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Resale Prices on EVs Fade
Used-car prices on electric cars in the U.S. are dropping fast, in large part because incentives make new models more attractive, The Wall Street Journal reports.
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Used-car prices on electric cars in the U.S. are dropping fast, in large part because incentives make new models more attractive, The Wall Street Journal reports.
The newspaper points to the National Automobile Dealers Assn.'s Used Car Guide. It says the trade-in value of 2014 EVs and plug-ins are between 22% and 35% lower than their original price, about twice the depreciation of comparable piston-powered vehicles.
Most EVs in the U.S. are leased, and the volume of cars about to come off lease in the next year or two will rise. But the Journal says price cuts, aggressive financing options and cheaper leases make new EVs more attractive than used ones. The newspaper says worries about the cost of replacing an electric car's battery also hurts used-car prices.
The notable exception is Tesla Motors Inc.'s Model S electric sedan. NADA's used-car guide says a two-year-old model S is worth 71% of its original price compared with 44% for the Nissan Leaf and 39% for the Chevrolet Volt.
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