Recurrent Auto is now offering a program that could very well be the future of valuation for used Tesla models and electric vehicles.
A major problem for used electric car buyers is that current valuation systems are designed around ICE vehicles; how often has the vehicle received an oil change? Has the vehicle required significant transmission work? Has the catalytic converter been replaced recently? But these questions no longer apply to electric vehicles. Recurrent Auto and Black Book are now offering a service that will more accurately value used electric vehicles influenced by battery health and other EV-specific factors.
As demand for electric vehicles has grown exponentially over the past five years, so has the demand for used (and cheaper) offerings. However, because there has not been an accurate system for valuing these used EVs, their prices have been more influenced by market movements than the vehicle’s actual quality. Recurrent Auto and Black Book are looking to solve that.
With their website’s new “Range Score” system, buyers can see how battery health/age and other EV-specific factors influence a vehicle’s price. And while the program doesn’t currently include every make and model, it is available for the most popular models in the U.S., including all Tesla models, the Chevrolet Bolt, Chevrolet Volt, and Nissan Leaf. The program is available for both individual and dealership sellers.
“Recurrent’s adoption of Black Book data will provide EV owners further insight into the real-time value of their vehicles,” said Jared Kalfus, President of Black Book. “This integration is the first of its kind for EV battery valuations, and we are thrilled to have been selected to power it.”
According to Recurrent’s press release, 50 dealers are already incorporating the system into their pricing and are providing a more fair and accurate buying experience than ever before.
The Range Score program works with Recurrent’s current battery health program, considering factors like climate, average battery charge, average trip length, and more.
While obviously, sellers and buyers should consider multiple estimates, this new tool can be a powerful one when calculating EV valuation accurately. Especially when other means such as TrueCar and Kelly Blue Book remain influenced by ICE vehicles of the past and market movements that have made EVs more volatile than stocks.
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