Here's why depreciation rates for electric cars are so high in 2024

Electric vehicles are still relatively new compared to the ICE-powered cars we're most used to, but their dependability has led to the incentives not being worth it in the long run.

Recent data reveals alarming depreciation rates for these vehicles has made long-term investment in an EV less attractive.

Because the technology is still new, repairing electric vehicles is not as straightforward as taking a gas-powered vehicle to the nearest mechanic.

Electric cars are losing their value faster than manufacturers would hope, but some have garnered a lot of attention for how fast they depreciate.

The Mercedes-Benz EQS sedan depreciates the most over one year , losing 47.8 percent of its value.

The Nissan Leaf is a far cheaper EV that sees a similar decline compared to the Nissan Leaf , losing 45.7 percent .

Tesla 's Model X and Model Y lose 6.9 percent of their value over a year .

The Kia EV6 loses 33.3 percent of its value over one year .

A one-year-old EV6 can be picked up on the used market for $ 36,243 on average.

The EV6 is not a bad car, but unfortunately, it falls victim to the stigma around their faulty infrastructure.