Recently, iSeeCars released its 2023 list of vehicles that you should buy used rather than new. These are vehicles whose values have depreciated significantly in just a single year's time. Among the top twenty are 8 electric models that have lost more than 28% of their value in a single year.
In some cases there are logical reasons for this depreciation, including old vehicles awaiting next-generation refreshes, MSRP price drops and generous leasing offers that incentivize new purchases instead of used. But a few of the models on this list are unexpected.
Mercedes-Benz EQS | -47.8%
The Mercedes-Benz EQS was launched in 2021 and has been largely well-received. The current EQS 450+ has a range of 350 miles with 329 hp and 417 lb-ft of torque and a beautiful interior. As a luxury vehicle, it is not unusual to lose more of its value in one year than the average new car. Still, nearly 50% is far on the extreme end. If you're interested in one of the EQS trims, definitely pick up a used example.
Nissan Leaf Depreciation | -45.7%
As the oldest model on this list, it is not a shock that the aging Nissan Leaf has one of the highest levels of depreciation of any car. The first-gen Nissan Leaf began deliveries all the way back in December 2010. The car was a pioneer and still has a devoted fan base. But the last major update was a range increase and visual overhaul for the 2018 model year. The revamped Leaf still utilized the CHAdeMO protocol for DC fast charging (DCFC) and had only 150 miles of range. A larger battery option was added a year later, and Nissan did make minor updates to the design and trim levels for the 2023 model year.
Kia EV6 | -33.6%
One of the newest models on this list, the Kia EV6 arrived in North America for the 2022 model year. This is the sister vehicle to the Hyundai Ioniq 5, sharing a lot of the same underlying technology, including a 77 kWh battery and 800v 240 kW fast charging. Because Kia EVs qualify for the fleet EV rebate but not the consumer rebate, the automaker offers some pretty exceptional deals on new vehicle leases where it can pass along the fleet discount to consumers. Since new vehicles can be leased at such a low monthly rate, this is almost certainly impacting demand for used examples.
Hyundai Ioniq 5 | -32.9%
The Hyundai Ioniq 5 has been a major trendsetter since it arrived at dealers in 2022. The Ioniq has unique styling and great performance, including an exciting new Ioniq 5 N model on the way. Like the Kia EV6, the Ioniq 5 sports a 77 kWh battery and 800v 240 kW fast charging. Similar to Kia, Hyundai EVs qualify for the fleet EV rebate but not the consumer rebate. So you can snag some great lease deals on the Ioniq family. With such low monthly payments for newly leased vehicles, it is no surprise that this has hurt the value of the vehicle on the used market.
Volkswagen ID.4 | -32.9%
Like many of the models on this list, the Volkswagen ID.4 has been on the market since 2021. While the vehicle was initially met with criticism for its performance and buggy software, opinions on the vehicle have improved since those initial deliveries. The model had a very good year in 2023, accounted 11.5% of VW sales. Now that the model has regained access to the U.S. EV tax credit, it should have a very strong year here.
Ford Mustang Mach-E | -29.8%
The Ford Mustang Mach-E was an immediate hit after its release in 2020. The Mach-E was Ford's first all-electric model since the cancellation of the Focus Electric. And what an upgrade, with up to 320 miles of range and 3.8 seconds for 0-60 mph on the GT model. The car was so popular that it had to cut off orders in 2022 due to production not keeping up with demand. But after years of raising prices and increasing production, demand began waning last year. Ford has had to lower prices on the 2024 models to boost demand and this has certainly hurt the value of used 2022 and 2023 models.
Chevrolet Bolt EUV and Bolt EV | -28.2% and -28.0%
Next to the Nissan Leaf, the Chevy Bolt EV is the oldest nameplate on this list, with the first deliveries occurring in late 2016. The lineup was refreshed for the 2021 model year and expanded with the introduction of the slightly larger Bolt EUV model. Like the Leaf, the Bolt twins are showing their age, with GM's last-gen battery technology and slow DCFC charging of 55 kW. Demand for the EVs had been lagging, especially following a battery recall and stop sale. But the price drop in the middle of the 2022 model year skyrocketed demand again. It is also likely responsible for the extreme depreciation year over year. The current Bolt lineup has ended production, but a next-generation Ultium Bolt is on its way.
