Value of Used Plug-in Cars On Decline

By · August 01, 2013

Used cars

Used hybrid and electric vehicle values are falling despite rising fuel prices, according to Kelley Blue Book. That could be explained by the great lease deals on new electric vehicles. And according to Alec Gutierrez, Kelley Blue Book senior analyst, it also stems from a fading interest in used electric vehicles because small cars with internal combustion engines are becoming more efficient.

The Nissan LEAF, Fiat 500e battery-electric vehicles, and Chevrolet Spark EV can be leased for as little as $200 a month and $999 down, said Gutierrez in the Blue Book Market Report for July.

  • A used 2013 Chevy Volt can be had for $29,600, while a new 2013 Volt would set you back $39,100.
  • A used 2013 Ford C-MAX Energi SEL Wagon 4d is going for $28,800, while a new Ford C-MAX Energi is $32,950.
  • A 2012 Toyota Prius Plug-in 4-door hatchback is going for $25,800 compared to $32,000 for a new plug-in Prius.
KBB used car values

Retail values for EVs and plug-in hybrids, according to Kelley Blue Book Market Report.

Among all segments, the segment for conventional hybrid gas-electric vehicles had the steepest depreciation in the first six months of the year at 13.2 percent, according to Kelley Blue Book. “This reiterates that consumers are becoming less willing to pay top dollar for vehicles within the used hybrid car market,” said Gutierrez.

Comments

· · 1 year ago

Actually these numbers are pretty good. My 2 year old Roadster with 24,500 miles on it is worth maybe $55,000, so less than half what I paid for it when you include Sales Tax and Delivery. Since it has almost a year of warranty left on it, I'm keeping it.

· · 1 year ago

You need to be careful when trying to judge the value of used EVs since you must compare them with new ones that can be purchased and come with tax-credits. An EV purchased in California comes with $10K of credit ($7500 fed tax-credit and $2500 state payment). So at the very minimum, a used California EV loses $10K of value as soon as you drive it off the lot. It probably also loses another $2K to $3K just for being a used vehicle too (like a conventional new car loses value when driven off the lot).

But that is also an upside to these used EV cars . . . it allows the used market to start getting lower-priced EVs so people that can't afford new can buy used EVs.

· · 1 year ago

"•A used 2013 Chevy Volt can be had for $29,600, while a new 2013 Volt would set you back $39,100."

I agree with Spec - all these comparisons ignore the tax incentives. The same 2013 Volt is $31,600 after the federal credit. That means the drop in price from new to used is only $2k - about 6.3%. It's a new used car that only drops 6.3%in value when it leaves the dealer lot.

The problem is that a lot of people, including used car dealers, are confused about this. Here in Colorado I see 2011 and 2012 LEAF SVs advertised for prices from $18k to $26k. Yet a 2013 LEAF SV, with a configuration roughly equivalent to a 2012 LEAF SL, lists for about $19k after the $7500 federal and $6000 state tax credit are taken into account - then subtract the $2k discount that most dealers are offering and your cost is $17k before taxes - less than the used LEAFs being advertised! Even more amazing, some of these used LEAFs are actually selling for those prices.

Of course, the tax credits aren't simple to navigate and you do have to float the government a $13,500 loan until your tax refund next year. But the point remains - when looking at used EV prices you very much need to factor in the tax incentives on the new EVs.

· · 1 year ago

The more they fall the closer I get to a second hand model S ;)

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