In recent years, automakers have been ramping up their efforts in the electric vehicle space. However, these environmentally friendly vehicles still give many consumers pause before taking the plunge, due to a combination of high prices, concerns over battery longevity, and range anxiety. Additionally, the lack of liquidity in the used car market for these vehicles has also been a contributing factor in their slow uptake.
According to a recent iSeeCars study, out of the 15 models that depreciated the most in the used car market, a staggering 50% were electric vehicles. Topping the list was the Tesla Model 3, with an average depreciation rate of 24.8% after one year, translating to a loss of $8,558, as the average price dropped from $34,489 to $25,931. Tesla’s frequent discounts and incentives likely played a role in this significant drop.
Following closely behind in second place for highest depreciation in the US market was the Kia Niro EV, the electric version of the compact SUV. This Korean model saw a depreciation of 21%, equating to a loss of $5,769.
The next electric vehicle to make the top 15 list was the Nissan Leaf, coming in at fourth place. This Japanese electric car experienced a drop of $4,102, or 20.2%, in value over the course of a year.
Right behind the Nissan Leaf was the Hyundai Kona Electric, with an 18.5% depreciation rate. Owners of this Korean electric SUV faced a loss of $4,873 just one year after purchase.
In sixth place was the Chevrolet Bolt EV, with a depreciation rate of 18.3%. The average selling price for a used Chevrolet Bolt EV in the US was $17,863, a drop of $3,997.
The seventh spot went to the luxury electric SUV, the Jaguar E-Pace, with a depreciation of 16.3% after one year.
The final electric vehicle to make the top 15 list was the Tesla Model S, ranking last with a depreciation of 13.4%, which amounted to a loss of $8,255.
Aside from these seven electric vehicles, the remaining spots in the top 15 vehicles with the highest depreciation in the US market after one year were occupied by eight other models, including the Maserati Levante, Range Rover Sport, Range Rover Evoque, Range Rover Velar, Ram 1500 Classic, Mercedes-Benz AMG GT, BMW X7, and BMW X2. Notably, most of these vehicles are luxury SUVs from well-known brands such as Maserati, Land Rover, BMW, and Mercedes-Benz. It’s not uncommon for luxury vehicles to experience higher depreciation rates in the used car market.
| Rank | Model | Average Price (USD) | Price Drop After 1 Year (USD) | Depreciation Rate |
| 1 | Tesla Model 3 | 25,931 | 8,558 | -24.8% |
| 2 | Kia Niro EV | 21,692 | 5,769 | -21% |
| 3 | Maserati Levante | 43,710 | 11,086 | -20.2% |
| 4 | Nissan Leaf | 16,243 | 4,102 | -20.2% |
| 5 | Hyundai Kona Electric | 21,466 | 4,873 | -18.5% |
| 6 | Chevrolet Bolt EV | 17,863 | 3,997 | -18.3% |
| 7 | Jaguar E-Pace | 26,477 | 5,149 | -16.3% |
| 8 | Range Rover Sport | 53,071 | 9,528 | -15.2% |
| 9 | Range Rover Evoque | 30,506 | 5,395 | -15% |
| 10 | Range Rover Velar | 37,642 | 6,652 | -15% |
| 11 | Ram 1500 Classic | 26,413 | 4,634 | -14.9% |
| 12 | Mercedes-Benz AMG GT | 79,808 | 13,840 | -14.8% |
| 13 | BMW X7 | 55,333 | 8,899 | -13.9% |
| 14 | BMW X2 | 24,878 | 3,874 | -13.5% |
| 15 | Tesla Model S | 53,141 | 8,255 | -13.4% |
| US Market Average | 30,228 | 1,509 | -4.8% |
iSeeCars’ list of the 15 models with the highest depreciation after one year.
The depreciation rates of these 15 models far exceeded the US market average of 4.8%. “Used electric vehicle depreciation of 25% over the past year is still far higher than that of gas or hybrid vehicles,” said Karl Brauer, executive analyst at iSeeCars. “However, it’s lower than the 30% to 40% drops we saw in late 2023 and the first half of 2024. The significant drop in used EV prices over the past year seems to have brought them more in line with consumer demand. Days on dealer lots before selling reflect a faster rate of consumption than a year ago.”
“If you’re in the market for a Tesla Model 3, a small affordable electric car, or a Land Rover luxury SUV, you can find much better prices than you could a year ago,” Brauer concluded. “Those who waited for better prices on used EVs have been rewarded for their patience. If you bought a used EV a year ago, you probably bought too early. At current prices, used EVs are finally starting to make more sense.”
The iSeeCars study was based on an analysis of over 1.6 million 1- to 5-year-old cars sold from August 2023 to August 2024 in the US market.
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