Electric vehicles (EVs) have permanently transformed the automotive industry over the past decade, providing a cleaner and more sustainable alternative to traditional internal combustion engine (ICE) vehicles.
However, one of the biggest hurdles EV owners face is depreciation. While all vehicles naturally lose value over time, EVs often experience faster depreciation in their early years.
This is largely due to rapid technological advancements, a smaller used-car market, and concerns surrounding battery longevity.
This pattern is particularly evident because EVs generally have higher upfront costs than their ICE counterparts.
That said, the long-term ownership costs of EVs tend to be lower, thanks to reduced expenses for maintenance and charging compared to gasoline costs.
Still, the sharp depreciation in the initial years can make purchasing an EV feel like a less favorable financial decision for some buyers.
For those considering buying an EV or trading in their current one, understanding which models depreciate the most within the first two years can be crucial in making an informed choice.
Below is an in-depth look at 10 EVs that experience the highest depreciation within just two years of ownership.
10. 2022 Rivian R1T
Average Used Price: $45,000 – $48,900
The 2022 Rivian R1T made its debut as one of the most innovative electric pickup trucks, initially priced at around $67,500 for the base model.
However, within two years, its average used price has dropped considerably, now ranging from $45,000 to $48,900. This steep decline represents a nearly 30% loss in value.
While Rivian’s limited brand recognition at launch and the increasing competition in the EV truck market likely contribute to this depreciation, the R1T remains a formidable option.
Performance Specifications
- Powertrain: Quad electric motors
- Transmission: Single-speed automatic
- Horsepower: Up to 835 HP
- Torque: Up to 908 LB-FT
- Driveline: AWD
- 0-60 MPH: 3.0 seconds
- Top Speed: 111 MPH
- Range: 314 miles
- Efficiency: 70 MPGe / 48 kWh per 100 miles
Equipped with a quad-motor system, the 2022 Rivian R1T delivers an impressive 835 horsepower and 908 pound-feet of torque, achieving a blistering 0-60 MPH time of just 3.0 seconds.
Its all-wheel-drive (AWD) setup and 111 MPH top speed make it a powerful and capable vehicle, boasting a 314-mile range and outstanding off-road capabilities.
However, with an efficiency rating of just 70 MPGe, it may not appeal as much to buyers who prioritize energy efficiency over sheer performance.
9. 2022 Ford Mustang Mach-E Select
Average Used Price: $28,800 – $30,800
The 2022 Ford Mustang Mach-E Select launched with a starting price of $42,895, offering a relatively affordable entry into the electric SUV segment.
However, its placement within the Mustang family sparked some controversy. After just two years, its average used price has dropped significantly, now ranging between $28,800 and $30,800.
This marks a depreciation of approximately 30%, a notable decline even for an EV carrying the Ford name.
Performance Specifications
- Powertrain: Single electric motor
- Transmission: Single-speed automatic
- Horsepower: 266 HP
- Torque: 317 LB-FT
- Driveline: RWD
- 0-60 MPH: 6.8 seconds
- Top Speed: 111 MPH
- Range: 230 miles
- Efficiency: 101 MPGe / 33 kWh per 100 miles
The Mach-E Select’s rear-wheel-drive (RWD) configuration, powered by a single electric motor, delivers 266 horsepower and 317 pound-feet of torque.
It reaches 60 MPH in a respectable 6.8 seconds, with a maximum range of 230 miles and an efficiency rating of 101 MPGe.
While these figures make it a solid choice for daily driving, the Mach-E’s relatively modest performance compared to newer models may contribute to its accelerated depreciation.
8. 2022 Volkswagen ID.4 Pro
Average Used Price: $24,500 – $26,700
The 2022 Volkswagen ID.4 Pro debuted with an original MSRP of $39,995 but has since seen a significant drop in value, with its current average used price ranging between $24,500 and $26,700.
This equates to a depreciation of roughly 38 percent, leaving it with a value retention of about 62 percent.
While this decline is consistent with broader EV market trends, contributing factors may include Volkswagen’s relatively lower brand recognition in the EV sector and the highly competitive compact SUV market.
Performance Specifications
- Powertrain: Single electric motor
- Transmission: Single-speed automatic
- Horsepower: 201 HP
- Torque: 229 LB-FT
- Driveline: RWD
- 0-60 MPH: 7.8 seconds
- Top Speed: 99 MPH
- Range: 260 miles
- Efficiency: 97 MPGe / 34 kWh per 100 miles
Equipped with a single electric motor, the Volkswagen ID.4 Pro delivers 201 horsepower and 229 pound-feet of torque through a rear-wheel-drive (RWD) setup.
It accelerates from 0 to 60 MPH in 7.8 seconds and reaches a top speed of 99 MPH, while its efficiency is rated at 97 MPGe.
With a range of 260 miles, the ID.4 Pro is a solid option for everyday driving, though it may lack the excitement of some sportier EV alternatives.
7. 2022 Tesla Model 3 Standard Range Plus
Average Used Price: $24,500 – $27,000
The 2022 Tesla Model 3 Standard Range Plus originally launched with a manufacturer’s suggested retail price (MSRP) of $41,990.
However, in just two years, its value has depreciated by approximately 40 percent, with its current average used price falling between $24,500 and $27,000.
Despite Tesla’s dominant position in the EV market, this model’s depreciation rate is likely influenced by the brand’s rapid rollout of software and hardware updates, as well as increasing competition in the entry-level EV segment.
Performance Specifications
- Powertrain: Single electric motor
- Transmission: Single-speed automatic
- Horsepower: 283 HP
- Torque: 307 LB-FT
- Driveline: RWD
- 0-60 MPH: 5.3 seconds
- Top Speed: 140 MPH
- Range: 263 miles
- Efficiency: 132 MPGe / 26 kWh per 100 miles
The Model 3 Standard Range Plus, powered by a single electric motor, produces 283 horsepower and 307 pound-feet of torque.
This allows it to accelerate from 0 to 60 MPH in just 5.3 seconds, with a top speed of 140 MPH. Its range of 263 miles and an impressive efficiency rating of 132 MPGe make it one of the most energy-efficient EVs available.
Despite its rapid depreciation, the Model 3 remains a compelling choice for those looking for a balance of performance, efficiency, and advanced technology.
6. 2022 Hyundai Kona Electric
Average Used Price: $20,500 – $22,900
The 2022 Hyundai Kona Electric entered the market with an original MSRP of $37,390, but its current average used price has dropped to between $20,500 and $22,900.
This decline represents a depreciation of approximately 41 percent, leaving it with a value retention rate of around 59 percent.
Despite the Kona Electric’s strong efficiency and range, its depreciation may be influenced by intense competition in the subcompact EV category and an increasing preference for larger electric SUVs, such as the Kia EV9, which serves as the flagship model for Hyundai and Kia’s SUV lineup.
Performance Specifications
- Powertrain: Single electric motor
- Transmission: Single-speed automatic
- Horsepower: 201 HP
- Torque: 291 LB-FT
- Driveline: FWD
- 0-60 MPH: 6.4 seconds
- Top Speed: 104 MPH
- Range: 258 miles
- Efficiency: 120 MPGe / 28 kWh per 100 miles
The Hyundai Kona Electric is powered by a single electric motor delivering 201 horsepower and 291 pound-feet of torque, paired with a front-wheel-drive (FWD) configuration.
Thanks to its higher torque output compared to the Volkswagen ID.4 Pro, the Kona Electric accelerates from 0 to 60 MPH in 6.4 seconds and reaches a top speed of 104 MPH.
Additionally, it remains one of the most efficient EVs on the market, consuming just 28 kilowatt-hours (kWh) per 100 miles while offering a range of up to 258 miles on a single charge.
5. 2022 Audi e-tron Premium
Average Used Price: $34,500 – $37,800
The 2022 Audi e-tron Premium originally had an MSRP of $65,900, but its current used price has fallen significantly, now ranging from $34,500 to $37,800.
This equates to a depreciation of approximately 45 percent, with value retention at around 55 percent.
As a luxury EV, the e-tron follows a common trend seen among high-end brands, where premium pricing often leads to more substantial value loss over time.
Additionally, the original Audi e-tron lineup has been succeeded by the Q4, Q6, and Q8 e-tron models, further contributing to its declining resale price.
Performance Specifications
- Powertrain: Dual electric motors
- Transmission: Single-speed automatic
- Horsepower: 402 HP
- Torque: 490 LB-FT
- Driveline: AWD
- 0-60 MPH: 5.5 seconds
- Top Speed: 124 MPH
- Range: 222 miles
- Efficiency: 78 MPGe / 43 kWh per 100 miles
Fitted with dual electric motors, the Audi e-tron Premium produces 402 horsepower and 490 pound-feet of torque in boost mode, complemented by Audi’s renowned Quattro all-wheel-drive (AWD) system.
This setup enables the e-tron to sprint from 0 to 60 MPH in just 5.5 seconds, with a top speed of 124 MPH and a total range of 222 miles.
While its performance remains impressive, the model’s efficiency rating of 78 MPGe is lower than that of several competitors, making it a less attractive option for buyers prioritizing energy efficiency similar to the Rivian R1T pickup mentioned earlier.
4. 2022 Jaguar I-Pace
Average Used Price: $35,000 – $38,800
The 2022 Jaguar I-Pace debuted with an original MSRP of $69,850 but has since depreciated significantly, now carrying an average used price between $35,000 and $38,800.
With a depreciation rate of around 45 percent similar to the Audi e-tron this luxury EV follows the common trend of premium models losing a substantial portion of their value early on.
The I-Pace’s decline in resale value can also be attributed to the increasing competition in the luxury EV segment, where newer models boasting extended range and cutting-edge technology quickly overshadow older options like this one.
Performance Specifications
- Powertrain: Dual electric motors
- Transmission: Single-speed automatic
- Horsepower: 394 HP
- Torque: 512 LB-FT
- Driveline: AWD
- 0-60 MPH: 4.5 seconds
- Top Speed: 124 MPH
- Range: 234 miles
- Efficiency: 76 MPGe / 44 kWh per 100 miles
The 2022 Jaguar I-Pace is equipped with dual electric motors that generate 394 horsepower and 512 pound-feet of torque, utilizing an all-wheel-drive (AWD) system.
This setup allows the I-Pace to accelerate from 0 to 60 MPH in just 4.5 seconds while reaching a top speed of 124 MPH.
Despite its impressive performance and luxurious appeal, the I-Pace consumes 44 kWh of battery power per 100 miles and holds an efficiency rating of 76 MPGe putting it at a disadvantage against some of its more efficient rivals, much like the Audi e-tron mentioned above.
3. 2022 BMW i3
Average Used Price: $22,000 – $24,800
The 2022 BMW i3 originally carried an MSRP of $44,450, but its value has since dropped to an average used price between $22,000 and $24,800, reflecting a depreciation rate of approximately 46 percent.
While some of this decline can be attributed to its compact size and relatively limited range, the discontinuation of the i3 in July 2022 likely accelerated its devaluation.
BMW has since replaced the i3 with the larger and more advanced iX and i4 models, leaving the i3 to compete in an increasingly saturated used EV market.
Performance Specifications
- Powertrain: Single electric motor
- Transmission: Single-speed automatic
- Horsepower: 170 HP
- Torque: 184 LB-FT
- Driveline: RWD
- 0-60 MPH: 6.9 seconds
- Top Speed: 93 MPH
- Range: 153 miles
- Efficiency: 113 MPGe / 30 kWh per 100 miles
Powered by a single electric motor, the BMW i3 delivers a modest 170 horsepower and 184 pound-feet of torque to its rear wheels.
This enables the vehicle to accelerate from 0 to 60 MPH in 6.9 seconds, with a limited top speed of 93 MPH.
While its maximum range of 153 miles may not be ideal for long-distance travel, the i3 does boast an impressive efficiency rating of 113 MPGe, making it an economical choice for urban driving.
2. 2022 Nissan Leaf SL Plus
Average Used Price: $15,000 – $17,800
The 2022 Nissan Leaf SL Plus, which originally retailed for $38,220, has experienced significant depreciation, now averaging between $15,000 and $17,800 on the used market.
This steep decline of approximately 53 percent results in a value retention of just 47 percent, positioning it as one of the most budget-friendly choices among used EVs.
The Leaf’s substantial loss in value is largely due to its status as one of the older electric vehicle models available, along with its relatively modest range and performance, which are outmatched by newer alternatives.
Performance Specifications
- Powertrain: Single electric motor
- Transmission: Single-speed automatic
- Horsepower: 214 HP
- Torque: 250 LB-FT
- Driveline: FWD
- 0-60 MPH: 7.5 seconds
- Top Speed: 97 MPH
- Range: 226 miles
- Efficiency: 104 MPGe / 32 kWh per 100 miles
Equipped with a single electric motor, the Leaf SL Plus generates 214 horsepower and 250 pound-feet of torque, sending power to the front wheels.
It accelerates from 0 to 60 MPH in 7.5 seconds and reaches a maximum speed of 97 MPH.
In terms of efficiency, it delivers 104 MPGe and offers a range of up to 226 miles per charge, making it a reasonable but not standout option in today’s EV market.
1. 2022 Chevrolet Bolt EV
Average Used Price: $14,600 – $15,975
The 2022 Chevrolet Bolt EV, initially priced at $37,495, has suffered one of the sharpest depreciation rates among EVs, now averaging a used price between $14,600 and $15,975.
This drastic drop of 61 percent leaves it with a value retention of just 39 percent, making it one of the most depreciated electric vehicles on the market.
The primary reason for this sharp decline is its discontinuation at the end of 2023, as Chevrolet shifted its focus toward newer EV models, including the Blazer EV, Equinox EV, and Silverado EV.
Performance Specifications
- Powertrain: Single permanent magnet motor
- Transmission: Single-speed automatic
- Horsepower: 200 HP
- Torque: 266 LB-FT
- Driveline: FWD
- 0-60 MPH: 6.5 seconds
- Top Speed: 93 MPH
- Range: 259 miles
- Efficiency: 120 MPGe / 28 kWh per 100 miles
Powered by a single permanent-magnet motor, the Bolt EV delivers 200 horsepower and 266 pound-feet of torque to its front wheels.
This allows it to accelerate from 0 to 60 MPH in 6.5 seconds, though it tops out at a rather underwhelming 93 MPH.
With a strong efficiency rating of 120 MPGe and its now-affordable pricing, the Bolt EV remains one of the best-value used EVs available especially for those lucky enough to find one with low mileage.