6 EVs That Depreciate the Fastest Over 5 Years
Recently, iSeeCars published a study that charts the top 25 cars that best hold their value after purchase, as well as the 25 worst — the cars the depreciate in value faster than other ride. The list breaks the prices down by vehicle type: trucks, sedans, SUVs, hatchbacks, sports cars and electric vehicles (EVs).
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Are you considering an EV purchase? Are you worried about how quickly an EV may depreciate in price? GOBankingRates has pulled the six fastest-depreciating EVs on the market, the ones you should pause and consider before purchasing.
See which vehicles you should avoid if you want to maintain a high resale value.
Average 5-year depreciation: 72.2%
Loss of value vs. MSRP: $51,953
As noted by CarSupermarket, the I-Pace was one of the first EVs of its type. That was a marketplace advantage at first; but, as EV tech advanced rapidly, the I-Pace was almost immediately dated and left in the dust — especially with regard to charging range and speed.
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Average 5-year depreciation: 65.2%
Loss of value vs. MSRP: $52,165
Much like the Jaguar I-Pace, Find My Electric has noted the Tesla Model S depreciates rapidly due to being outpaced by an ever-advancing EV world; further, like many luxury vehicles, the Model S depreciates quickly on the secondary market because used-car buyers have been found to be less interested in luxury amenities.
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Average 5-year depreciation: 64.1%
Loss of value vs. MSRP: $18,043
According to SlashGear, the overall rapid depreciation of the LEAF has less to do with the EV itself, but rather the logo that marks the front of the vehicle — Nissans in general reportedly have a poorer reputation than competitors after five years of use, and the depreciation rate of the LEAF is commiserate with the overall depreciation rate of Nissans overall.
Average 5-year depreciation: 63.4%
Loss of value vs. MSRP: $53,846
As is typical with many high-end SUVs, the Tesla Model X suffers a rapid depreciation that is common to very expensive SUVs; additionally, per FindMyElectric, luxury rides depreciate quickly in general because, again, used-vehicle shoppers don't place a premium on luxury features. Moreover, as newer luxury EVs flood the market from Tesla's many competitors, the resale value of older X's continues to spiral downward.
Average 5-year depreciation: 60.4%
Loss of value vs. MSRP: $36,225
TopSpeed has charted the Tesla Model Y's rapid depreciation as being due to, again, secondhand shoppers not hunting for luxury vehicles, but also because the Y gets outpaced by technological advancements made at a rapidity that the Y cannot compete with.
Average 5-year depreciation: 60.1%
Loss of value vs. MSRP: $59,691
The Porsche Taycan, while a well-known brand, comes with high depreciation for what CoPilotSearch has described as ever-changing advances in battery technology and 'charging infrastructure,' as well as customer preferences moving away from the Taycan in general.
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This article originally appeared on GOBankingRates.com: 6 EVs That Depreciate the Fastest Over 5 Years
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