Used EVs Losing Value Faster Than Hybrids and ICEs
Automotive News’s Paige Hodder reported that Cox Automotive data proves the resale value of used EVs is declining more rapidly than that of hybrids and gasoline-powered cars.
Hodder noted that, during a recent Auto Finance Summit panel, experts like Cox’s Jonathan Gregory said customers looking to move on from an EV purchase will feel the sting. “If you bought a Ford F-150 Lightning and then two months later they are [priced] $10,000 less, yours is now worth $10,000 less. It doesn’t matter what you paid for it,” Gregory said.
Hybrids currently lead in value retention, as their fuel efficiency remains highly desirable. EVs, by contrast, face challenges due to rapidly advancing technology and concerns over battery longevity. These factors contribute to steep depreciation, making EVs less attractive in the used car market compared to their hybrid and gas-powered counterparts.
