Are EVs Really a Smart Buy? These Price Drops Say Otherwise

A new study by Value My Car compared EV and ICE car models to identify the ones that lose the most in price when resold. The analysis takes into account release year prices as well as used vehicle prices. The study calculated the price change between the models, comparing their 2025 costs and examining the long-term financial implications of choosing electric over conventional vehicles.

Here is the summary of the findings:

*You can access the full research here.

The EV car model that loses the most in price, compared to its gas-powered counterpart, is the Toyota bZ4X, with 29%. The model was released at almost twice the price of the Toyota RAV4, at $42,000, but it loses value much faster. The Toyota RAV4 is one of the most affordable vehicles on the list, costing around $27,000 for a new car and 9.5% cheaper for a used vehicle.

The 2022 F-150 Lightning LARIAT trim takes second place in the ranking of EV cars that lose the most in price against regular models, at 25.8%. When it comes to selling older cars, LARIAT loses over 48% in price, while the regular Ford F-150 declines only by 22.3%.

Audi Q8 e-tron holds third place, with a 24% price loss when compared to Audi Q8. Both models are quite expensive, almost $80,000 for a new Audi Q8 e-tron and $68,395 for an ICE vehicle. These cars become more affordable if a used vehicle is bought, with EV Q8 losing 72.3% of its original price.

Nissan Arriya, an EV counterpart to Nissan Rogue, claims fourth position, at 19.2%. Compared to other EVs, Nissan Arriya’s price decline is similar to the F-150, with an overall 46.4% drop in value.

Mercedes EQE sedan is fifth in the ranking of EV cars that lose the most in price against ICE models, at 17.2%. The new car cost $74,900 during the release year but the used models can be bought at almost half the price. At the same time, the Mercedes C-class loses only 31.4% during the resale.

Mercedes EQE follows closely with sixth place and a 16.5% price drop in comparison to the Mercedes S-class. The most expensive models in the ranking, the Mercedes S-class costs over $110,000, and $104,400 for its EV counterpart. When resold after use, the gas-powered model drops 44% of its price, while the EV car loses over 60%.

Ford Mustang Mach-E is seventh, losing 15.9% in price to its ICE peer. The original Ford Mustang was released at a $35,495 price and it holds its value well, dropping only by 24.6%. The electric counterpart, similar to other EV models, devalues by 40%.

Volvo XC40 Recharge ranks eighth at 12.7%. The EV model loses over half of its price for a used vehicle, and buyers can find it for $26,341. The ICE Volvo XC40 starts at $34,695 but the used one is much more affordable at $21,342.

Nissan Leaf holds ninth place, with a price drop of 10.6% between EV and ICE models. Both models are the second most affordable in the ranking, but they significantly lose in price when sold after use. The ICE Nissan Juke loses over 72%, while the Nissan Leaf’s price decreases by 83.1% and can be bought for $4,734.

Hyundai Kona Electric closes the ranking of the EV cars that lose in price against ICE models with tenth place and 6.9%. The most affordable cars in the ranking, both ICE and EV models hold their prices well, with the EV losing only 14.4% in price during reselling.

A spokesperson from Value My Car commented on the study: 

“While new electric vehicles often cost more than gas cars upfront, their prices drop much faster in the used market – creating good deals for second-hand buyers. This pattern shows up clearly in cars like the Nissan Leaf, which loses over 80% of its value used. The rapid price drops likely happen because EV technology keeps improving quickly, making older models less attractive, but this creates an opportunity for buyers who want to try an electric car without spending too much.”