I don’t doubt the stat, and it’s encouraging. But as a point of reference I will be one of the 6%. The depreciation on my current EV is substantial enough that it makes sense for me to consider an ICE car (one that depreciates very little, likely used) for my next car.
Not necessarily. I’ve had my [used] EV sedan 48 months, and it’s depreciated $23,000 in that time. That’s $480/month in depreciation alone. I wasn’t paying that in gasoline even in my relatively gas-guzzling 4Runner I had before (a vehicle famous for how little it depreciates.) I was spending about $350 in gas per month with the 4Runner.
I’m not saying it was a bad move that I traded in the 4Runner for the used EV; at the time I needed the lower monthly outlay of cash more than I needed car equity. But boy does it sting seeing that $23k and counting.
Tesla Model Y. Granted, I’m comparing the price I paid (CarMax) to the current CarMax value, so in reality it’s less than $23k. And I put a fair number of miles on the car, so that’s an issue too. I also missed out on any of the EV credits (bad timing on my part), and the loss of the credit definetly reduced the value of the car.
But my point is that, despite all the great things about EVs and the societal and environmental impact the switch to electric has had, for me personally I’m extremely turned off at the relatively high depreciation of all EVs. When I say my next car will likely be a gasoline powered car, it’s not because I don’t believe in the future of electric vehicles. It’s a) a used small economical gas powered hatchback with low depreciation may (at least for me) offer a lower total cost of ownership than a comparable EV, and b) all new cars and all EVs feel like spaceships to me, and I just want a car.
That’s a good point. I guess what I’m getting at is that while averages are important metrics, the average EV depreciation isn’t applicable as I’ve yet to find an EV with low depreciation (that would match the vehicle I’d like to be my next car.) That, and the spaceship thing I’m totally over. I’d jump on the Slate truck if that form factor would fit my family.
I totally don’t want any of my comments to be taken as I’m anti-EV. I’m most certainly not. Just trying to give my perspective on why I’m personally stilll looking at a gas powered car.
5 or 6 years. But I don’t typically buy cars new either. I prioritize reliability and safety as much as strict dollars and cents.
Depreciation doesn’t matter when you drive a car into the ground.
That’s not quite true. Even if you “drive it into the ground” (which I don’t like to do), there’s still the amount-paid / years-you-drive-it equation that holds.
If you want to prioritize safety, you’d basically need to drive an EV at this point. The low CG of the battery pack and its added structure do provide significant benefits when it comes to roll over resistance and side impact safety.
I am with you. I leased an EV so I could see if it made sense to purchase. The amount its already depreciated is just insane. On top of, I’m a bit more rural and don’t have many charging options if I want to do a trip. We have to use my partner’s ICE car for any car trips. I can also only trickle charge at home, which makes it harder. I’ve already decided I’m going to buy a used hybrid when I’m done with my lease. Makes the most sense at this point in time, for me at least.
The number of people downvoting me (and you) is disturbing. Neither of us are anti-EV, we’re only explaining why its not working for us personally. And we’re speaking from experience, not simply saying anti-EV things.
I don’t doubt the stat, and it’s encouraging. But as a point of reference I will be one of the 6%. The depreciation on my current EV is substantial enough that it makes sense for me to consider an ICE car (one that depreciates very little, likely used) for my next car.
Do you change cars often? Depreciation doesn’t matter when you drive a car into the ground.
The money saved on not buying gas all the time more than makes up for any depreciation anyway.
Not necessarily. I’ve had my [used] EV sedan 48 months, and it’s depreciated $23,000 in that time. That’s $480/month in depreciation alone. I wasn’t paying that in gasoline even in my relatively gas-guzzling 4Runner I had before (a vehicle famous for how little it depreciates.) I was spending about $350 in gas per month with the 4Runner.
I’m not saying it was a bad move that I traded in the 4Runner for the used EV; at the time I needed the lower monthly outlay of cash more than I needed car equity. But boy does it sting seeing that $23k and counting.
What used EV depreciated $23K in four years?
Tesla Model Y. Granted, I’m comparing the price I paid (CarMax) to the current CarMax value, so in reality it’s less than $23k. And I put a fair number of miles on the car, so that’s an issue too. I also missed out on any of the EV credits (bad timing on my part), and the loss of the credit definetly reduced the value of the car.
But my point is that, despite all the great things about EVs and the societal and environmental impact the switch to electric has had, for me personally I’m extremely turned off at the relatively high depreciation of all EVs. When I say my next car will likely be a gasoline powered car, it’s not because I don’t believe in the future of electric vehicles. It’s a) a used small economical gas powered hatchback with low depreciation may (at least for me) offer a lower total cost of ownership than a comparable EV, and b) all new cars and all EVs feel like spaceships to me, and I just want a car.
Teslas have depreciated far more than the category average. EVs in general are still slightly higher than the industry average, but unfortunately the CEN (Chief Executive Nazi) has tanked the value of the vehicle you bought.
That’s a good point. I guess what I’m getting at is that while averages are important metrics, the average EV depreciation isn’t applicable as I’ve yet to find an EV with low depreciation (that would match the vehicle I’d like to be my next car.) That, and the spaceship thing I’m totally over. I’d jump on the Slate truck if that form factor would fit my family.
I totally don’t want any of my comments to be taken as I’m anti-EV. I’m most certainly not. Just trying to give my perspective on why I’m personally stilll looking at a gas powered car.
5 or 6 years. But I don’t typically buy cars new either. I prioritize reliability and safety as much as strict dollars and cents.
That’s not quite true. Even if you “drive it into the ground” (which I don’t like to do), there’s still the amount-paid / years-you-drive-it equation that holds.
If you want to prioritize safety, you’d basically need to drive an EV at this point. The low CG of the battery pack and its added structure do provide significant benefits when it comes to roll over resistance and side impact safety.
I am with you. I leased an EV so I could see if it made sense to purchase. The amount its already depreciated is just insane. On top of, I’m a bit more rural and don’t have many charging options if I want to do a trip. We have to use my partner’s ICE car for any car trips. I can also only trickle charge at home, which makes it harder. I’ve already decided I’m going to buy a used hybrid when I’m done with my lease. Makes the most sense at this point in time, for me at least.
The number of people downvoting me (and you) is disturbing. Neither of us are anti-EV, we’re only explaining why its not working for us personally. And we’re speaking from experience, not simply saying anti-EV things.
What car did you buy?