Whether you're a buyer or a seller, making sense of the used vehicle market can be a chore. However, one startup is helping electric vehicle owners get the best returns.
Founded in 2020, Recurrent identified a key factor preventing EV owners from getting the best offers on their used vehicles: People know where to go to determine whether a used gas-powered vehicle is worth their money, as Carfax, Kelley Blue Book, and J.D. Power ratings are among the trusted ratings destinations.
No such service existed for EVs, however, even though the demand for used EVs is booming because of perks such as reduced fueling and maintenance costs and zero tailpipe pollution associated with respiratory problems. According to Cox Automotive, November saw a 10.2% month-over-month increase in used EV sales.
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Cost 💰 Now, Recurrent's free service is helping EV drivers get $1,400 more for their vehicles on average, thanks to its monthly battery-health insights collected after owners register their car with the company — using their license plate or vehicle identification number.
"We don't collect your location information or driving behavior. It's just battery data," Recurrent CEO Scott Case told The Cool Down, comparing the report to an oil change with a mechanic.
"The great thing about EVs is they don't require a lot of service. The downside is, you don't get a lot of feedback on, 'Is this normal?' 'Is everything OK?' So our Recurrent Monthly Report is like a wellness check," he added, noting how the insights help buyers trust they aren't getting a lemon.
When you're ready to sell your EV, Recurrent has what it needs for a transparent and streamlined process, and it will do the work for you.
After pitching your EV to reputable dealerships in a 24-hour "mini auction," it will return to you with the best offer — no "feeding frenzy" from dealers and scammers weighing you down or incorrectly grading your EV's value based on standards formulated for gas-guzzlers.
"Selling an electric car is not normally an enjoyable experience — at least it's not how I like to spend my weekends. … I got a better price and found a dealer I wouldn't have found otherwise," YouTuber Ryan Shaw (@RyanShawtech) shared in a clip about his experience with Recurrent.
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