The world of electric vehicles is new to most people. While many drivers might understand how resale value works, is it different for EVs? Check out these features that help electric vehicles retain resale value down the line. Then, check out some of the most popular electric vehicles hitting the market this year for some ideas.
Over-the-air updates help electric vehicles retain resale value
One feature that might not be obvious about electric vehicles is the ability to update software later. Auto Evolution says to make sure you can update your electric vehicle of choice down the line. Tesla made these over-the-air updates popular, but it is a good idea to ensure your car can be upgraded from the automaker. This can help fix issues or improve the vehicle without having to go into the service center.
Many brands have switched to this model, but not all automakers have. As technology continues to change at a rapid pace, being able to keep your EV up to date is essential. Sometimes these updates are small and easy, but sometimes a more significant update is necessary. Doing this from home is much more convenient than going to a dealership. Keeping your vehicle up to date is one of the features that help electric vehicles retain resale value.
Keeping your battery in good shape also helps electric vehicles retain resale value
There is a learning curve with electric vehicle batteries. Caring for your battery is one way to help electric vehicles retain resale value. Your EV battery is similar to a phone or laptop battery. At first, it lasts forever and doesn’t need to be charged that often. The more you use it and charge it; the less your battery holds a charge. That is just part of the deal, but you still want to be mindful of your battery use.
Newer electric vehicles can support 800V charging. That doesn’t mean you should use these ultra-fast chargers all the time. A 350-kW public charging station will still offer high-speed charging and is likely the fastest charger you will come across right now. More rapid charging is on the way but not commonplace yet. DC Fast-Charging stations are easier to come by and will get you back on the road in no time.
A home charger is always a good suggestion for first-time EV buyers. This allows you to charge at home during the night when electricity is cheaper. A home charger will offer faster charging than the regular outlet plug, and you can schedule it for when you are sleeping.
Consider the range of an EV before buying
There are a few new vehicles that have a pretty short range, which is a feature that hurts electric vehicles resale value. These are meant to appeal to drivers who don’t have a long commute every day or mostly just want to take short drives around town. A smaller battery pack makes the vehicle lighter, too. But buying an EV with a short range might impact your resale value down the line.
A short range can also make the vehicle harder to drive. A road trip longer than 200 miles would require stopping for a charge at public charging stations. Finding a charger along some routes is impossible, if not just annoying. If it is your only vehicle, most days will revolve around charging. You can’t update this, so you need to buy another car that offers a more extended range. The buyer pool for a short-range EV is going to be smaller.
These ways to help electric vehicles retain resale value aren’t the only options but just some ideas to consider. Check out some of the best electric vehicles under $35,000 for some suggestions.