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Electric Cars May Depreciate More Than Expected

Electric VehiclesContrary to popular belief, the electric car could be more expensive to run than its gas equivalents.

According to a study by Mitsubishi, which surprisingly is getting ready to launch its own electric car, high purchase price and rapid depreciation are what may make electric cars uncompetitive financially.

All new-car buyers take a hit on depreciation, as much as 20 percent the minute it's driven off the dealer lot.

With an EV, the battery pack often accounts for a much larger percentage of the car's original value. The problem is that no one knows how long the EV's battery will retain a charge.

Nissan has said that the Leaf battery might only hold 80 or 70 percent of its original charge after ten years. This makes the car worth considerably less.

But there are other benefits to going gasoline free - like no tailpipe emissions.

Considering other EV tradeoffs, such as range and infrastructure, depreciation is another thing EV buyers will have to take into account before purchasing.

3 Steps Every Car Buyer Needs to Take to Save Maximum Money

The key to getting the best deal is to gather price or lease bids from as many local dealers as possible. Then shop that best price around until no one can beat it. Here are the steps:

Step 1 Get Prices From My Trusted Network

Select the vehicle you're interested in to see if there are local dealers in my network who will provide you with their best upfront price. You will get direct access to an internet sales manager who you can further negotiate with online (no need to visit dealership).
Select Vehicle to Get Local Pricing

Step 2 Get Prices From TrueCar / CarsDirect

TrueCar, and CarsDirect are my top 2 online price quote recommendations. These services show you pre-negotiated prices from dealers closest to you - and the deals are usually pretty decent. But remember, you can still negotiate further.

Step 3 Complete my Checklist

Follow this up with my checklist to make sure you squeeze out every last bit of savings.
- Gregg Fidan

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About The Author

Gregg Fidan Gregg Fidan is the founder of RealCarTips. After being ripped off on his first car purchase, he devoted several years to figuring out the best ways to avoid scams and negotiate the best car deals. He has written hundreds of articles on the subject of car buying and taught thousands of car shoppers how to get the best deals.

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