Indian EVs Also Have Poor Resale Values: 10 Examples!
Discussions around the poor resale value of electric vehicles are heating up again. A lot of all-electric models belonging to different segments and price points have been launched in the recent past. Even amidst these, early adopters are now worried about how quickly their EVs are losing value. In our previous story, we talked about the same with examples. Here are more listings revealing just how quickly mass-market EVs are depreciating...
This ad from Hyderabad shows a 2023 Comet Plush, listed for sale with an asking price of Rs 6.5 lakh. This variant had an on-road price of Rs 10.24 lakh in the city, then. This translates to a loss of 36.5% of vehicle value (approximately Rs 3.74 lakh) in just two years! This EV has 31,500 km on its odometer.
This Tiago.EV from Ahmedabad is a 2024 model with an odometer reading of 42,362 km. It is the XT Long Range variant with an asking price of Rs 7.25 lakh. This variant has an on-road price of Rs 10.84 lakh in the city. This means a depreciation of Rs 3.59 lakh (33% of vehicle value) in the first year of ownership!
This Tigor EV XZ Plus is listed on OLX with an asking price of Rs 6.90 lakh. The car seems to be from Delhi. The on-road price of this variant in Delhi is Rs 14.11 lakh. This EV has thus lost Rs 7.21 lakh (more than half of its value!) in just three years! It is claimed to have an odometer reading of 51,700 km.
Another popular EV from Tata Motors is the Punch.EV which comes in a lot of variants and with two battery options. Here’s a 2024 Punch.EV Adventure LR AC FC from Madhya Pradesh with an asking price of Rs 10 lakh. A brand-new unit has an on-road price of Rs 14.16 lakh there. This shows a depreciation of Rs 4.16 lakh (29% decline in vehicle value) in just one year. This EV has run 49,500 km so far.
This listing from Delhi shows a 2023 Nexon EV Empowered Plus LR variant with an asking price of Rs 12.35 lakh. It has an on-road price of Rs 18.49 lakh there. The value dropped by Rs 6.14 lakh (33%) in just two years. This e-SUV has 28,000 km on its odometer.
Here’s a Curvv.EV Empowered Plus A 55 with a low odometer reading (13,800 km) and a listed resale price of Rs 17.50 lakh. This ad is from Gurgaon, where this variant has an on-road price of Rs 23.66 lakh. The value in this case dropped by Rs 6.16 lakh (26%) in the first year of ownership!
Here’s a Mahindra XUV400 EL Pro from Kerala’s Trivandrum, that’s trying to sell at Rs 14.25 lakh. It is a 2024 model, which has an on-road price of Rs 20.16 lakh there. This EV has posted a depreciation of Rs 5.91 lakh or 29% in the first year of ownership, almost the same as that of the Nexon EV. The ad also mentions this XUV’s odometer reading to be just 16,100 km.
This 2023 MG ZS EV Exclusive is from Bengaluru. It has an asking price of Rs 15 lakh. Back then, it used to have an on-road price of Rs 25.26 in the city. This indicates a depreciation of Rs 10.26 lakh (or 40% of total cost) in just two years.
This Windsor EV (Essence variant) is a 2024 model from Noida with just 22,500 km on its odometer. The asking price here is Rs 15 lakh, whereas the actual on-road price in the city is Rs 19.02 lakh. 4.02 lakh (21% of on-road cost) gone in just one year...
The eC3 has been an extremely slow seller in India. Here’s a pre-owned eC3 for sale in Hyderabad, with an asking price of Rs 9.5 lakh. This is the base 'Feel Vibe Pack Dual Tone' variant, which had an on-road price of Rs 15.58 lakh, in Hyderabad then. The depreciation here is Rs 6.08 lakh or roughly 39% of the total vehicle cost.