Electric vehicles are all the rage, and listening to some news programs would have you believe they’re taking over the world. While that might be true in some places, EVs are still a small percentage of the overall market, and some automakers have revised their sales outlooks due to waning demand. A new study from iSeeCars shows that used EVs also depreciate faster than gas vehicles, returning the highest percentage drops in value over five years of any major vehicle type. The study also analyzed vehicles that held their values the best, and the list of top models is notably free of EVs.
The average five-year depreciation in 2023 is 38.8 percent, an almost 11% improvement since 2019. Electric vehicles depreciated the fastest, at 49.1 percent over five years, but hybrids and trucks lost value at a much slower rate, dropping 37.4 and 34.8 percent, respectively. Consumers’ attitudes toward EVs could play a role. iSeeCars’ executive analyst Karl Brauer said, “The disparity between electric vehicles and hybrids is worth noting, with EVs the worst group at holding their value and hybrids among the best. Some manufacturers have reduced or even abandoned the hybrid market in favor of EVs, but these figures suggest consumers still appreciate a hybrid’s combination of higher fuel efficiency and zero range anxiety.”
The vehicles that held their five-year values best include:
- Porsche 911: 9.3% depreciation
- Porsche 718 Cayman: 17.6%
- Toyota Tacoma: 20.4%
- Jeep Wrangler/Wrangler Unlimited: 20.8%
- Honda Civic: 21.5%
- Subaru BRZ: 23.4%
- Chevrolet Camaro: 24.2%
- Toyota C-HR: 24.4%
- Subaru Crosstrek: 24.5%
- Toyota Corolla: 24.5%
Bauer notes that the number of sports cars on the list reflects a “spike in demand for ‘fun’ cars during the pandemic lockdowns, and demand for them remains strong in the post-pandemic world.”
