EV Resale Market

Podcast Episode: 0054
Will batteries make or break the resale market?

     You are always going to lose money on a new vehicle, but how much will you lose over its lifetime counts on you.  But when it comes to EV's, that could be a different story, as their battery replacement costs after 6 - 10 years, could put anyone off from purchasing a used one.   AutoLooks takes a look at the EV and hybrid resale market on this episode.

​     We have always known that at some point you are going to have to change out the batteries in that new Tesla you just bought.  But at what cost and when?  This is determined on how you use it and take care of it.  This may seem similar to that of an I.C.E. vehicle, but it is not.  
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     When your batteries deplete to a point that recharging them just doesn't get you the life you expected back, then it might be time to change out your pack.  But at what cost to you will this be?  Most consumers are not aware of the costs associated with battery replacement or how to prolong their life.  So, when the batteries dead and they have to replace it, the sticker price could come a shock.
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      Unlink their I.C.E. counterparts, EV's and hybrids will inevitably require a battery replacement.  And unlike the $150 -$300 for a new I.C.E. battery, the price of a full EV replacement is more in line with the replacement of a transmission.  This is a price most people are not willing to pay and in the end EV's and hybrids, will lose more value on the resale market due to this.
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       In the end when you think about how much you can lose over the life of your standard I.C.E. vehicle, it sometimes pales in comparison to what the overall costs of an EV could work out to be. 

Everett J.
​#autolooks