Cap Automotive Says EVs Depreciate More Than All Other Vehicle Types
CAP Automotive, a UK-based firm focused on predicting automotive pricing, says that electric vehicle depreciate more over a 3-year period than any other class/segment of automobile out there.
Smart Fortwo ED
There are obvious reasons for this. Incentives play a BIG role, including the UK's £5,000 Plug In Car Grant, as do the constant price cuts we continue to see on EVs, public perception of electrics and even unfamiliarity with the technology, but the biggest contributor may well be the ever-evolving EV technology.
As CAP Automotive predicts, some EVs may be worth only 20% of MSRP after 3 years of ownership (that's why we often suggest that leasing is the best option for plug-ins right now).
Rather than examining the nitty gritty details of why CAP predicts that EVs lose so much value, let's instead look at how CAP says they stack up against other classes/segments of vehicles (% is the average value retained from MSRP after 3 years and price is the average worth or selling price of the vehicles within the specific class after 36 months of ownership):
1. Supercar 53.5% (-£74,081)
2. SUV 53.0% (-£14,367) 3. Luxury executive 52.8% (-£103,980) 4. Sports 49.8% (-£27,342) 5. Convertible 47.2% (-£16,844) 6. Executive 45.6% (-£19,406) 7. City car 44.4% (-£5,973) 8. Supermini 44.3% (-£8,336) 9. Lower medium 42.3% (-£11,455) 10. Upper medium 41.9% (-£15,163) 11. Large executive 40.1% (-£39,797) 12. MPV 39.7% (-£11,994) 13. Coupé Cabriolet 39.3% (-£18,516)
14. Electric 20.2% (-£21,290)