Date: Jan 16, 2024
You’ve thoroughly done your research when shopping for a new vehicle. You’re probably thinking about a luxury EV to put in your Portland garage, but you’re worried about the resale value. Fear not. We’ve got four EVs on our lot, including the BMW iX and BMW i7. And we’ll explain that the electric car resale value is very close to gasoline-powered vehicles. So feel free to come buy our lot to browse our selection!
In the meantime, know that range affects EV resale value, but it may not matter as much as you think. We go behind the numbers with our guide to electric car resale value. Our team will discuss how range affects EV resale value and what can increase electric vehicle resale value.
Yes, the range does affect EV resale value. Top EVs, especially BMWs, have a range of at least 250 to 300 miles, so range anxiety is a thing of the past when drivers opt for long trips away from Tigard. Plus, there are plenty of public charging stations along major routes in the United States.
Battery technology will only get better in the future and more public charging stations will come online. That means the range does affect EV resale value in the future as demand increases and automakers show that EVs are reliable.
Did you know that an additional 10 miles of range increases the resale price of EVs by approximately 5%? If your EV is worth $50,000 with a range of 250 miles, a comparable EV with a range of 300 miles could be worth around $64,000 in resale value (as a purely hypothetical example).
EV batteries are required to have a warranty of at least eight years or 100,000 miles, whichever comes first. These warranties may go longer as battery technology improves.
Many things can increase an electric vehicle’s resale value after you buy one. Consider an electric car’s resale value by calculating the vehicle’s depreciation once you buy one. CNBC notes that EVs hold 63% of their value after three years compared to 66% for gasoline-powered vehicles. Those figures will get closer together as EV prices become more affordable when automakers send more to our lot near Lake Oswego.
Just like gasoline-powered vehicles, regular maintenance can increase electric vehicle resale value. Rotate tires every 5,000 to 7,500 miles, for sure, because tires wear out faster due to EVs behind heavier than gasoline-powered cars of a similar size. Even with the tires, EVs cost 40% less to maintain than gasoline-powered vehicles, notes Yale University. There are fewer moving parts to replace, so there aren’t as many issues with transmissions, pistons, sparkplugs, radiators, and more.
Think about the costs of electricity versus gasoline, which lowers the overall costs of owning an EV. Consumer Reports states that EV owners spend 60% less to refuel. An electric car’s resale value might increase because of the lower costs of maintenance, making them more desirable.
We invite you to get behind the wheel of an EV for sale at BMW of Tigard. Contact us, call (503) 828-0936, or schedule a test drive with our team. We think you’ll love one of these luxury vehicles in your Tigard garage!
