Many new car buyers are considering going electric. Inventory shortages of ICE vehicles have pushed buyers in that direction – and the tax incentives the government is handing out is making ownership a little more appealing.
For a long time, EVs have been notoriously some of the worst cars when it comes to holding value. But the market is changing, and some manufacturers have built models that hold their value better than others.
Today, we look at the top electric vehicles that hold their value the best in 2023 — and the reasons behind this.
What Affects The Resale Value Of Electric Cars?
Similar to any vehicle, the resale value of electric cars will vary depending on several factors such as age, mileage, make and model of the car, condition, and market demand.
Generally, though, an EV will depreciate to 50-60% of its original value in the course of three years.
On the brighter side, there is good news for EVs — more companies are transitioning to electric solutions and models are becoming more common. With this increased production and demand, we can only hope that their resale value will improve drastically.
6 EVs With the Best Resale Value
Here are the top 6 EVs with the best resale value. We’ve ranked them according to their 5-year depreciation rate. You can already guess who comes first.
Tesla Model X — 38.8%
Of course, Elon Musk’s company had to be on top of the list. Tesla is the market leader in EV sales and many of their models rank in the top 25 of EV model sales.
The Model X is styled uniquely with its vertically opening doors and features a 100 kWh battery that can reach 100 mph in just 3.1 seconds. After five years, you can most likely sell yours for roughly 61.2% of its original value.
BMW i3 — 40%
The hype around the BMW i3 was, after all, justified. It won the UK Car of the Year, World Car Design of the Year, and best super mini-car of the Year all in 2014. Just because it is compact doesn’t mean that it’s not up for the task.
The high-roof hatchback attains 62 mph in 7.2 seconds and has a top speed of 93 mph. It is also BMW’s first mass-produced zero-emission vehicle. It is no secret why it retains much of its value 5 years on.
Audi A3 — 42%
Who doesn’t love an Audi? If there’s one thing Germans have mastered, it is manufacturing excellent-performing, beautiful automobiles. The A3 is no exception.
This one feels like a cheat because of two reasons:
- It’s a hybrid
- It was discontinued back in 2020.
Still, these beauties rock the road. And if you own one, you can sell it five years later for 58% of what you bought it for.
Tesla Model S — 43.7%
Another Tesla on the list. The Tesla Model S holds its value well when compared to other EVs in the full size sedan segment. The Model S has owned this segment for years, so we’ll see how it fares when the Mercedes-Benz and Porsche models hit the road in larger numbers.
Chevrolet Bolt EV — 47.1%
We are not surprised that the Chevrolet Bolt made it to the list. Despite being slower than most models, the Chevrolet Bolt has lots of awesome features that attract a lot of eyes. It has a top speed of 91 mph and attains 60 mph in 7 seconds.
What’s even more impressive is that it won three major awards in 2017 despite being launched the previous year. It, therefore, makes sense that it only loses 47.1% of its value after 5 years. In EV standards, this is very commendable.
Nissan Leaf — 49.1%
Definitely not the best-looking vehicle around, but the Nissan Leaf has numerous awards to show for its popularity and competence. From 2019, the Nissan Leaf has sold over 400,000 units, making it the world’s best-selling highway-capable electric car of all time.
On top of that, the Leaf only loses 34.3% of its value after 3 years and another 15% in the next two years. If you bought yours at $28,000, you should be able to sell it for around $15,000.
Tips To Help Your EV Hold More Value
Taking care of your car is the best way to improve its resale value. Any potential buyer needs to get the feeling that they are getting value for their money. And, no one wants to buy a car only to spend loads of cash repairing it.
- Service your car regularly
- Keep both its interior and exterior clean
- Keep your maintenance records
While depreciation is almost certain, doing these will go a long way to slow it down.
Before selling your used EV, use Motobyo’s quick cash offer tool to get a cash offer. It’s quick, it’s easy, and it is 100% free.