In 2018, a used Tesla Model 3 averaged about $40,000. Now, you can buy a brand new Tesla Model 3 for that same price. If you try to sell your used electric vehicle for the price you paid, you won’t get that amount. That’s why it’s important to know what to consider when pricing your electric vehicle.
Since 2008, Big Valley Auto Auction has helped registered dealers accurately price their vehicles for auction day. Although we mainly run traditional vehicles, we have had electric vehicles enter our lot. And as electric vehicles continue to rise, we stay up to date to keep you informed.
In this article, you’re going to learn the factors that play a role in an electric vehicle's price and the tools you can use to help you determine the value of your electric vehicle.
After reading this article, you’ll have the information needed to prepare for pricing your electric vehicle at your next auto auction.
What Factors Determine the Price of Electric Vehicles?
Since the 2010s, the auto industry has seen a rise in electric vehicles. However, just like any vehicle, their sale price depends on the condition of certain features. Here are 5 factors you need to consider when pricing your electric vehicle:
Battery Age
An EV’s battery age actually matters more than the vehicle age or mileage. As time goes by, the battery doesn't hold as much power, so the car can't drive as far on a single charge. This makes the vehicle less appealing to drivers, especially if they need to drive long distances often.
Climate Exposure
Just like any other vehicle, exposure to extreme heat and cold can affect an EV, with hot temperatures making batteries wear out faster, while really cold weather reduces how far they can go.
High temperatures can speed up chemical reactions within the battery, causing the battery to wear out faster. This can reduce the overall lifespan of the battery. In extreme cases, excessive heat can even cause “thermal runaway”, which is when the battery heats up uncontrollably. This could lead to safety hazards like swelling, leakage, or even fire.
Cold temperatures can also affect battery performance, particularly lithium-ion batteries commonly used in electric vehicles. Cold weather can increase the internal resistance of the battery, reducing its ability to deliver power effectively and reducing how far it can go.
Charging Speed
It could take from 30 minutes to up to 12 hours to charge an electric car, based on the size of the battery and speed of the charger. Older batteries might take longer to charge or not charge as well, which can be a negative factor for people who rely on quick charging for daily use or long drives.
Charging Habits
How you charge an EV matters for battery quality, especially Level 3 DC fast charging and the slower Level 2 charging, and how much of each occurs during the life of the EV battery. The faster chargers with higher power and voltage wear out the battery quicker.
Charge-Discharge Cycles
Charge-discharge cycles are the process of continuously charging your EV. How much have you used before you need to charge it again? How often do you charge from 0% to 100%? Charging from 0% to 100% strains the EV’s battery, and doing it consistently will wear out the battery.
What Tools Can Help Me Determine the Price of an Electric Vehicle?
There are 8 websites that can help you find out the current value of an electric vehicle, including 3 websites that are EV specific.
- Autotrader
- Kelley Blue Book
- Edmunds
- Truecar
- Black Book
- Electric Vehicle Database (EV specific)
- InsideEVs (EV specific)
- Recurrent (EV specific)
You can also contact your local auto auction for more information on current market reports and values of electric vehicles in your area.
Do I Know How To Price Electric Vehicles?
Just like any vehicle, an EV's sale price depends on certain factors. Knowing what to consider when pricing them and the tools you can use to determine their price could help increase your electric vehicle’s chance of selling.
Whether this is your first time selling electric vehicles or you’re wondering what to consider when pricing one, you can use this article to prepare you to sell your EV at your next auto auction.
If you’re looking for an auto auction to help price and sell your electric vehicles, click the button below to speak with our dealer registration specialist to get you registered with Big Valley Auto Auction.
Not ready to talk? That’s okay! First, learn more about what it’s like to buy and sell at Big Valley Auto Auction by clicking the image below:
