The electric vehicle (EV) market is rapidly evolving, and with that evolution comes changes in vehicle values, particularly in the used car sector. This weekend, I experienced firsthand the surprising depreciation of Chevy Ev Cars, specifically my 2021 Chevy Bolt EV. Visiting a CarMax in Los Angeles for an appraisal was eye-opening, revealing a stark reality about the resale value of EVs like the Bolt.
The Shocking Trade-In Value of a Chevy Bolt EV
Purchased in 2021 for just over $32,000 during a period of EV scarcity, my Chevy Bolt EV was intended to be a long-term, eco-friendly vehicle. It was a 2021 model, acquired when chip shortages impacted car production and before the nationwide stop-sale due to battery concerns. Fast forward to this weekend, and the appraisal from CarMax came in at a mere $14,000.
This valuation was despite the car being garaged, in mint condition with only 20,000 miles, and equipped with a brand-new battery installed by General Motors as part of the recall. While I wasn’t expecting to recoup the original purchase price, a $14,000 trade-in offer was significantly lower than anticipated. This figure suggests a likely dealer resale price of around $18,000, which is comparable to a potential private sale value.
According to Kelley Blue Book (KBB), vehicles typically experience the most significant depreciation in their first year, often losing 20% or more of their initial value. KBB also notes that cars can lose about 60% of their original purchase price within the first five years. My Chevy Bolt EV seems to have reached this 60% depreciation mark in just three years, highlighting a potentially faster depreciation rate for this Chevy EV car model.
To further investigate this depreciation trend, I considered a friend’s recent purchase of a 2023 Chevy Bolt EUV Premier. This newer, slightly larger, and more expensive version of the Bolt EV had an MSRP of approximately $38,500. Using Kelley Blue Book to appraise this almost-new vehicle (with only 400 miles), the trade-in value came back at around $23,000. This translates to an almost immediate 40% drop in value, bringing its resale value to roughly 60% of its new car price – echoing the depreciation experienced with my older Bolt EV.
Chevy EVs vs. Tesla and the Broader EV Market
It initially appeared that Chevy EV cars, specifically the Bolt models, were depreciating more rapidly compared to other EV brands. While the Chevy Bolt is the third most popular EV in the U.S., behind Tesla’s Model Y and Model 3, comparisons to brands like the Ford Mustang Mach-E and Hyundai Ioniq 5 reveal a more nuanced picture. These competitor EVs often have higher initial price points, making direct depreciation comparisons complex.
An important factor influencing the used EV market is the $7,500 federal tax credit for new electric vehicles, now available at the point of sale for 2024 models. This incentive, which effectively lowers the price of new EVs, can indirectly impact the valuation of used Chevy EV cars and other models as well.
Tesla’s Used EV Market and Depreciation
Despite reports of rental companies like Hertz and Sixt selling off portions of their Tesla fleets, the depreciation of Tesla vehicles, particularly models like the Model 3, doesn’t seem as drastic as that observed in Chevy EV cars like the Bolt. However, the used Tesla market is also experiencing shifts.
Data from Recurrent indicates that the average listing price for used Tesla Model 3s (2017-2019 model years) has fallen below $30,000. This price decrease is partially attributed to the high volume of Tesla Model 3 vehicles sold in the U.S. during those years. Lower prices also make these used Teslas eligible for federal used car rebates, further influencing market dynamics.
At the same CarMax location, a 2022 Tesla Model 3 with 35,000 miles was listed at $32,000, while a 2020 Model 3 with 30,000 miles was priced at $30,000. These prices, while still reflecting depreciation, appear less severe than the Bolt’s. Conversely, the Tesla Model Y seems to be holding its value relatively well. A 2023 Model Y with 10,000 miles was priced at $46,000 at CarMax, closely aligning with new inventory prices. This suggests that different Tesla models, and indeed different Chevy EV cars, are experiencing varying rates of depreciation in the current market.
Conclusion: Navigating the Depreciation of Chevy EV Cars
My experience highlights the significant depreciation that owners of Chevy EV cars, like the Bolt EV and EUV, might face. While the broader used EV market is complex and influenced by factors like tax credits and brand perception, it’s crucial for potential buyers and current owners to be aware of these depreciation trends. The rapid evolution of battery technology and the increasing availability of new EVs could be contributing to faster depreciation rates for older models. For those considering a Chevy EV car, understanding potential resale values is an essential part of the ownership equation.
