It is called the early adopter tax. The Model S was the only high performance luxury EV in town 5 years ago and now there is “competition.” BMW and Mercedes have luxury EVs now, and eventually something will come out that competes with the Plaid.
Check out the Mach-E and Ioniq 5 / EV6 subs if you want to hear about nasty depreciation. Some of those models lost half their value in just a year.
30K in 6 months for a Mach-E
https://www.reddit.com/r/MachE/comments/13zhrc0/the_value_of_the_mache_has_dropped_significantly/
EV6
https://www.kiaevforums.com/threads/hard-depreciation.6418/
The BMW iX is depreciating at 34%
https://www.motorbiscuit.com/losing-big-used-bmw-ix-sales-tanking-never-seen-before/
Yea. The 3 and y seem to hold value though
This is a great opportunity to buy a 5 year old Model S.
A $40,000 price drop doesn’t help.
But but but it’s an APPRECIATING asset!
Average 5-year Depreciation 1 Toyota Prius 27.9% 2 Toyota Prius Prime 28.1% 3 Toyota RAV4 Hybrid 29.1% 4 Toyota Camry Hybrid 35.3% 5 Honda Accord Hybrid 36.4% 6 Toyota Highlander Hybrid 36.5% 7 Hyundai Ioniq Hybrid 37.4% 8 Kia Niro 37.6% 9 Toyota Avalon Hybrid 43.0% 10 Hyundai Sonata Hybrid 43.5% 11 Lexus ES 300h 45.2% Smaller pool for EVs, but even in similar price ranges to the above, it’s not a great result:
Average 5-year Depreciation 1 Tesla Model 3 42.9% 2 Tesla Model X 49.9% 3 Nissan LEAF 50.8% 4 Chevrolet Bolt EV 51.1% With another couple of years of price drops, continued softening EV demand vs prior predictions and the supply shortages firmly in the rear view mirror, I’d expect the 5 year average depreciation of those EVs will only get worse.