Fuel-frugality aside, it seems the 2013 Chevy Volt and 2012 Nissan Leaf are proving to be expensive long-term investments.
One of the main questions every new car buyer should always ask themselves is what is the depreciation of the vehicle and therefore its potential resale value? Recent reports have suggested that electric cars don’t hold their value quite as well as their regular counterparts.
Two of the all electric cars in question, the 2012 Nissan Leaf and the 2013 Chevrolet Volt considered by price-trackers are said to be worth roughly 20% and 30% respectively after five years of ownership compared with the original retail price. By comparison, the Nissan Sentra which is a conventional model similar in size to the Nissan Leaf is said to be worth approximately 30% of the original retail price at the end of five years.
Similarly, the Chevrolet Cruze which is the conventional model most closely resembling the Chevrolet Volt, is said to be worth roughly 38% of its original price after five years of ownership. There is therefore clearly a difference between the electric and conventional vehicles’ resale value.
There are however, other factors to be taken into account, not least of which is the tax break incentives offered by the government of over seven thousand dollars when a consumer purchases an electric vehicle.
Additionally the manufacturers offer leases that are much cheaper than conventional vehicle leases to try and boost sales. All in all this suggests that the gap between resale values of electric and conventional vehicles, when considered in real money terms, is much smaller than originally thought.
One other key concern about electric cars is the life of the battery as replacement is extremely costly. This has been countered somewhat by evidence that suggests these batteries are more long-lasting than originally thought as we see the original electric cars start to age.
The newer models are also increasingly coming with extended warranties that reassure potential purchasers that they won’t be facing a huge battery-bill in the near future.