fairly high range, is likely to still do well in resale.
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