Electric vehicles (EVs) are known to suffer from steep depreciation, as we've already talked about before, and hopefully heard by now.
This is due to factors that concern the technology itself since EVs are still developing at a rapid pace.
Just think of the smartphone when it first became popular, but now in 2024, the smartphone has become ubiquitous and the pace of development has nearly plateaued since the first iPhone in 2007.
There are also concerns about its battery - especially as an EV gets older.
No one in the used car market would want to own an EV whose battery is near the end of its life as it can cost nearly as much as the used EV itself.
These factors are just some of the reasons why EVs suffer the most depreciation compared to pure internal combustion engine (ICE) cars and even hybrids.