Want to sell your slightly used electric car? 11 Ways to Maximize Your Profits

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Early indications are that 2024 will be the year of the rise of electric vehicles (EVs), with some remarkably affordable examples coming to market. As more consumers make the switch from gasoline-powered cars to electric cars, more people are putting their light-powered electric cars up for sale.

Read: 7 hybrid vehicles not to buy
Discover: How to get $340 a year in cash back for gas and other things you already buy

What should you do if you sell your slightly used EV? Here are some effective tips and tricks to ensure you get the most out of the sale, 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 proper service and/or regular maintenance carried out on your car? Save the receipts and keep careful records. Buyers want to know everything they can about the car they are considering, and the more you can reassure them that you have taken excellent care of the car, the more motivated they will be to buy it.

“Keeping detailed maintenance records can significantly increase buyer confidence and vehicle value,” said Rob Dillan, founder of EVHype. “Document every maintenance activity, software update and battery check.”

More: 6 cars that are dropping in value

Keep the battery healthy

Because EVs run purely on a charged battery, unlike a hybrid, which also draws gasoline, it is important to sell a car that has a healthy battery.

“Battery condition is a critical factor for electric cars,” says Dillan. “Ensure optimal battery health by avoiding extreme charging practices and keeping charge levels between 20% and 80%.”

Install the latest software updates

Double check that your EV has the latest software updates installed.

“This not only improves vehicle performance but also assures potential buyers of its modernity,” said Dillan.

Have your EV professionally cleaned

An immaculately clean car will certainly sell better than a car that is similarly designed but looks messy. Don’t save here either: invest in better service.

“A good deep cleaning goes a long way in making your used electric car more attractive to buyers,” Chaya Milchtein, car educator, journalist and author of Mechanic Shop Femme’s Guide to Car Ownership. “Make sure you vacuum every inch, polish the tires, thoroughly clean the wheel, and get rid of any junk you’re carrying.

Highlight the savings on total cost of ownership

People often think about the potentially high cost of an electric car – and they’re right that even a used electric car can sometimes be more expensive than a new petrol car (although this is certainly not always the case).

Highlight the fuel and maintenance cost savings that come with owning an electric car. Emphasizing these economic benefits can justify a higher asking price.

Highlight all transferable guarantees and incentives

“If your EV comes with transferable warranties or unused tax credits, make these benefits clear to potential buyers as value-added,” Dillan said.

Know how much cars like yours sell for

If you want to get the most out of reselling your used EV, make sure you are aware of the prices.

“Research the current market to set a competitive price,” Dillan said. “Stay on top of demand for your specific EV model and how similar offerings are priced.”

Take so many photos

The more photos you post of the lightly used EV you are selling, the better. Go all out and take attractive (but honest!) photos of the car.

“Take lots of pictures and add them to the list,” Milchtein said. “Photos reassure private buyers that the car is in the condition you say it is, and provide transparency about anything that isn’t quite perfect. They’re 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 others, experiences ups and downs in demand – and supply. Consider waiting to sell your gently used EV until it is proven to have increased demand

“Consider selling your EV when demand is high, such as during fuel price spikes or when government incentives for EV purchases are introduced, to maximize returns,” says Dillan.

Share the ad in EV-specific community spaces

Now that we have such an extensive online life, we have access to many online groups. Join a local organization that specializes in celebrating electric cars, including used cars.

“It’s much easier to sell your used EV to another EV enthusiast than to a skeptical buyer who may have never considered the option,” says Milchtein. “Post in electric vehicle Facebook groups, along with other community spaces, to get the word out. “

Be prepared to wait

Keep in mind that while the used electric vehicle market is growing, it may not be booming yet. And this means it may take a while to sell. Really think about whether you can stick with it and be patient.

“Selling privately can take some time, so consider the value of your time investment in the process as you decide whether selling privately is a good choice for you,” says Milchtein. “There are retailers, including CarMax, Carvana and Vroom, who will provide a free estimate of how much they will pay for your car without ever leaving your home. Make sure you 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 Gently Used Electric Vehicle? 11 Ways to Maximize Your Profits

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