Yahoo Finance Selling Your Lightly Used Electric Vehicle? 11 Ways To Maximize Your Profit
Early indications suggest 2024 is shaping up to be the year of the rise of electrical vehicles (EVs), with some eye-catchingly affordable ones hitting the market. As more consumers make the switch from gas-powered cars to EVs, more people are putting their lightly driven EVs up for sale.
Read: 7 Hybrid Vehicles To Stay Away From Buying
Find Out: How To Get $340 Per Year in Cash Back on Gas and Other Things You Already Buy
So, what should you do if you are selling your lightly used EV? Here are some effective tips or tricks to ensure you’re getting the most money off the sale as possible, according to experts.
(And if you’re in the market, here are six tips for buying a used EV.)
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Maintain Impeccable Records
Have you had solid services and/or steady maintenance done on your car? Save the receipts and keep a careful record. Buyers want to know all they possibly can about the car they’re considering, and the more you can assure them that you took excellent care of the vehicle, the more motivated they’ll be to buy it.
“Keeping detailed service records can significantly increase buyer confidence and the vehicle’s value,” said Rob Dillan, founder of EVHype. “Document every maintenance activity, software update and battery check.”
More: 6 Cars That Are Plummeting in Value
Keep the Battery Healthy
Since EVs run purely on a charged battery, as opposed to a hybrid, which also taps gasoline, it’s important to sell a car that has a healthy battery.
“The battery’s condition is a critical factor for EVs,” Dillan said. “Ensure the battery health is optimal by avoiding extreme charging practices and maintaining charge levels between 20% and 80%.”
Install Latest Software Updates
Double check to be certain that your EV has the latest software updates installed.
“This not only improves vehicle performance but also assures potential buyers of its modernity,” Dillan said.
Get Your EV Professionally Cleaned
An immaculately clean car will most certainly sell better than one that is designed similarly but looks messy. Don’t skimp here, either: invest in higher end service.
“A good deep cleaning goes a long way to making your used electric car more attractive to buyers,” Chaya Milchtein, automotive educator, journalist, and author of Mechanic Shop Femme’s Guide to Car Ownership. “Be sure to vacuum every inch, polish the tires, deep clean the wheel, and sort out any junk you’ve been carrying around.
Highlight the Total Ownership Cost Savings
People often think about the potentially steep cost of an EV — and they’re right that even a used EV can at times be more expensive than a new gas-powered car (though this is definitely not always the case).
Emphasize the savings on fuel and maintenance costs associated with owning an EV. Highlighting these economic benefits can justify a higher asking price.
Highlight Any Transferable Warranties and Incentives
“If your EV comes with transferable warranties or unused tax credits, make these benefits clear to potential buyers as added value,” Dillan said.
Know How Much Cars Like Yours Sell For
If you want to get the most you can from reselling your used EV, make sure to be educated on pricing.
“Research the current market to set a competitive price,” Dillan said. “Be informed about your specific EV model’s demand and how similar listings are priced.”
Take So Many Pictures
The more photos you post of the lightly used EV you’re selling, the better. Go wild with snapping attractive (but honest!) pics of the car.
“Take lots and lots of pictures and include them in the listing,” Milchtein said. “Photos reassure private buyers that the car is in the condition you say it is, and provide transparency regarding anything that’s not quite perfect. They are also a great way to save time and avoid buyers who may be put off by something, so they don’t bother reaching out in the first place.”
Sell When Demand Is High
The EV market, like most every other, experiences ups and downs in demand — and supply. Think about holding out on selling your lightly used EV until it’s proven that they’re in more demand
“Consider selling your EV when demand is high, such as during spikes in fuel prices or when government incentives for EV purchases are introduced, to maximize returns,” Dillan said.
Share the Listing in EV-Specific Community Spaces
Now that we have such a sprawling online life, we have access to many online groups. Join a local one that specializes in celebrating EVs, including used ones.
“It’s much easier to sell your used EV to another EV enthusiast than a skeptical buyer who might have never considered the option,” Milchtein said. “Post in electric vehicle Facebook groups along with other community spaces to get the word out. “
Be Prepared to Wait
Keep in mind that though growing, the used EV market may not exactly be booming yet. And this means it could take a while to sell. Really think about whether you can hold off and be patient.
“Selling privately might take a while, so consider the value of your time investment into the process as you decide whether selling privately is a good choice for you,” Milchtein said. “There are retailers, including CarMax, Carvana and Vroom, that provide a free quote on how much they’ll pay for your car without ever leaving your house. Be sure to get at least three quotes so you can choose the best offer.”
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This article originally appeared on GOBankingRates.com: Selling Your Lightly Used Electric Vehicle? 11 Ways To Maximize Your Profit
