Do electric cars hold their value?
I have my eyes on a new EV and am thinking about selling my current one. However, I’ve heard that you maybe can’t get as much money for EVs on the resale market. Am I going to get ripped off? How well is my car going to retain its value?
Tom Hindle · Answered on Jan 27, 2022
Reviewed by Shannon Martin, Licensed Insurance Agent.
Good luck on getting back into the car market! As for selling your vehicle, you might have a point. EV technology is moving fast, so cars more than 18 months old tend to be significantly outdated when juxtaposed with their more modern counterparts.
EVs hold their value less for a few reasons:
- EV sticker prices are going down, as the market floods with newer, cleverer, and cheaper models
- Federal tax credits for electric vehicles don’t always apply to used models
- Used EVs tend to have worse range than some of the newer models
Still, that doesn’t mean you shouldn’t sell your EV. In fact, if you’re trying to get a new one, trading in your old vehicle might be a good move—if only to knock a few bucks off the sticker price of your shiny new car. It’s just important that you don’t expect to get too much for your trade in.
However, there is good news in all of this. Since sticker prices are going down, you might not pay as much for a new vehicle as you might have just a few years ago. So, even if you’re looking for an upgrade in spec, you might not break the bank!
The other good news is that car insurance for electric vehicles isn’t all that different from your standard gas car. And if you’re buying a new ride, it’s vital to make sure you’re set up with all of the standard trimmings of a perfect package.
For the best rate, try using the Jerry app. A licensed broker, Jerry sources quotes from over 50 top insurance companies and finds you competitive quotes in less than a minute.
And it works, too! The average Jerry user saves $879 per year. It will even find you a new deal whenever your policy is up for renewal!
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