Electric Vehicle Resale Value

Lexus wants you to have the best driving experience with your next new vehicle. As such, we’re proud to offer electrified vehicles for sale near Seattle, like the fully electric Lexus RZ or the NX PHEV. You might have concerns about an electric car’s resale value because of range anxiety or battery degradation over time. We’re here to allay your fears. 

Find out how range affects EV resale value and what can increase electric vehicle resale value with our guide from the team at Lexus of Seattle. We think a new Lexus EV deserves a spot in your Bothell garage. 

Does Range Affect EV Resale Value?

Absolutely yes, the range does affect EV resale value. Look for an EV with a range of 250 to 300 miles for the best resale value. You won’t need to worry about range anxiety thanks to public charging stations on major routes throughout the United States and in Mill Creek.

So, the range does affect EV resale value in a positive way when the range is higher.

How Does Range Affect EV Resale Value?

Did you know that an increase in range of just 10 miles raises the resale price of EVs by approximately 5%? Further, after just two years an EV with a range of 100 miles has a resale value of 67% while one with a range of 250 miles has a resale value of 73%.

Think about an EV worth $25,000 with a range of 250 miles. If that same EV has a range of 300 miles, it could be worth around $32,000 in resale value (in this theoretical example). Another way to increase your EV’s resale value is to look for a battery with a longer or even extended range.

All EV batteries have a warranty of at least eight years or 100,000 miles, whichever comes first. These batteries have the potential to last longer. EV Connect says that some batteries could last over 200,000 miles with the right maintenance.

What Can Increase Electric Vehicle Resale Value?

Several aspects can increase an electric vehicle’s resale value. Depreciation is one factor. CNBC states that EVs keep 63% of their value after three years versus 66% for gasoline-powered vehicles. This small difference is outweighed by lower maintenance and refueling costs for owners.

Regular maintenance and keeping your car in great condition may increase an electric vehicle’s resale value. Tire rotations are vital because tires wear out faster on EVs due to the weight of the battery packs compared to a gasoline engine. We highly recommend rotating the tires every 5,000 to 7,500 miles. Still, EVs cost 40% less to maintain than gasoline-powered vehicles, notes a study from Yale University. So it’s time to drive!

Refueling costs are also lower for EVs, which makes them a popular choice in places where gasoline costs more (like in WA). Consumer Reports states that EV owners spend 60% less to refuel compared to gasoline. Gas prices aren’t going down anytime soon in Lynnwood. An electric car’s resale value might be more stable if these vehicles are in high demand, and demand increases the value.