Date: Jan 12, 2024
Interested in a new BMW electric vehicle (EV) from BMW of Mount Laurel? Are you worried about the EV’s resale value at a later date? You don’t have to worry because the resale value of EVs is competitive with gasoline-powered vehicles thanks to several factors. While the range affects EV resale value, it’s not necessarily the only thing you need to know when investing in this type of new vehicle for your Evesham Township drives.
Read our guide to electric car resale value, where we cover how range affects EV resale value as well as what can increase electric vehicle resale value.
Absolutely, the range does affect EV resale value because the range has improved a lot in recent years. There are more public charging stations available every year, and battery technology will only get better moving forward for drivers in Cherry Hill. Right now, 300 miles is the gold standard for EV range.
Car shoppers still may have range anxiety when considering whether an EV is a good investment. Luckily, the range of EVs is such that it obviates range anxiety. In other words, the electric range positively affects EV resale value.
Statistics show that each additional ten miles of range increases the resale price of EVs by approximately 5%. Another thing to keep in mind is that EV batteries tend to have a warranty of at least 100,000 miles or eight years, whichever comes first. As battery technology improves, so will the warranties at some point.
Several things can increase an electric vehicle’s resale value. As you investigate electric car resale value when researching for a new vehicle, you need to consider several factors, including depreciation. CNBC notes that EVs hold 63% of their value after three years compared to 66% for gasoline-powered vehicles. And new EV prices will only get lower and more affordable for Hamilton Township shoppers because more EVs are heading to the market.
Keeping up with maintenance can increase electric vehicle resale value. Rotate the tires every 5,000 to 7,500 miles for the best results because EVs are heavier than gasoline-powered vehicles. But you won’t need as much maintenance. EVs cost 40% less to maintain than gasoline-powered vehicles for as long as you own the vehicle, according to Yale University.
Another main selling point of EVs is that electricity costs much less than gasoline. As more drivers know they can save on maintenance and refueling, electric car resale value might increase as market demand improves.
Ready to get behind the wheel of an EV in Mount Laurel? We have several models available, including the BMW i4, i5, iX, and i7. Feel free to contact us, or schedule a test drive with our team. We think you’ll love one of our new BMW EVs!
