While some prospective buyers of electric vehicles hesitate because they are uncertain about their resale value, a new study should alleviate those concerns.
According to research published by George Washington University, newer electric vehicle models with higher driving ranges are retaining their value better than older models, which have been known to depreciate faster than conventional gas cars. The research found that the newer models are "approaching the retention rates of many gas cars."
John Paul Helveston, an assistant professor of engineering management and systems engineering at George Washington University and the study's corresponding author, explained that the higher resale value of newer EV models could impact future affordability.
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Cost 
"While a higher resale value in future is better for new car buyers, it also means the end of lower cost used electric vehicles, which was an important source of affordable electric vehicles," Helveston said, also noting that the new $4,000 subsidy for used electric vehicles provided by the Inflation Reduction Act could provide some relief.
This new development could help more owners of gas-powered cars make the transition to electric vehicles, as the market is rapidly growing around the world. EV owners experience many benefits that are easier on their wallets, as many save money on routine maintenance like oil or fluid changes.
The lack of tailpipe pollution also makes EVs more environmentally friendly than gas-guzzling cars that produce harmful carbon pollution. For example, a study from MIT found that cars with internal combustion engines create an average of 350 grams of carbon air pollution per mile driven over their lifetimes, while this value was only 200 for EVs that operate on batteries charging on an average U.S. power grid.
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EV owners considering selling their used cars could secure a lucrative opportunity by pairing the deals with Recurrent's free service. Recurrent helps EV sellers make an average of $1,400 more from their sales by connecting sellers with a network of dealers and monitoring their EV battery health for free, providing transparency regarding potential resale value.
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