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April 21, 2023

How to Determine the Resale Value of Your Used EV

How to Determine the Resale Value of Your Used EV

The resale value of your used electric vehicle can be determined to save time and avoid potential difficulties in the future. If you do not research the resale value beforehand, you may end up negotiating with potential buyers and lowering the price more than expected.

On the other hand, if you determine the resale value beforehand, you will have a clearer idea of what you can realistically sell it for. This allows you to list the electric vehicle at a fair price and avoid negotiating as much. Additionally, you will be able to make informed decisions about offers.

So here is the process of determining the resale value of your used electric vehicle.

Consider the age, mileage and battery-condition of your EV

Age and mileage are two key factors that can impact the resale value of your electric vehicle. As with any other type of vehicle, EVs tend to depreciate over time. This means that the older your EV is, the lower its resale value is likely to be. Similarly, the higher the mileage on your EV, the lower its resale value may be.

Another important factor to consider when it comes to the resale value of your EV is the condition of its battery. As with any other component of your car, the battery in your EV will degrade over time. This can affect the overall performance and range of your vehicle, which can in turn impact its resale value.

Take into account any unique features or customizations

If your EV has any unique features or customizations (like a fancy paint job or upgraded sound system), these can potentially increase its resale value. Just make sure to do your research and make sure these features are actually in demand.

illustration of someone selling a electric car

Look at the overall condition of your EV

Of course, the overall condition of your EV will also play a big role in its resale value. If it's in good condition with minimal wear and tear, you can probably ask for a higher price. On the other hand, if it's been through the wringer and has dents, scratches, and other blemishes, you'll need to be more realistic about what you can expect to sell it for.

Use an online valuation tool

If you want a more precise and hassle-free estimate of your EV's resale value, you can use the free online valuation tool we have at Cardino. With just a few clicks, you can get a personalized estimate of your EV's worth based on factors like make, model, age, mileage, and condition. We worked with technical experts to compile all the important factors influencing the price, and we’re dynamically connected to the market prices so you have the most updated valuation!

On top of that, you can then use Cardino to connect with car dealers all over Europe who are interested in buying your EV — our extensive network is working to get you the best offer!

False good idea: check out online classifieds and marketplaces

For many, one of the easiest ways to get a rough idea of your EV's resale value would be to take a look at what similar models are selling for on online classifieds and marketplaces. This may give you a good baseline to work with but keep in mind that the prices listed on online classifieds and marketplaces for electric vehicles (EVs) may not accurately reflect the true value of your EV. Sellers may list wish prices or offer prices that are not realistic and are not typically achieved. As a result, the newest ads may have the highest prices that are later revised down by a few thousand euros in the following weeks because they are not receiving any offers.

Additionally, the pricing tools on these classifieds may be inaccurate because they do not have access to data on actual sales and do not know if a car has been sold or at what price.

This is different, for example, with platforms such as Cardino, which support the entire transaction. We know exactly at what asking price the car was originally listed, what prices dealers are usually willing to pay in the current market situation, and know the eventual selling price. All this data is fed into our online valuation tool for a more realistic price estimate!

keys on the door of an EV

To summarize, this is a simple guide to determining the resale value of your used electric vehicle. If you have any further questions or need additional guidance, do not hesitate to contact our team at Cardino.

Good luck in finding a buyer for your electric vehicle, whether you choose to list it on a classifieds website or use a platform like Cardino to connect with car dealers. As always, we are available to assist fellow electric vehicle enthusiasts!

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