Plug-in electric vehicles are expected to have the worst decline of any segment this year – down 30%, according to a NADA Used Car Guide special report. “The steep rate of depreciation for used plug-in electric vehicles can be attributed to limited range, manufacturer incentives and federal tax credits intended to offset the higher prices of new plug-in electric vehicles,” said NADA Used Car Guide’ Jonathan Banks.
The issue becomes the perception of new vs. used – Banks said. “Few consumers are willing to purchase a credit-ineligible, used plug-in electric vehicle for more than they would pay for a new one, less the federal tax credit,” Banks said.
