Electric Vehicle Resale Value

Date: Dec 12, 2023

Electric vehicles have grown in popularity around Maple Shade, and many drivers are making the switch every day. While some are enticed by the fuel savings and tax incentives, others wonder about the electric car resale value. Do electric vehicles retain their value over time? The answer is yes, electric vehicle resale value is comparable to gas-powered models! Let’s take a closer look at what can increase electric vehicle resale value and what factors matter the most.

Does Range Affect EV Resale Value?

Does range affect EV resale value in Marlton? Yes, range is one of the most important factors in electric car resale value. In fact, experts report, “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%.” Extended-range models are more appealing to those with range anxiety, so models like the Toyota bZ4X with its 252-mile range are great options.

What About Hybrid Resale Value?

Now you know a little more about electric vehicle resale value, but what about hybrids like the Prius? Toyota has no shortage of eco-friendly options, and the good news is that hybrids also retain their value incredibly well. Not only are hybrids always in demand in Cherry Hill, but both plug-in and traditional models are well-known for their longevity. The electric motor reduces wear and tear on your engine, while the regenerative braking system reduces wear and tear on your brakes.

What Can Increase Electric Vehicle Resale Value?

What can increase electric vehicle value besides range? Here are a few other factors that affect electric vehicle resale value:

• Condition: A car in good condition is always an easier sell than a poorly maintained model, and EVs are no exception.
• Make and Model: Brand can affect resale value in a big way. Toyota is well-known for its high-quality durability, which can be a huge asset.
• Popularity: The more popular the car, the bigger the demand in the new and used markets.

Learn More About Electric Vehicles and Hybrids at Holman Toyota

We’ve answered common questions like “Does range affect EV resale value?” and “What can increase electric vehicle resale value?” But, if you have any more questions left unanswered, feel free to contact us at Holman Toyota or just stop by Mount Laurel. We can discuss the latest EVs and hybrids, and then set up a test drive!