The website that gathers data about cars and their markets, iSeeCars, reported that electric vehicles have a high depreciation rate than the ICE cars. iSeeCars added that Tesla cars are the only ones that outshine the others with a lower depreciation rate.
Nevertheless, after some time, Tesla’s also lose value implying that there is no right car into which you can permanently invest your funds. All the same, the rate of depreciation matters, and Tesla drivers seem to enjoy a long time before they start witnessing substantial depreciation.
Car and Driver company outlines that the electric vehicles had a fast depreciation rate in the past that after a half a decade, some cars would drop to 10% of their initial value. However, to make these cars attractive again, the government deployed the federal tax credits making the used car markets slash off $7500 in the resale prices. Naturally, for anyone intending to minimize the expenses on transitioning to an electric vehicle, then Nissan Leaf is the ideal answer to this predicament.
Teslas have a high market value than other electric vehicles because they are frequently updating their car systems and making adjustments to suit their customers. One thing that makes their products unique is that their old models have different technology than the new ones. Therefore, they remain at the top in attracting customers looking for durability and value for their money.
Another critical aspect of the valuation of used electric vehicles is their mileage ranges. The mileage ranges of many used electric vehicles play around 100 miles at maximum save for Tesla. People don’t love cars that regularly have breaks at their charging stations to recharge. People hate the long queues at the recharging stations and quickly opt for high mileage ranges.
Plug In America explains that the most significant feature to consider in valuing a used car is the battery’s qualitative aspects. The company says that most people’s concern is whether the battery can sustain the car in the next period. The battery factors into the equation of price unless the buyer is a novice in the car business.
People love Tesla because they have the certainty that the batteries of their Evs will last long enough to sustain the battery through its depreciation period. To sum up, the new electric vehicle models from GM, Ford, and Volkswagen will rival Teslas because these companies are investing heavily in their battery technology. This move will help the cars to have a high mileage range and attract the customers who have range anxiety.