In recent years, used cars have lost less of their value compared to previous years, but this trend does not apply to electric vehicles.
According to a North American survey, this is partly explained by the fact that used cars are losing less of their value than before. However, this is not true for electric vehicles, where radical depreciation has been recorded.
Luxury cars still depreciate the most
Luxury cars lose their value the fastest.
Over a five-year period, the following models experienced the greatest depreciation:
According to the results, while an electric car can lose half of its original value in five years, hybrids experience a 20-25% lower depreciation. Among hybrid-powered compact SUVs, the worst aging models are:
To make matters worse, the cost of electricity at public charging stations is often multiple times higher than what is charged for home electricity use.
In other words, for those unable to install a charger at home and take advantage of cheaper night-time electricity to charge their EV, electric driving can easily become more expensive than using an internal combustion engine vehicle.
According to a North American survey, this is partly explained by the fact that used cars are losing less of their value than before. However, this is not true for electric vehicles, where radical depreciation has been recorded.
Luxury cars still depreciate the most
Luxury cars lose their value the fastest.
Over a five-year period, the following models experienced the greatest depreciation:
- Maserati Quattroporte – 64.5%
- BMW 7 Series – 61.8%
- Maserati Ghibli – 61.3%
- BMW 5 Series (hybrid) – 58.8%
- Cadillac Escalade ESV – 58.5%
- Tesla S – 55.5%
- Chevrolet Bolt EV – 51.1%
- Nissan Leaf – 50.8%
- Tesla X – 49.9%
- Tesla 3 – 42.9%
According to the results, while an electric car can lose half of its original value in five years, hybrids experience a 20-25% lower depreciation. Among hybrid-powered compact SUVs, the worst aging models are:
- Nissan Kicks – 27.5%
- Toyota RAV4 – 27.2%
- Honda HR-V – 26.2%
- Subaru Crosstrek – 24.5%
- Toyota C-HR – 24.4%
To make matters worse, the cost of electricity at public charging stations is often multiple times higher than what is charged for home electricity use.
In other words, for those unable to install a charger at home and take advantage of cheaper night-time electricity to charge their EV, electric driving can easily become more expensive than using an internal combustion engine vehicle.