Market-leading depreciation of EVs expected to change little through 2014
McLEAN, Va. (June 19, 2013)
Values for used plug-in electric vehicles are expected to decline nearly 30% this year It’s the highest depreciation out of all vehicle segments. This is also according to the NADA Used Car Guide in its latest report, Plug-in Electric Vehicles: Market Analysis and Used Price Forecast.
Electric Vehicle Market Shakeup: Used EV Prices Plummet in 2013
The Shocking Depreciation of Plug-in Electric Vehicles
Hey there, green living enthusiasts! Buckle up, because we’re about to take a wild ride through the electric vehicle (EV) market of 2013. It’s been a year of ups and downs, and today we’re diving into some pretty eye-opening news about used EV prices.
The 30% Drop: A Game-Changer for the EV Market
You won’t believe this, but used plug-in electric vehicle prices are taking a nosedive! The National Automobile Dealers Association (NADA) just dropped a bombshell: they’re expecting these prices to plummet by nearly 30% this year. That’s right, a whopping 30%! [1]
Why such a dramatic drop, you ask? Well, it’s a perfect storm of factors:
1. Limited range of early EV models
2. Manufacturer incentives flooding the market
3. Federal tax credits making new EVs more attractive
It’s like watching a high-stakes poker game, where the used EV market is folding under the pressure of new car incentives.
The Numbers Don’t Lie: A Tale of Two EVs
Let’s break it down with some real-world examples. Remember the Chevy Volt and Nissan Leaf? These trailblazers of the EV world are feeling the heat:
- In May 2012, a 2011 Chevy Volt had an average trade-in value of $31,060
- Fast forward to May 2013, and it’s dropped to $21,235
- The Nissan Leaf? It went from $24,857 to $14,792 in the same period
That’s a combined average drop of nearly $10,000! Talk about a rollercoaster ride for EV owners.
The Bigger Picture: EV Sales Are Booming
But here’s the kicker – while used EV prices are dropping, sales of new electric vehicles are through the roof! Check this out:
– 100% electric car sales skyrocketed by 447.95% (from 6,135 to 33,617 units)
– Plug-in hybrid sales jumped 35.86% (from 24,082 to 32,718 units)
– Even conventional hybrids saw a 21.03% increase (from 297,656 to 360,245 units) [2]
It’s like watching a green revolution unfold before our eyes!
What This Means for You, the Green Consumer
So, what’s the takeaway for all you eco-warriors out there? It’s a double-edged sword:
1. If you’re in the market for a used EV, it’s your lucky day! These price drops mean more affordable options for going green.
2. But if you’re thinking of selling your current EV, you might want to hold onto it a bit longer or be prepared for a lower resale value.
### The Road Ahead: Predictions for the EV Market
Looking forward, NADA predicts this trend will continue. They’re forecasting annual depreciation rates for used plug-in EVs to hover around 30% for the next couple of years. By the end of 2014, a plug-in EV worth $20,000 in 2012 could lose nearly $9,800 of its value. Ouch! [1]
Wrapping It Up: The Green Living Perspective
As your friendly neighborhood green living guy, I’ve got to say – this is an exciting time for the EV market. Sure, the depreciation might sting a bit for current owners, but it’s opening doors for more people to join the electric revolution.
Remember, every EV on the road is a step towards a cleaner, greener future. Whether you’re buying new or used, you’re part of the solution. So keep your eyes on those dealership lots – you might just score the deal of a lifetime on a gently used EV!
Want to dive deeper into the world of green living and EVs? Check out these awesome resources:
– [Our guide to building your own plug-in hybrid electric vehicle](https://greenlivingguy.com/category/build-your-own-plug-in-hybrid-electric-vehicle/)
– [The latest in green tech news](https://greenlivingguy.com/category/green-tech-news/)
Stay charged, stay green, and keep on driving towards a sustainable future!
[1] https://www.nada.org/nada/press-releases/nada-prices-used-plug-electric-vehicles-drop-30-2013
[2] https://evobsession.com/100-electric-car-sales-447-95-us-2013/
Click here for the report, Plug-in Electric Vehicles: Market Analysis and Used Price Forecast. http://www.nada.com/b2b/NADAOutlook/NewsPress.aspx
