3 Electric SUVs With the Best Resale Values
EV SUVs are still a new frontier for the automotive industry, and it’s hard to know concrete, long-term trends for their resale values. But according to one report, a few electric SUV nameplates have fared pretty well with rising prices on the used market over the last three years.
Which electric EVs have good resale value?
Business Insider’s Transportation section broke down the price changes over the last few years for a ream of popular EVs. While some have dropped considerably, others have held steady and even gained value. Here are three electric SUVs that have held exceptional resale value.
- Used Audi E-Tron prices have increased by 0.8 percent since 2020
- Used Tesla Model X prices have increased by 0.1 percent since 2020
- Used Hyundai Kona Electric Prices have increased by 10.5 percent since 2020
Used Audi E-Tron prices gained a bit of ground
According to data from Business Insider, the E-Tron saw an average price increase for pre-owned models of 0.8 percent between 2020 and 2023. Audi’s first electric SUV has proven to keep outstanding resale value. The handsome, well-rounded Audi E-Tron clearly strikes a chord with electric SUV shoppers.
Used Tesla Model X prices held steady
Business Insider details that used Tesla Model X prices have held steady with a 0.1 percent average increase since 2020. Tesla’s resale prices have been inconsistent. While the Model S has grown substantially in value, the Model Y has dropped. Meanwhile, the Model X electric SUV remains steady.
Used Hyundai Kona Electric Prices have jumped considerably
The Hyundai Kona electric earns one of the best EV SUV resale values, having seen average prices grow by 10.5 percent since 2020. Hyundai recently unveiled the redesigned 2024 Kona Electric with all-new looks and specs. It’s yet to be seen whether this reveal will affect the resale value of older EV Konas.
Do electric SUVs hold their resale value?
Electric SUV resale values are mixed at best; while some hold value well, others have seen dramatic price drops. The same Business Insider report also outlines the electric SUVs with the worst resale value. The Ford Mustang Mach E has dropped 19.1 percent since 2020, while the Tesla Model Y has fallen 21.7 percent.
A variety of factors can affect the resale values of EV SUVs. Tesla’s recent price cuts have certainly affected prices on the used market. At the same time, uncertainty around battery longevity could impact other brands’ values. It’s still early, and sample sizes are relatively small compared to the rest of the market. We’ll have to wait and see for long-term resale value trends regarding electric SUVs to emerge.