A new study shows that EVs are the worst segment for depreciation, but those resale values don't tell the whole story.
As electric vehicles start to age, we’re beginning to understand more about the used market for all-electric cars. And while EVs carry a high initial price tag compared to most hybrids, resale values don’t line up with that up-front cost. A new study, published in 2023, finds that electric vehicles are worse for depreciation than hybrids.
A recent study from automotive market research firm iSeeCars analyzed over 1 million vehicles sold from November 2022 to October 2023. It found that, overall, electric vehicles are the worst vehicle segment for resale value.
In just five years, the average EV will lose 49.1% of its value. Meanwhile, hybrids are among the best segment for resale values, losing just 37% in the first five years of ownership. Worse yet, the average depreciation among all segments is 38.8%, so the 49.1% loss in EV value is a true outlier.
www.motorbiscuit.com
Why Used Electric Vehicle Prices Are Plummeting And Why Used EVs Will Probably Get Even Cheaper
It’s only a decent time to be in the market for a used car, as prices have continued to come down off of their record highs, but it’s a great time to be buying a used electric car, as prices are dropping rapidly according to a new report. There are lots of reasons that used electric cars are worth less, proportionally, than their gas counterparts and I’ll detail them below. There’s also one big reason why used EV values are likely to only get worse.
theautopian.com
As electric vehicles start to age, we’re beginning to understand more about the used market for all-electric cars. And while EVs carry a high initial price tag compared to most hybrids, resale values don’t line up with that up-front cost. A new study, published in 2023, finds that electric vehicles are worse for depreciation than hybrids.
A recent study from automotive market research firm iSeeCars analyzed over 1 million vehicles sold from November 2022 to October 2023. It found that, overall, electric vehicles are the worst vehicle segment for resale value.
In just five years, the average EV will lose 49.1% of its value. Meanwhile, hybrids are among the best segment for resale values, losing just 37% in the first five years of ownership. Worse yet, the average depreciation among all segments is 38.8%, so the 49.1% loss in EV value is a true outlier.
2023 Study Shows Electric Vehicles Are Worst for Resale Value
A new study shows that EVs are the worst segment for depreciation, but those resale values don't tell the whole story.
www.motorbiscuit.com
Why Used Electric Vehicle Prices Are Plummeting And Why Used EVs Will Probably Get Even Cheaper
It’s only a decent time to be in the market for a used car, as prices have continued to come down off of their record highs, but it’s a great time to be buying a used electric car, as prices are dropping rapidly according to a new report. There are lots of reasons that used electric cars are worth less, proportionally, than their gas counterparts and I’ll detail them below. There’s also one big reason why used EV values are likely to only get worse.
Why Used Electric Vehicle Prices Are Plummeting And Why Used EVs Will Probably Get Even Cheaper - The Autopian
It’s only a decent time to be in the market for a used car, as prices have continued to come down off of their record highs, but it’s a great time to be buying a used electric car, as prices are dropping rapidly according to a new report. There are lots of reasons that used […]
theautopian.com
