Electric Vehicle Resale Value

Date: Jan 9, 2024

Electric cars have skyrocketed in popularity around Maple Shade and Cherry Hill, and new models are being sold left and right. But what about the used market? How does electric car resale value compare to a typical gas-powered model? The answer is that electric vehicles hold their value well, and EVs with longer range hold their value even better. Let’s dive into the latest research about EVs, and answer questions like “Does range affect EV resale value?” and “What can increase electric vehicle resale value?”

Does Range Affect EV Resale Value?

Studies have shown that range is the biggest factor in electric vehicle resale value.vAccording to experts, “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%.” Why is this the case? Longer-range vehicles are considered more versatile since they can handle everything from day-to-day errands to longer road trips. No need to worry about range anxiety with models like the Cadillac LYRIQ and its EPA-estimated 307-mile range, but the Nissan Leaf’s 110-mile range might present some challenges.

What Can Increase Electric Vehicle Resale Value?

So, does range affect EV resale value around Pennsauken? Yes, but it’s not the only factor. Just like any other vehicle, there are many factors that influence both gas-powered cars and fully electric models. A car in immaculate condition is an easier sell than a car with even minor surface damage, and popular models like Tesla tend to move faster. What can increase your electric car resale value? Here are a few considerations.

• Condition: A well-maintained EV will fetch a higher resale value than a poorly maintained model.
• Brand and Model: The better the brand’s reputation, the better the resale value. 
• Popularity: More popular models will always be in demand, whether new or used.

Learn More about EV Resale Value at Holman Cadillac

Now you know the answer to questions like “Does range affect EV resale value?” and “What can increase electric vehicle resale value?” But if you still have any questions about the EV market, don’t hesitate to reach out to us at Holman Cadillac. Our team would be happy to provide any answers, and we can explain all the benefits of choosing a Cadillac EV in Mount Laurel!