There are a lot of different considerations that go into the decision of when it’s time to sell your car. If you currently drive an electric vehicle (EV), there are several additional factors to consider. This article will help you cover all the bases when you’re trying to figure out if it’s time to sell your electric car.
When It’s Becoming Obsolete
After the electric car didn’t catch on in the 1990s, it would be another 20 years before it made a big comeback starting around 2010. If you were an early adopter of an electric vehicle (EV), then the chances are good that it’s feeling outdated in terms of its technology and capabilities. The big one being the battery. The days of an electric car only getting 100 miles on a fully charged battery are long gone. The average now is well over 200 miles on a single charge. The Chevrolet Bolt EV gets just under 240 miles, whereas the higher-end Tesla models get 300-400. The thing about EVs is that they’re getting better and better at a faster rate, so if you like the idea of keeping up with the latest technologies and battery capacity, it may be time to sell your current electric car.
When the Battery Warranty is About to Expire
The most important part of the warranty on an electric car is, of course, the battery. The most common industry standard tends to be 8 years or 100,000 miles (whichever comes first). Some brands and models do better while others offer less coverage. This is important because replacing the battery pack on an electric car is still an expensive repair to make. When EVs made their comeback in 2010, the average cost of the battery pack was $1,000 per kWh of electricity storage capacity. Today that cost is now down to under $200 per kWh. And it’s going to keep coming down. While the decreasing cost of EV batteries is good news for electric car drivers, it’s still a large, expensive repair ticket when the time comes to replace it, which is why for many EV owners, the impending expiration of an EV battery warranty is signal that it’s time to sell.
It’s Depreciating Too Rapidly
This one is related to your electric car becoming obsolete. Because the technology is advancing so quickly, a model that is several years behind the latest developments will begin depreciating much more rapidly than a more up-to-date model. As more people buy EVs and the used market for them grows, they’re starting to hold their value better than before, but as your electric car falls further behind the latest tech advancements, it will lost value at a faster rate, which serves as a good sign it’s time to sell before it loses more ground.
Moving to a Place Lacking EV Infrastructure
If you drive an electric car in the greater San Diego area, you might not realize how good you have it. San Diego’s EV infrastructure has more than doubled in the past few years. If you are moving to a new location, you’d better check out what’s available in terms of EV infrastructure. If it’s totally lacking, the loss of convenient charging could be enough to tip the scales in favor of selling your electric car.
Other Signs It’s Time to Sell Your Electric Car
Many of the signs that it’s time to sell your electric car are similar to those that apply to gasoline-powered vehicles, such as the following:
Going Car-Free: If you live in an urban area with plentiful public transit options and ride-sharing services, you might decide to live a car-free lifestyle. After all, you can always rent a car for the occasional road trip.
Growing Family: Most electric cars are on the small side. If your family is expanding, you might need to sell your current electric car in order to get something bigger.
Life Change: Whether it’s a military deployment or moving to a more rural area where you need more range than most EVs can offer, if your electric car is no longer the right choice for your changing life, then it’s time to sell it.
Costly Repairs: One sign it’s time to sell any vehicle, electric or not, is when you’re facing repair bills that exceed the value of the car. Since your electric car is probably less than ten years old, this is probably not the situation you’re facing, unless the battery capacity is starting to fade.
Odometer Milestone: There was a time when people just assumed they should sell their car if it was approaching the 100,000-mile mark. But these days cars routinely remain reliable way past 100k miles. The only time the odometer reading really matters is when it’s related to the battery warranty, as previously mentioned.
If you decide it is time to sell your electric car, then you owe it to yourself to find out how easy it is to cruise in and cash out at Driveo. You can get a competitive quote for your electric car in minutes by filling out our quick online form. And here’s the thing, unlike most other car-buying services, our quote is good for a full 30 days, which means you’ve got plenty of time to shop around to see if you can get a better offer. If you do get a better offer, all we ask is that you give us a chance to beat it, because we love beating offers! All you have to do is use our Upload an Offer page and we’ll give it our best shot. If our offer is the one you want, you’ll bring your car to Driveo so we can give it a final inspection to make sure everything is in order, then cut you a check on the spot and give you a ride wherever you need to go in San Diego County!