This year in an industry first, late-model used electric vehicles held their value better than the market as a whole, according to Black Book, although only briefly. Alex Yurchenko, chief data science officer for Black Book, speculated higher gasoline prices made a difference.
However, there's been a "very steep drop" in the percent of sticker price held by 2- to 4-year-old EVs, Yurchenko told the Auto Finance Summit on Oct. 28. Black Book data indicates this started in July, about a month after a slightly milder plunge in retention began among all vehicles. By October, late-model EVs had fallen below the market in the percentage of value held.
The reversal, which began this spring, is an example of what Black Book and Yurchenko's fellow Auto Finance Summit panelists suggested would be closer parity between the ability of gasoline and electric vehicles to hold their value.