Prices of Used EVs Drop Below Used Gas Cars for the First Time

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Undecided. We're not unhappy with our 2019 SL+, it seems to holding up pretty well, meets our needs, and is paid for. I do wonder about depreciation "expense". In the absence of a compelling and affordable alternative, it's hard to let it go. But I'm wondering how that will play out in a year or two.

We spend the money now, or we spend it later, I guess.

Like I imagine many others are thinking, I would like to make a change after the J3400 standard becomes the norm. Wanting to see what the next gen Leaf is like, and refuse to spend $50k on a car. Especially not on a BEV, with the technology advancing as fast as it has been. We didn't overpay for our Leaf, having taken advantage of an incentive bundle at the time. So the depreciation hit was mitigated from the get go. I'm also not interested it driving anything bigger than our Q5. The Leaf is a perfect size for a second car. Big enough to be useful, but not any bigger.

I'm also not convinced LiFP cells are a net benefit. The LNMC 532 cells have been holding up well enough, especially in a bigger battery with fewer cycles/year.

For now, we're standing pat.
 
I'm also standing pat, but I got in last July when prices were still mostly up. The price difference is a sunk cost for me.

If the CHAdeMo adapters are as good as they look on YouTube, I'll get one and keep driving the Leaf until they ban the adapters or some catastrophe occurs. If a catastrophe does occur, my next sled may be a used EV6 or Ionic 5... a lot to like if the prices are right. CCS1 will be around for awhile.
 
Agree. The EV6 looks pretty sweet. Bigger than I'd want. Maybe they'll bring out an EV4 or something. Just shrink it 10% and knock something off the price.

I should add it's kind of early to be looking at used. There aren't that many compelling alternatives that would be much younger than what we have.
 
I find the whole premise laughable. EV prices always have dropped faster than ICE. It was why I could buy a 8 year old car with less than 90K on it for as cheap as I did. EV's don't hold their purchase price nearly as much as ICE.
If you only look at the 1st 4-5 years of a vehicle, then you will see what they see. Are you saying vehicles only have a 4 year lifespan?
I guess as I never lived in a world where I could or wanted to replace a vehicle every 2-3 years (regardless of new or used) I live in a different world than these commentators.
 
I got my new to me 2019 SV 40kw Leaf 2 months ago with 80k. I am the 4th driver but love this thing and want to drive it into the ground. I went used EV because of the depreciation and the fact that leafs seem to be bullet proof compared to ICE. My immediate family has had 4 transmission failures and 1 engine replacement over the years despite following scheduled maintenance. I just want reliable and cheap transportation 😊.
 
IMHO, EVs don't currently hold resale value for the following three reasons:
  1. Gas is cheap again.
  2. The EV charging network is uncertain: buildout is slow, connector standards are in transition.
  3. EVs have been politicized as "woke", along with every other planet-benefiting endeavor.
I doubt this will last. People getting in now are in a good position, (even with CHAdeMO, if the adapters prove reliable).
 
I find the whole premise laughable. EV prices always have dropped faster than ICE. It was why I could buy a 8 year old car with less than 90K on it for as cheap as I did. EV's don't hold their purchase price nearly as much as ICE.
If you only look at the 1st 4-5 years of a vehicle, then you will see what they see. Are you saying vehicles only have a 4 year lifespan?
I guess as I never lived in a world where I could or wanted to replace a vehicle every 2-3 years (regardless of new or used) I live in a different world than these commentators.

With cars, a critical metric is the cost per mile. In recent years, another critical metric has becomes how much direct CO2 pollution the car makes. So an EV that has 50,000 or more trouble free miles left on it, like a 2021 Leaf with 20,000 miles, could potentially deliver that mileage at very good per mile costs, and pollute very little depending on fuel mix. That makes it attractive right now, but must be balanced against more mature products that are coming soon. So what is so funny, pray tell?
 
What I find laughable is the comparison of ICE and EV and the statement that EV's "have dropped below ICE" in price. Compare any 5-8 year old EV and a comparable ICE with same miles and age and the EV was always cheaper.
The reason is the cost more at the outset so in the 1st year or so they command a higher price. I just don't live in a world of buying new cars every year or two and worrying about how much deprecation has happened in those 1st few years.
I live in a world where I buy something (either new or used) and keep it until it can no longer do the job it was purchased for.
EV that are out of warrantee are cheap, and always have been. People are afraid of battery problems and rather than plan for it, they dump the car at a loss.
The one new car I bought, I kept for over 22 years and 200,000 miles, only got rid of it because the frame/body had rotted so bad. engine and drivetrain were fine.
I expect at some point my Leaf will need a new battery, but expect the body and drivetrain to outlast a new battery, the cars value? I expect will be near zero on the open market, I don't care because I am not selling.
Resale value and "lost value" due to deprecation are a phantom values, and only exist when and if the car is sold. I couldn't care less what Kelly Blue book thinks my car is "worth".
 
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I have to agree with the others here, after I read the article I was thinking "well because the resell value of them is lower to begin with", which accounts for a lot of the price difference. If I was to compare a 2011 Nissan Leaf and a 2011 Nissan Sentra, both being about the same size compact cars, say they were both the same mileage, the Sentra can range in value from $1k to $6k in value, but the Leaf can range in values between $1.5k and $7.7k, so it's really a wash of statistics in regards to blue book value, but not in mind of a customer.

Someone choosing between a used 2011 Leaf or Sentra would probably choose the Sentra. Even if the 2011 was kept in a AC chilled garage year round and the battery was babied the entire time, it would still have a lot more limitations than the Sentra in regards to range.

Anyone that reads this forum and knows a thing or two about the Leaf would probably not buy a "stock" 2011 Leaf unless it had a battery from the 2015 generation recently replaced. If I was going to recommend a Leaf to a friend or relative to buy, used; I wouldn't look at anything earlier than the 2018 models, just due to the gap in battery technology and what to expect for future use.

Finally, as others have said here, buying used is good advice for any vehicle, be it gas or EV. The "new" value drop, the moment you drive a new vehicle off the dealerships lot is just too much. That's why all of my personal Leaf purchases have been "year end clearance" buys, to avoid this and still keep all the "warranty" with it. The only time I buy a used Leaf is for my wife. Her 2013 Leaf was bought used in 2015, her 2018 Leaf was bought used in 2020. Basically, found some that were Lease deals, so the previous owner took good care of the Leaf and they had very low mileage.

I do have many friends and relatives that insisted on buying "new" and while I'm glad they never had any major issues, I often here complains about the resell value of their Leaf but yet they never want to sell it, so there is that... 😄
 
Interesting! I see an article that tracks used EV price declines, and it says to me "historically low prices on young low miles EVs like Leafs, Bolts or even Model 3". I've been watching local prices on Leafs and Bolts coming off leases for over a year, and they are now in the ballpark of16k or so after a rebate--and still dropping. From that I can extrapolate historically low per EV mile costs, assuming ownership for 50k or more miles. With a Leaf, its essentially just tires and keeping the brake fluid fresh, especially if the vehicle is just 2 or 3 years old.

I really focus on lowest operating costs. Solar is cheaper, both for electricity and for hot water. Cooking from scratch. Ebay for some things. This saves your money for things you have to buy, like land.

It did not occur to me to think about comparable ICE costs. Dead end technology.
 
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Well, for anyone who has driven a LEAF in the past and largely liked the experience, seems like the best near-term answer is to look for a low mileage SL+ or SV+. This is probably as good as the LEAF is ever going to get, and the price is looking better all the time. To show I take my own advice :), I purchased a '19 SL+ last year and couldn't be more pleased with how that has worked out. What will happen down the road two or three years regarding new models? I guess we will all be watching.
 
A couple of weeks ago, we bought our second Tesla Model 3. It replaced our crashed 90,000 mile 2014 Leaf S, which we leased new and bought at a bargain price from Nissan at the end of the lease. It is a 2019 SR+ with 26,000 miles. We bought it from a friend who babied it. We paid $16,000 after the used federal EV tax credit.

We got a Tesla because, with the Tesla CCS adapter, we can charge at any public L3 charger. In a couple of years Leafs and other EV's may be able to charge everywhere, although it's going to be hard to beat the Tesla Supercharger experience. In the two years we've owned our 2018 Tesla, public charging has always worked flawlessly. We bought the Tesla after our experience with our 2020 Leaf SV+. It's nice to pull into a charger, plug the car in and assume it's going to work. No app required, no screen to be broken, no spending more time on the phone than charging, assuming there's cellphone coverage. We even get a 4% rebate for charging through our Costco credit card.

I did a 500 mile round trip to Neah Bay, Washington in a Model Y a couple of weeks ago. I charged in Aberdeen once in each direction and once in Forks, Washington. If you look at a map or were a "Twilight" fan, you'll see this is not a heavily traveled route. I would not have attempted the trip in a Leaf or another EV.

Right now it's a buyer's market for used EV's. When we bought our first Model 3 a couple of years ago, it was a seller's market for used cars in general. We paid a premium price for the Tesla, but that was partially offset by the $5,000 over the lease buyout price we got for the 2020 Leaf.
 
Yep, and the used EVs are attractive for a number of other reasons. Often a used EV is lower mileage than its ice equivalent, they're often city cars, especially the leaf. Evs have been a rapidly changing technology, technology changes equals faster depreciation. Not unlike a flagship cell phone. If you're willing to stay a generation behind, you can save a lot of money. Combine this with green subsidies and frequent tax credits and you can get an amazing deal.

3 months ago I purchased a 2019 SL plus that went into service mid-2020, it had 28,000 mi on it. Sold for $18.5k, minus a $4,000 us used EV tax credit. So for less than $15K I have a Hi-Tech loaded car with an original sticker price of $45k. For my driving patterns the electric over gas savings is insignificant. But the value in this car is outstanding, far more car than I could get in an ice vehicle at this price point. And some of the current lease deals in the U.S. from most of the EV manufacturers are just insane.
 
I plan to replace my 2012 Leaf with a new EV in 2025. I used the $7500 new EV Federal tax credit in 2022 on a new e-Tron. The $7500 tax credit can only be used once every 3 years (with some exceptions).
I really do like the Leaf and am the original owner. However, the cost to upgrade the battery, the lack of active thermal management, and Chademo are too worrisome.

I sold a 1996 Maxima this year and never want another ICE vehicle.
 
A couple of weeks ago, we bought our second Tesla Model 3. It replaced our crashed 90,000 mile 2014 Leaf S, which we leased new and bought at a bargain price from Nissan at the end of the lease. It is a 2019 SR+ with 26,000 miles. We bought it from a friend who babied it. We paid $16,000 after the used federal EV tax credit.

We got a Tesla because, with the Tesla CCS adapter, we can charge at any public L3 charger. In a couple of years Leafs and other EV's may be able to charge everywhere, although it's going to be hard to beat the Tesla Supercharger experience. In the two years we've owned our 2018 Tesla, public charging has always worked flawlessly. We bought the Tesla after our experience with our 2020 Leaf SV+. It's nice to pull into a charger, plug the car in and assume it's going to work. No app required, no screen to be broken, no spending more time on the phone than charging, assuming there's cellphone coverage. We even get a 4% rebate for charging through our Costco credit card.

I did a 500 mile round trip to Neah Bay, Washington in a Model Y a couple of weeks ago. I charged in Aberdeen once in each direction and once in Forks, Washington. If you look at a map or were a "Twilight" fan, you'll see this is not a heavily traveled route. I would not have attempted the trip in a Leaf or another EV.

Right now it's a buyer's market for used EV's. When we bought our first Model 3 a couple of years ago, it was a seller's market for used cars in general. We paid a premium price for the Tesla, but that was partially offset by the $5,000 over the lease buyout price we got for the 2020 Leaf.
"We bought it from a friend who babied it. We paid $16,000 after the used federal EV tax credit."
It's my understanding the 4K federal tax credit on used EV's is only available through a dealer. How we're you able to buy it from a friend and get this credit?
 
I have to agree with the others here, after I read the article I was thinking "well because the resell value of them is lower to begin with", which accounts for a lot of the price difference. If I was to compare a 2011 Nissan Leaf and a 2011 Nissan Sentra, both being about the same size compact cars, say they were both the same mileage, the Sentra can range in value from $1k to $6k in value, but the Leaf can range in values between $1.5k and $7.7k, so it's really a wash of statistics in regards to blue book value, but not in mind of a customer.

...
I agree with your analysis. Comparing average prices for two categories as wide a price range as ICE cars and EV cars is meaningless. A proper comparison for an individual car buyer is to compare specific ICE and EV models that suit your wants and needs.
 
"We bought it from a friend who babied it. We paid $16,000 after the used federal EV tax credit."
It's my understanding the 4K federal tax credit on used EV's is only available through a dealer. How we're you able to buy it from a friend and get this credit?
Keysavvy.com
 
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