Date: Jan 26, 2024
BMW continues to lead the way with world-class new vehicles utilizing electrification for its power. The manufacturer’s dedication is evident with four fantastic models in the lineup: BMW iX, BMW i4, BMW i5, and BMW i7. All of these EVs give you between 250 and 300 miles on a single charge, making them ideal for daily drives and weekly errands in Lawrence as well as escaping to your favorite Catskills or Poconos resort.
Read on to learn how range affects EV resale value and what can increase electric vehicle resale value. Any of the EVs on our lot have the potential to have high electric car resale value because luxury EVs are in great demand.
Yes, the range does affect EV resale value. Many EVs out right now feature a range of 250 to 300 miles. Drivers want models that allow them to handle longer drivers on weekend getaways and summer road trips, so the higher the range, the higher the resale value. Thanks to public charging stations on major routes throughout the United States, drivers in Hamilton don’t need to worry about range anxiety. And more charging stations are added each year.
So, the range does affect EV resale value. If you want a higher resale price, aim for 250 miles or higher for the range.
Research shows that 10 miles of range increases the resale price of EVs by approximately 5%. An EV with a range of 100 miles has a resale value of 67% after two years on Hamilton roads. Let’s do some hypothetical math: A pre-owned EV worth $50,000 and 250 miles of range would be worth approximately $64,000 if that same EV had a range of 300 miles. Your actual results would vary.
All EV batteries for American cars have a warranty of at least eight years or 100,000 miles, whichever comes first. However, that’s just the official number. EV Connect states that some batteries could have a life of 200,000 miles when maintained according to manufacturer specifications. So, an EV still under its battery warranty would get a higher resale value.
Many factors can increase an electric car’s resale value. Depreciation always comes into play, no matter what kind of vehicle you own. CNBC notes that EVs keep 63% of their value after three years versus 66% for gasoline-powered vehicles. The difference between the two is negligible by comparison, and BMWs already have some of the highest resale values on the planet.
You need to follow the regular maintenance schedule for your EV because proper maintenance can also increase electric vehicle resale value. Rotate the tires every 5,000 to 7,500 miles because EVs typically see more tire wear due to the heavier weight of the battery pack compared to gasoline engines.
Even so, EVs still cost 40% less to maintain than gasoline-powered vehicles, according to Yale University. You can save a pile of cash on fewer maintenance costs alone!
Think about lower refueling costs associated with an EV, too. Gas prices aren’t going down anytime soon in Trenton. Consumer Reports notes that EV owners spend 60% less to refuel compared to gasoline. An electric car’s resale value might increase due to its popularity in places with high gas prices because these vehicles are in higher demand.
We think you’ll love a new BMW EV in your Hamilton garage. Contact us, call (844) 470-4727, or schedule a test drive with our team to get behind the wheel!
