Concerns concerning long-term electric vehicle (EV) possession have lately surfaced as quite a few research suggesting their fast depreciation have lately popped up. Due to considerations corresponding to long-term battery prices, the charging infrastructure, in addition to EV tech nonetheless being in its infancy, an EV 5 years from now will likely be considerably totally different from an EV in 2024.

Basically, you may consider EVs right now as what smartphones have been again in 2007 when the primary iPhone got here out. EV know-how is quickly evolving, in comparison with a automotive with an inner combustion engine (ICE), which is just about close to its peak. We still have to reach solid-state battery mass production–which is supposedly thought of the holy grail of battery evolution. At the identical time, not all EVs are created equal, and a few are extra fascinating than others. As a outcome, whereas EVs, typically, have decrease resale values than ICE vehicles, there are some EVs with first rate resale values and others that you simply’re higher off shopping for a barely used one.

Recently, we discovered that the EVs with the best resale values are ones made by Tesla, however what if you’d like an EV that is not from that model? Perhaps an EV from Kia is what you aspire to own–specifically, the award-winning EV6. Sharing the identical mechanical elements because the Hyundai Ioniq 5, how is an EV6 when it comes to resale worth after a 12 months of possession? Based on what number of awards and the way well-received the automotive is, it must be fascinating within the used automotive market, proper?

In order to provide the latest and correct info attainable, the information used to compile this text was sourced from Kia and different authoritative sources, together with iSeeCars and Ars Technica.

Don’t Buy An EV6 Brand New

Unfortunately, regardless of profitable so many awards and being well-received by the purchasers who purchased one, the resale values for the Kia EV6 aren’t that good. In reality, it could’t hold its value as well as any Tesla EV for that matter. As a outcome, that is a kind of few vehicles which can be higher to purchase barely used (one-year-old vehicles, as labeled by iSeeCars) versus going the brand-new route.

Prepare To Lose As Much As 33.3-percent In A Year

According to this iSeeCars data of vehicle resale values after a year of ownership, the Kia EV6 loses as a lot as 33.3 p.c of its authentic worth. That’s greater than double the trade common of 12.8 p.c depreciation. Don’t go considering that the Ioniq 5 fares higher, both, as a result of it’s anticipated to lose 32.9 p.c of its authentic worth after a 12 months.

EVs, sadly, make up about half of the highest 10 vehicles that lose most of their worth after a 12 months of possession. It’s a mirrored image of what number of would-be house owners of a used automotive are cautious about long-term EV possession. We’ve talked about prior to now that the majority of those that purchased new EVs have been early adopters, however the purchaser demographic within the used automotive market is much less adventurous in exploring new know-how. These individuals put worth above all else and are much less desirous to have their life modified to adapt to the charging and infrastructure necessities of proudly owning an EV.

There’s An EV With A Far Worse Resale Value

If it is any comfort, there’s an EV whose resale worth is much worse than the Kia EV6’s. That’s the Mercedes-Benz EQS, which additionally occurs to have the absolute worst one-year depreciation among all new cars. Imagine dropping almost half the worth of your six-figure luxurious EV, making the EQS extra of a legal responsibility versus a automotive you’d aspire to personal.

The Nissan Leaf, whereas being one of the inexpensive EVs when model new, is healthier purchased as barely used. Well, with an antiquated ChaDeMo cost port and EV know-how from the mid-2010s, the Leaf is just about the iPhone 6 of the EV world in 2024.

(Data collected from iSeeCars)

The Challenge For EV6 Owners

The Kia EV6’s resale worth is not excellent news for present house owners, however is sweet information for many who aspire to personal a used one. There are main elements contributing to EV6 resale values being not so good as Tesla’s, that are on high of long-term possession considerations and charging infrastructure hurdles. As extra analysis has been carried out to create this text, the tanking of EV costs typically might be attributed to 2 issues.

EV Sales Slowdown Means More Inventory

At this level, you have most likely already heard concerning the EV gross sales slowdown that the United States is presently experiencing. While this would possibly not essentially imply fewer EV gross sales this 12 months, that tempo of development goes to be a lot slower in 2024 than in previous years. As a outcome, there is more inventory of both new and used EVs on dealership lots.

Value-seeking consumers within the used automotive market additionally do not wish to change their life-style, which is why the electrified car of alternative nowadays, whether or not new or used, is the hybrid electrical car. This is why hybrids have the best resale value among all cars nowadays, and Toyota is the biggest beneficiary of this hybrid car growth within the United States. There is one more reason why EV resale values are tanking, and that is due to the actions of 1 man whose selections have affected the complete EV trade within the United States.

Tesla’s Price War Isn’t Good For EV Resale Values

Since the beginning of 2023, Tesla has initiated a worth conflict of kinds within the EV trade. This is why we have seen vehicles like the Model 3 reach near price parity with an ICE automotive, and the Model X seeing its brand-new price drop by as a lot as $41,000 for the reason that begin of 2023 so as to be eligible for the $7,500 Federal Tax Credit offered by the Inflation Reduction Act.

Because of Elon Musk’s aggressive worth cuts, EV resale values have dropped in current months. These worth cuts have led would-be-used EV consumers into Tesla showrooms when these worth cuts have been freshly carried out. However, those that have purchased a Tesla after the worth cuts are set to expertise the least depreciation. Combine this with the EV gross sales slowdown of 2024, you have bought the right recipe for used EVs to quickly depreciate.

But, That Doesn’t Mean That The EV6 Isn’t Good

Despite these elements affecting EV resale values, the EV6 is certainly not a nasty EV. It’s merely on account of exterior elements which can be past the management of the consumers and even Kia’s executives themselves which have led to the EV6 and different EVs dropping their values at a sooner charge. If you are shopping for a used EV6, you will be glad to know that you simply’re getting your self right into a extremely succesful and trendy EV that has a lot to supply, particularly at its present market worth.

A Stylish And Distinct Design

The Kia EV6 is offered from the base Wind trim, all the way in which to the potent GT model. Whatever trim you select, although, the EV6 has a rakish and fashionable exterior that blurs the traces between hatchback and crossover SUV (it’s labeled because the latter, although). The dynamic exterior design is complemented by an inside that appears simply as fashionable and is full of loads of helpful tech options. All fashions get two 12.3-inch screens, smartphone mirroring options, a luxurious inside, and premium facilities that vary from ambient LED lighting, a panoramic sunroof, and power-adjustable entrance seats with air flow, simply to call just a few.

More Than Just Transportation

The Kia EV6 can be an electrical crossover SUV that gives both loads of vary or loads of efficiency. Unfortunately, not each, as a result of the EV6 GT, with its 577-horsepower dual-motor all-wheel drive (AWD) setup, is simply in a position to journey as much as 218 miles in line with the EPA. So whereas its 0-60 mph time of three.4 seconds is fast, its battery drains simply as shortly. For most vary, follow any of the Long Range rear-wheel drive (RWD) fashions that provide as much as 310 miles of EPA-estimated vary. Its 225-horsepower single-motor structure might take 7.2 seconds to hit 60 mph, however you will be touring additional between prices.

Finally, Kia touts its EV6’s 800-volt architecture (for the Long Range and GT fashions) that the Ioniq 5 additionally makes use of. Thanks to the bi-directional charging functionality of its E-GMP platform, the EV6 can act as an exterior energy supply to energy your home throughout an influence outage, and even present electrical power if you wish to go tenting. Additionally, that 800-volt structure permits for as much as 350 kW of DC fast charging, which implies that the 77.4 kWh battery might be charged from 10 to 80 p.c in lower than 20 minutes, assuming you could possibly discover a DC quick charger that is succesful to ship that quantity of juice.