Rethink 5 of the Fastest Depreciating EVs
Electric vehicles (EVs) are the future, just about any way you cut it. Still, no car shopper wants to commit to an EV just to discover that its value is half what they paid for it in three years. However, that might just be the case for electric car owners who chose one of these five vehicles. These are five of the fastest depreciating EVs on the market, like the BMW i3.
- BMW i3
- Nissan Leaf
- Kia Soul EV
- Hyundai Ioniq
- Chevrolet Bolt
The BMW i3 is forward-thinking, but it is one of the fastest depreciating EVs
The BMW i3 is a radically styled little electric hatchback with a lot of flare and a couple of pretty big benchmarks, but they’re not all good. First, the BMW i3, “becomes” a PHEV of sorts when you add the 600cc range extender (BMW i3 REx). In doing so, it has the longest electric range of any PHEV on the market, if you can actually call it a PHEV.
However, it also depreciates faster than the other EVs on this list. Unfortunately, the BMW i3 loses 60.4% of its original value in the first 36 months of ownership. That is awful for shoppers who bought a new i3, but good news for EV shoppers who want to save nearly $33,000 on a used i3.
How fast does a Nissan Leaf depreciate?
Unfortunately for new Nissan Leaf customers, the little EV depreciates almost as quickly as the BMW i3. A Nissan Leaf will lose 60.2% of its value in its first three years. That is terrible news for consumers who bought a Nissan Leaf new and want to sell or trade to get something else.
The Kia Soul EV is one of the fastest depreciating EVs
The Kia Soul EV loses 58.7% of its value in the first 36 months of ownership. To add to the low value retention, the Soul EV’s anemic 109 horsepower and 111-mile range fail to smash records anywhere else. Coincidentally, one of the redeeming features of the Kia Soul EV was the low entry price point, but you’ll likely lose those savings to depreciation.
How much should you pay for a used Hyundai Ioniq Electric?
Depending on the model year, you should expect to pay around $18,500 for a used Hyundai Ioniq Electric. According to a recent study by iSeeCars, the Ioniq EV is an excellent bargain for electric car shoppers who want to save on a used vehicle. If you want a later model Hyundai Ioniq Electric, all you need to do is wait. The Ioniq Electric depreciates by 47.7% in the first 36 months, making it one of the fastest depreciating EVs on the market.
Do Chevrolet Bolts hold their value?
Chevrolet Bolts don’t hold their value compared to Tesla EVs. Bolt owners should expect to lose around 47.5% of the vehicle’s value in the first three years of ownership. Fortunately, used car shoppers who want to find a preowned Chevrolet Bolt can save upwards of $20,500 over a new purchase.
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