Electric vehicles are unlike traditional cars, even if they undergo the same kind of depreciation. You need to consider all major factors that make your EV a great purchase. Battery degradation, advancements in technology, and changes in personal circumstances can all point towards getting an upgrade. For instance, you may want to purchase a hybrid model or another vehicle if your electric car doesn’t offer the same level of safety or other features. Perhaps you want to sell your vehicle because you got a really good offer on your car from a used-car buying site.
This post will explain all these factors and others in detail that warrant selling an old electric car.
Electric cars in the US really caught on around 2010 even though they were introduced 20 years earlier in the 1990s. You should consider selling your vehicle if you were an early adopter of the technology. Chances are that your car is outdated in terms of technology, features and various other capabilities.
Where EVs are concerned, the biggest technology factor is the battery. Earlier models could only go for 100 miles on a full charge. Things have changed now. You can get more than 200 miles easily on a single charge. Higher-end Tesla models offer 300 – 400 miles while the Chevrolet Bolt EV gives about 240 miles.
The truth about electric cars is that an increasing number of people are embracing them, causing manufacturers to invest money in technology advancements. What you have right now from 2010 is outdated and obsolete. You could get a better, faster and a more comfortable version by selling your previous model and getting a new one. It may be time to sell your current EV if you like the idea of having better charging capacity and latest tech.
Your electric car is only as good as its battery. You should not think twice before getting rid of it if the battery warranty is about to expire. Common industry standard pegs the battery life at 100,000 miles or 8 years, whichever comes earlier. Some models and brands tend to do a little better than others. However, it can be safely said that all batteries come with an expiration date. Going beyond that could put a major dent in your wallet.
Replacing an EV battery pack is one of the costliest repairs you can make. The average battery pack used to cost $1,000 per kWh of electricity storage capacity when electric cars made a comeback a decade ago. Today, the cost is somewhere around $200 per kWh with improvements in battery technology and cheaper material options.
The short of it is you could be making an expensive mistake holding on to your car and investing in constant repairs. Even with the price decrease it is still expensive to replace batteries. Many EV owners find it easier to sell their car before warranty on the battery expires.
Depreciation and technology advancements are inversely related. With rapid advances in EV technology, older models are going to depreciate far quicker than anticipated. If your model is several years behind the current development, you should seriously consider selling it. You may lose more money if you hold on to an outdated model.
Right now, people are still opening up to the concept of electric cars. They find it cheaper and more practical to experience benefits on a used car. However, as more features get added to newer models, previous models will become outdated and less appealing. The market for your car may not remain the same a few months from now, let alone a few years. It is a good idea to sell the car while it still has some value left.
Many US cities are revamping their road infrastructure to accommodate electric vehicles and their demands. While most major cities, like San Diego, Houston, Chicago and Baltimore have built great EV-friendly infrastructure, the majority are still dragging their feet. You should consider selling your vehicle if you are planning to relocate to a city with poor infrastructure.
You will soon get frustrated with the lack of charging stations. And, there may not be many takers for your EV in the new city. You should also consider the change in climate. EV batteries do not hold up well in sunny cities, especially where there is constant sunlight. The same holds true for cold climates, as in the rigid northern cities of Minneapolis and St. Paul.
Batteries on older models are more susceptible to degradation. In fact, loss of convenient charging should be enough to compel you into action.
Change in Preferences
Other signs that warrant selling an EV are similar to those that apply to regular gasoline-fueled vehicles. For instance, you may decide to go car-free. With so many ride-sharing and car-sharing services on offer along with public transit options, it may be a good idea to finally sell your electric car. You can always rent a car if you want to take a road trip.
Electric cars tend to be on the smaller side. You may want to trade yours for a bigger one if your family is growing. There are several hybrid models on offer that can serve a dual purpose. You need to stay true to changes in your lifestyle. Sometimes, it is better to let go of a car than take it along. For instance, you should consider selling your car if you are going to a foreign land on an extended trip.
Remember, electric vehicles lose value rapidly. Your car may not be worth much by the time you get back. Repairs on old cars can get expensive and too much to keep up with. Don’t let yourself get upside down on the vehicle. This is when the car costs more to run, maintain and keep than what it is worth. If you are lucky, you may still have a few years left in your vehicle. However, if the battery capacity is starting to fade out, maybe it’s time to finally sell it.
Experience the Easy Way to Sell Electric Cars
If you have finally decided to sell your electric car, consider Cash Cars Buyer. You owe it to yourself to experience our easy car selling process and high estimates. We offer competitive quotes which you can get in just 60 seconds. If you don’t like what we are offering, you can simply walk away. No questions asked! Don’t let your electric car become a drain on your wallet and senses. Sell it to Cash Cars Buyer before it’s too late.
Get your free and personalized quote today by calling at (773) 791-4363 or using our online form.