You’ve probably read how savage depreciation affecting EVs is putting some buyers off purchasing brand new models, and has even played a hand in decisions by Hertz and Sixt to dial down their electric car programs. But not everyone hates depreciation – certainly not buyers looking for a used bargain, and there are definitely some electric ones out there.
You only need to look at pre-owned prices for the Audi e-tron SUV (since renamed Q8 e-tron) and Jaguar I-Pace for proof. The duo were their respective brands’ first fully electric cars and pitched as pricey flagships.
More: These Are The Biggest Losers In The Used EV Market With The Steepest Price Drops
Back in 2020 the e-tron lineup started at just under $80k for the Premium Plus grade and topped out at a hair over $84k for the Prestige trim with the racier-looking Sportback rear-end design. The Jag, meanwhile, cost from $71k to $82k depending on whether you settled for the basic S or reached deeper into your wallet for the SE or HSE.
Now early examples of both the e-tron and I-Pace are readily available in the used market for less than $30k, and in some cases for under $25k. Okay, so we’re talking about four- or five-year old models, but that’s hefty depreciation for premium, supposedly desirable, cars. And it’s much worse than the depreciation suffered by equivalent combustion models on sale at the same time. You can grab either a battery-powered 2020 e-tron Premium Plus or ICE-propelled 2020 Q7 Premium Plus, both with the same 32,000 miles (51,000 km) on the clock, from around $32,500 today, but the EV cost $20k more when it was new.
Both the e-tron and I-Pace were praised by reviewers at launch, and the Jag was even crowned European Car of the Year, one of the few luxury cars ever to achieve that honor. The Audi wasn’t particularly fun to drive compared to the Brit EV, but it did have a much better interior and excellent refinement levels.
It’s easy to look at the used prices for both and think that they look like bargains at $25k, particularly when you consider there’s potentially another $4k to come off that through tax credits available on used cars (the Audi qualifies providing it costs no more than $25k; the Jag’s status is TBC).
And they are bargains, but they’re also older EVs, which will scare a few potential buyers off, even though both are covered by an eight-year, 100,000-mile (161,000 km) battery warranty. They also don’t offer the same charging speeds or driving range as the latest EVs – bank on needing a refill after little more than 200 miles (320 km) in the Audi; you’ll get a few blocks further down the road in the Jag.
That’s not great by modern standards. Even the basic, single-motor 2024 Tesla Model Y can beat that range, and it also costs as little as $32,890 if you qualify for the full $7,500 tax credit deduction. At that price the Y is a heck of a deal and helps explain why used EV prices, including those for the e-tron and I-Pace, have been hit so hard.
Are you tempted by a $25k e-tron or I-Pace, and if not, how low would their prices have to drop to get your attention?
