MrDRMorgan
Well-known member
The Spark EV is not mentioned in this article but the article gives a scary look at the future value of used EVs. I hope, for those of us who leased our Spark EVs, that the buyout at the end of lease will be significantly lower than that quoted on the lease contract. Here is the article:
Used EVs Plunging In Value — And Could Give Savvy Shoppers A Jolt
Steven Lang, Yahoo Autos July 16, 2015
Right now used electric vehicles are experiencing a colossal loss of market value.
How bad is it? A typical new car has a depreciation of roughly 15% a year. Imagine if you owned a new vehicle that lost over 7% of its value— in one month. That’s what just happened to the Nissan Leaf.
Over the past month, Nissan sent well over 500 off-lease Leafs to wholesale auto auctions throughout the United States. And the resulting prices were shocking.
It took several billions of dollars to make this glut of used electric vehicles a reality. Beyond the $7,500 federal tax credit for electric vehicles, several states and public utilities have offered their own tax credits of between $1,000 to $6,000. On top of this financial frosting, new EV consumers were given a slew of helpful incentives from the installation of free local charging stations, to the use of HOV lanes and a substantial reduction in their annual registration fees.
It was a fun and surprisingly cheap decision for those who could afford to buy or lease a new EV. But outside of Colorado and parts of southern California, there are no similar incentives for buying used EVs — and with oil prices still low, not as much natural demand for alternative-fuel cars as some automakers had expected.
Model Est. Retail Value 7/2015 Est. Retail Value 7/2016 Forecasted Loss of Value Annual Depreciation
2013 Nissan LEAF SL, 14,900 $7,650 $7,250 48.70%
2012 Mitsubishi i-MiE $7,950 $4,400 $3,550 44.70%
2013 Tesla Model S Performance $74,000 $52,600 $21,400 28.90%
2013 Chevy Volt $18,600 $14,800 $3,800 20.40%
2013 Ford Fusion Energi Titanium $25,600 $23,100 $2,500 9.80%
Manheim Auctions, a liquidator of over six million wholesale cars a year, has forecast that the average used 2013 Nissan Leaf will only be worth $7,650 by July 2016 compared to today’s average retail value of $14,900. As you can see above, the Leaf may have plenty of company in its all-electric misery.
Used EVs Plunging In Value — And Could Give Savvy Shoppers A Jolt
Steven Lang, Yahoo Autos July 16, 2015
Right now used electric vehicles are experiencing a colossal loss of market value.
How bad is it? A typical new car has a depreciation of roughly 15% a year. Imagine if you owned a new vehicle that lost over 7% of its value— in one month. That’s what just happened to the Nissan Leaf.
Over the past month, Nissan sent well over 500 off-lease Leafs to wholesale auto auctions throughout the United States. And the resulting prices were shocking.
It took several billions of dollars to make this glut of used electric vehicles a reality. Beyond the $7,500 federal tax credit for electric vehicles, several states and public utilities have offered their own tax credits of between $1,000 to $6,000. On top of this financial frosting, new EV consumers were given a slew of helpful incentives from the installation of free local charging stations, to the use of HOV lanes and a substantial reduction in their annual registration fees.
It was a fun and surprisingly cheap decision for those who could afford to buy or lease a new EV. But outside of Colorado and parts of southern California, there are no similar incentives for buying used EVs — and with oil prices still low, not as much natural demand for alternative-fuel cars as some automakers had expected.
Model Est. Retail Value 7/2015 Est. Retail Value 7/2016 Forecasted Loss of Value Annual Depreciation
2013 Nissan LEAF SL, 14,900 $7,650 $7,250 48.70%
2012 Mitsubishi i-MiE $7,950 $4,400 $3,550 44.70%
2013 Tesla Model S Performance $74,000 $52,600 $21,400 28.90%
2013 Chevy Volt $18,600 $14,800 $3,800 20.40%
2013 Ford Fusion Energi Titanium $25,600 $23,100 $2,500 9.80%
Manheim Auctions, a liquidator of over six million wholesale cars a year, has forecast that the average used 2013 Nissan Leaf will only be worth $7,650 by July 2016 compared to today’s average retail value of $14,900. As you can see above, the Leaf may have plenty of company in its all-electric misery.