Electric Vehicle Guide: Spotting the Best Value and Resale Value on the Market

A Tesla Model S steering wheel is on display at the Canadian International AutoShow in Toronto
A Tesla Model S steering wheel is on display at the Canadian International AutoShow in Toronto, Ontario, Canada, February 13, 2019. (Photo: REUTERS/Mark Blinch)

Electric vehicles are becoming more of a viable option for consumers, with major car manufacturers churning out their own models in recent years. In this guide, we will take a look at most EVs on sale and ranking them based on their selling price and mileage on a single charge. As an added bonus, we will also rate them based on their potential resale value.

Drive Range

The first list we will have is regarding the range current electric vehicles can provide. Mileage has been a strong factor for purchasing an electric car, as EVs started out with a very short mileage per charge.

Tesla has a corner on this part of the market, which is expected with the company being one of industry's first players. As reported by cnet, the Model S has a range of 370 miles per charge; while Model X goes for 325 miles and the Model 3 can go as far as 310 miles on a single charge.

However, other electric vehicle models are catching up on the mileage point. Hyundai Kona Electric can run up to 258 miles before requiring a recharge, while the Niro EV from Kia and the Chevrolet Bolt has a range of 239 miles and 238 miles, respectively, on a single full charge.

Best Value

To determine the value of an electric vehicle, we looked at the car's range per charge and its price point. After weighing both factors in, we figured out which cars would give the most bang for the consumer's buck.

From this perspective, Tesla still has the upper hand compared to its competition. The Model S, which has the most mileage among the available electric vehicles, sells for $88,000, one of the priciest on the market. Another Tesla model, the Model 3, is ranked second on this list with an asking price of $35,500.

The Kona Electric from Hyundai and Chevrolet's Bolt electric vehicle also make the cut, playing at the $36K price range. Rounding up this section of the list is the Nissan Leaf, which goes for 150 miles at a price of $29,900.

Budget-Friendly Options

For the price-conscious, there are electric vehicles that would fit the budget. However, a thing to note is that some of these cars may not provide the most mileage compared to their pricier counterparts.

Based on selling price, the Smart ForTwo EQ is the cheapest electric vehicle out there and has the shortest range among the available cars. It drives for 58 miles, which is good enough for city driving, with an asking price of $23,900. The Fiat 500e sells for $33,000, but can only go for 84 miles before asking for a recharge, while the Hyundai Ioniq Electric can go up to 124 miles for almost $30,000

Resale Value

A lot of electric vehicles have a low resale value due to several contributing factors. Apart from the one-time tax credit that the federal government imposes on EVs, Forbes reported that not having that much demand in the market and limited mileage are some of the things that bring the reselling price down. Good thing that car manufacturers are raising the bar when it comes to operating range, making their resale values higher and more viable.

Tesla still leads the pack on this regard, driving at least 300 miles per model, and can still command up to 64% of its original price after three years. Most new models, like the Hyundai Kona Electric, with 258 miles, Kia Niro EV, with 239 miles, and the Chevy Bolt's 238 miles, can still keep 51% of their original residential value. Jaguar I-Pace, running at 234 miles, and the Nissan Leaf Plus, with 226 miles, also make the cut. 

© 2019 Business Times All rights reserved. Do not reproduce without permission.
Sign Up for Newsletters and Alerts