Your EV Might Be Worthless Before Its Next Software Update

How EVs depreciate 30% faster than petrol cars

“When my husband and I went to trade in our two-year-old electric SUV last spring, the dealer’s first offer left us speechless. He handed us a figure almost $15,000 below what we expected — simply because a newer model boasted 50 additional miles of range. We’d done everything right: proper maintenance, careful driving, spotless interiors. Yet overnight, our “state-of-the-art” EV felt like yesterday’s news.”

That jolt of trade-in sticker shock is all too common today. As electric vehicles (EVs) become more mainstream, their rapid depreciation is catching many owners off guard. You’ve probably heard that EVs lose value faster than traditional petrol cars, but seeing it in your own bank account is another story. Below, I’ll explore why EVs shed nearly 60 percent of their value in five years, which models fall hardest, and — most importantly — how to avoid getting trapped by steep markdowns.

If you are an EV buyer, existing or potential, I might recommend you bookmark this article and it might help you square away a good decision.

At the outset, the simplest piece of advice you might get about this sometimes distressing issue is this:

If resale value is more…