A booming electric vehicle industry is providing a lucrative resale opportunity for EV drivers, and the CARFAX of EVs can help sellers maximize their vehicle's value.
On average, drivers who take advantage of Recurrent's free services boost the resale value of their used EVs by $1,400. Even better, the startup does the wheeling and dealing for you, collecting offers from its network of local and national dealerships to get you the best price.
Sounds too good to be true? Happily, it's not. Recurrent CEO Scott Case told The Cool Down that the startup zeroed in on a crucial factor limiting buyer trust in the used EV market: Traditional data proving vehicle health — like oil change and maintenance records — doesn't apply to EVs, which generally require much less service to begin with.
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Cost 💰 In fact, that's one of the reasons why the EV market is surging, with approximately one in five cars in 2023 of the electric variety, according to the International Energy Agency. Electric vehicles also don't guzzle expensive, polluting fuels associated with millions of annual premature deaths and the dangerous and unnatural warming of the planet.
Instead, in order to gauge EV health, Recurrent focuses on battery health. When you're ready to sell, you'll have the data to prove your EV is in peak condition. And prior to that, Recurrent's monthly reports will give you peace of mind — or alert you to any rare issues needing attention.
To begin, you need to register your EV with Recurrent using either your vehicle identification number (VIN) or license plate. The process is entirely free and maintains your privacy, even once Recurrent starts monitoring your vehicle's battery health.
"It's not creepy data," Case told TCD. "We don't collect your location information or driving behavior. It's just battery data."
Since its establishment in 2020, Recurrent has made waves in the U.S. market, making it easier for drivers to affordably obtain an EV and sellers very happy in return.
"What we're trying to do is provide transparent information to the seller and the buyer of each car, and that builds confidence and makes the used EV market function better," Case added.
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