LAWRENCEVILLE, Ga.—Electric vehicles may save owners a lot of money on gas, but those savings may not be worth the extra sticker price.
Black Book reports that mainstream electric vehicles (EV) are feeling some of the heaviest depreciation curves, especially in comparison to their gas-powered sister models.
“In some instances, the premium is +$20,000 difference between EV and a gas sister model on new MSRP; however those same vehicles show the EV price at -$900 difference on a three-year-old used model,” Black Book reported (see chart below).
Black Book’s analysis is based on a review of prices of a new Nissan Leaf vs. Versa; a Mitsubishi i-MiEV vs. Lancer; Ford Focus Electric vs. Focus; and a Chevrolet Volt vs. Cruze.
“The electric car premium over a counterpart gasoline model for mainstream brands has pretty much disappeared for used vehicles from an average premium of $16,600 for new vehicles. In fact, in a couple of cases, a used electric model now cost less than their gasoline counterpart,” Black Book stated.
"On several of today's popular EV vehicles, the depreciation curve is very steep, largely driven by lack of consumer demand preferences for fuel-efficient models with current price of gas," said Anil Goyal, VP of for Black Book. "Smaller cars have experienced heavier depreciation over the automotive valuation and analytics last 12-18 months, but it’s clear that the small mainstream electric vehicles are experiencing even heavier valuation drops."
Black Book Valuation Data on EV vs. Gas Counterparts (2012 New vs. Used)
| Vehicle | 2012 NEW Equipped Retail | Electric Premium | Effective Retail After Federal Incentive | ||||
| Nissan Leaf SV 4d Hatchback | $36,380 | $20,287 | $28,880 | ||||
| Nissan Versa SL 4D Hatchback | $19,320 | $19,320 | |||||
| Mitsubishi i-Miev ES 4D Hatchback | $29,125 | $19,887 | $21,625 | ||||
| Mitsubishi Lancer ES 4D Hatchback | $19,720 | $19,720 | |||||
| Ford Focus Electric 4D Hatchback | $40,387 | $9,405 | $32,887 | ||||
| Ford Focus SE 4D Hatchback | $20,500 | $20,500 | |||||
| Chevrolet Volt 4D Hatchback | $40,431 | $17,060 | $32,931 | ||||
| Chevrolet Cruze LT 4D Sedan | $20,144 | $20,144 | |||||
| Vehicle | 2012 Used Avg (7/15/15) | Electric Premium | Three-Year Retention* | ||||
| Nissan Leaf SV 4d Hatchback | $7,400 | ($900) | 26% | ||||
| Nissan Versa SL 4D Hatchback | $8,300 | 43% | |||||
| Mitsubishi i-Miev ES 4D Hatchback | $5,350 | ($3,100) | 25% | ||||
| Mitsubishi Lancer ES 4D Hatchback | $8,450 | 43% | |||||
| Ford Focus Electric 4D Hatchback | $10,250 | $1,150 | 31% | ||||
| Ford Focus SE 4D Hatchback | $9,100 | 44% | |||||
| Chevrolet Volt 4D Hatchback | $10,500 | $650 | 32% | ||||
| Chevrolet Cruze LT 4D Sedan | $9,850 | 49% | |||||
| * Used Value as Percent of New Effective Retail after Federal Incentive | |||||||