Electric cars may be great for the environment and your finances, but do they hold their value over time? The answer is yes, electric car resale value is comparable to gas-powered models. Consumer Reports found that an EV with a 200+ mile range is expected to depreciate slightly less than an equivalent gas-powered vehicle over five years. That means you can feel free to make the switch to EVs with total peace of mind! In this guide, we walk you through some of the commonly asked questions about electric car resale value, like "Does range affect EV resale value?" and "What can increase electric vehicle resale value?"
Does Range Affect EV Resale Value?
A common question we hear from our Medford and Philadelphia customers is "Does range affect EV resale value?" The answer is yes, range is a top priority for most EV owners. Experts have found, "The data shows that a vehicle with a range of 100 miles has a resale value of 67%, while a vehicle with a range of 250 miles has a resale value of 73%."Â
Range is an essential component of electric vehicle resale value because the longer the range, the more flexible your driving options are. Longer-range EVs are capable of everything from short trips around town to long road trips out of Cherry Hill, while shorter-range EVs may be more limited.
What About Hybrid Resale Value?
If you're looking at Lincoln Hybrid models like the Corsair Grand Touring SUV or the Nautilus Hybrid SUV, the good news is that hybrids also retain their value quite well. Part of the high resale value is due to the continued popularity of hybrid models, but another factor is longevity. Hybrid models use an electric motor and gas-powered engine simultaneously, which means wear and tear on both components is reduced. Plus, hybrids use regenerative braking, which means your brakes also receive less wear over time.
What Can Increase Electric Vehicle Resale Value?
Range might be key, but what else can increase electric vehicle resale value?
- Condition: Just like any other vehicle, an EV in mint condition will fetch more than an EV with visible flaws.
- Brand and Model: Brands with a great reputation are easy to sell, because customers already trust the quality of the vehicle.
- Popularity: More popular brands will always be more in demand with customers, whether the car is used or brand new.
Explore Electrified Options at Holman Lincoln Mount Laurel
Want to take a test drive in a new model? Or maybe you have more questions about electric vehicle resale value? No matter your automotive needs, feel free to contact us at Holman Lincoln Mount Laurel to find out more-or just stop by our showroom in Mount Laurel, NJ!