If you’re buying an electric vehicle and intend to sell or trade it after a few years, you should consider its resale value. Of course, there are factors like maintenance, mileage, and battery lifespan that will determine the residual value of your EV, but some makes and models will do better than others in this respect.
There are specific EVs that depreciate at a slower rate because they’re more desirable. If you want an EV that meets that criterion, here is a list of the EVs that should fetch the highest price come resale time.
1. Tesla Model X
According toKelly Blue Book, the Tesla Model X retains 66% of its residual value after 5 years. It has ahigher resale value than most gasoline vehicles. This is probably because Tesla is a reputable brand and the Model X is its flagship model, which starts at $98,490.
In addition to that,the Tesla Model X is a luxury SUV, which gives it an advantage over other models. That’s also partly because if you’re selling a second-hand SUV in the US, it’s more likely to have a higher resale value than a sedan.
Another thing that makes a used Tesla Model X more desirable is that it comes with a battery warranty of up to 150,000 miles. In comparison, the Model 3 and Model Y have a battery warranty that doesn’t exceed 120,000 miles.
2. Audi Q8 E-Tron
Car Edgefound that the Audi Q8 E-Tron, which is available in two body styles, is expected to maintain 59% of its original value after five years. Interestingly, it has a higher resale value than most gas-powered car models from Audi. It’s apparently also cheaper to maintain the electric Q8 compared to a similar combustion SUV, even though it’s from a German luxury brand that is often not synonymous with easy maintenance or reliability.
The Audi Q8 E-Tron EV is available in two body styles: SUV and coupe-like Sportback. The flagship Audi electric SUV model starts at $70,800, while the E-Tron Sportback starts at $74,000. They both come standard with all-wheel drive, a tow rating of 4,000 pounds, and a ground clearance of 6.9 inches.
3. Ford F-150 Lightning
The Ford F-150 Lightning has an average resale value of 57%, according to Kelly Blue Book. Well, it’s not surprising considering that the Lightning is an electric pickup, and, traditionally, pickup trucks have a higher resale value than SUVs and sedans. Besides that, out of allthe electric pickup trucks on the market, the battery-powered F-150 is the most affordable, with a starting price of $49,995.
What makes the Ford F-150 Lightning special is that you can use it to power your home during an outage thanks to itsbidirectional charging capability, which allows vehicles to also supply power. The Lightning is one of the fewEVs on the market available with bidirectional charging. However, some of theelectric models that will be launched by General Motorswill also be available with bidirectional charging.
4. The Tesla Model S
Just like the F-150 Lightning, the Tesla Model S has an average residual value of 57%. What makes it worthwhile? With a starting price of $88,490, the Model S is the second-most premium option from Tesla after the Model X.
The Tesla Model S also comes with a battery warranty of up to 150,000 miles, which makes it more appealing as a trade-in. But even if the warranty is expired, you can stillexpect a Tesla battery to last hundreds of thousands of miles.
The Tesla Model S doesn’tqualify for the federal EV tax credit, but that doesn’t make it any less valuable when you’re reselling it.Tesla also slashed the prices of the Model S, but its resale value hasn’t been affected. According toCarguide, the base price of the Model S was $65,000 in 2018, but due tothe global chip shortageand inflation, Tesla was forced to increase its price.
Basically, if you bought a Tesla Model S before 2020, its residual value would have since increased significantly.
5. Chevrolet Bolt
The Chevrolet Bolt is one of the most affordable electric vehicles on the market, with a starting price of $26,500. But despite its affordable price,Car Edgeestimates that it should lose 27% of its residual value after five years.
Another estimate, this one from Kelly Blue Book, sees it depreciating by almost 59% within five years. The inconsistency could stem from GM’s 18% Chevy Bolt EV price cuts in 2023, which reduced its resale value by an equal margin. Before the price cut, the Chevy Bolt base model was selling for $32,495 in 2022.
However, the average price of used Chevy Bolt EVs with almost 50,000 miles listed for sale on Edmunds is between $17,000 and $20,000. That’s a high resale value if you consider its buying price. A second-hand Chevy Bolt is also more appealing because itqualifies for a used EV tax creditof up to $4,000.
6. Ford Mustang Mach-E
The Ford Mustang Mach-E is an electric that isa direct competitor of the Tesla Model Y. According to figures released by Kelly Blue Book, the latest Mustang Mach-E is estimated to have a resale value of around 41%. This value is lower compared to other EVs on this list, but it’s slightly above average compared to most vehicles.
How much will it cost you? The cheapest Mustang Mach-E starts at $42,995 and qualifies for a tax credit of up to $3,750. This makes it cheaper than the Tesla Model Y.
Interestingly, the average price of used Mach-Es listed on Car Gurus with almost 30,000 miles is around $30,000. This means you can trade in your Mustang Mach-E and get a better deal than expected, as long as it’s well-maintained and detailed.
Now Is the Best Time to Buy an EV
If you want to buy an EV and trade it in down the line, there is no better time to do it than right now. Most manufacturers can’t keep up with EV demand, and many are still struggling with supply shortages and issues. As a result, most used EVs are selling at a higher price than their expected resale value.
What’s more, there are considerably fewer electric vehicles on the road than gas-powered cars. EVs are also cheaper to maintain and run compared to gasoline vehicles, and the battery can last over 300,000 miles before you replace it.
Better yet, owning an EV could also help you reduce expenses in several ways. What are you waiting for?
