When it comes to depreciation, all cars are not created equal. Electric vehicles lose more value than any other type, according to a new analysis from iSeeCars.com. In 2023, the average EV had lost 49.1% of its value after five years.

What You Need To Know

  • The average EV lost 49.1% of its value after five years, according to a new analysis from iSeeCars.com

  • The overall average depreciation after five years was 38.8%

  • Trucks and hybrids depreciated the least of all vehicle types, though some sports cars also did well

  • The Porsche 911 topped the list of vehicles that depreciated the least

The Tesla Model S topped the list of EVs that depreciated most over five years; it lost 55.5% of its value, according to the analysis. Rounding out the top five were the Chevrolet Bolt EV (-51.1%), the Nissan Leaf (-50.8%), Tesla Model X (-49.9%) and Tesla Model 3 (-42.9%).

“Between incentives that effectively lower an EV’s price before it’s even purchased and concerns about battery replacement costs, used electric vehicles have always suffered higher depreciation than equivalent gasoline cars,” iSeeCars executive analyst Karl Brauer said in a statement. “This pattern will continue until electric vehicles don’t require heavy incentives to sell and consumers gain confidence in their long-term ownership costs.”

Overall, the average vehicle lost 38.8% of its value after five years, according to the analysis. Trucks retained the most value (depreciating 34.8% over five years), followed by hybrids and SUVs, which depreciated 37.4% and 41.2% respectively.

"While all used cars hold their value better than they did pre-pandemic," hybrids being among the best suggests "consumers appreciate the combination of high fuel efficiency and zero range anxiety,” Brauer said.

Many sports cars also held their value. The Porsche 911 topped the list of vehicles with the lowest levels of depreciation, losing just 9.3% of its value after five years. The Porsche 718 Cayman, Toyota Tacoma, Jeep Wrangler and Honda Civic rounded out the top five.

Luxury sedans and SUVs depreciated faster than non-luxury models, the analysis found. The Maserati Quattroporte topped the list of vehicles that lost the most value, depreciating 64.5% after five years. The BMW 7 Series, Maserati Ghibli, GMW 5 Series (hybrid) and Cadillac Escalade ESV rounded out the top five.

For its analysis, iSeeCars looked at over 1.1 million used cars from the 2018 model year that were sold between November 2022 and October 2023.