Cars are a depreciating asset. We’ve all heard this at one point or another. But when you pit ICE against EVs, which of the two depreciates faster? Now that would make for an interesting study.
That’s exactly what UK-based Value My Car has done with its recently conducted study to determine which cars lose the most money when resold, EVs or ICE (internal combustion engine) models. And I have to say, the results may turn a few heads.
The study evaluated the long-term financial effects of selecting electric vehicles over conventional ones, calculating the price difference between the types and comparing their 2025 prices. Both release-year pricing and used car prices are considered in the analysis.
Value My Car
The first thing I noticed straight away was that EVs may not be as smart a buy as most people make them out to be. The study identifies a shocking dip in the resale value of EVs compared to ICE versions of the same models.
The study includes 20 car models from various global manufacturers – all of which are offered in EV and ICE versions. The retail price of the car model from its release year is compared to the average used price in 2025, with the difference calculated as a percentage of price change.
Sixteen out of the total 20 car models saw a decline in EV prices compared to their ICE counterparts. Only four EVs depreciated better than their ICE siblings.
Following is the list of the cars (ICE / EV) included in the study: Ford F-150 / F-150 Lightning Lariat; Ford Mustang / Ford Mustang Mach-E; Hyundai Kona / Hyundai Kona Electric; BMW 3 Series / BMW i4, BMW X3 / BMW i3; Volvo XC40 / Volvo XC40 Recharge; Mercedes S-Class / Mercedes EQS; Mercedes C-Class / Mercedes EQE sedan; Mercedes GLB / Mercedes EQB; Audi A4 / Audi e-tron GT; Audi Q8 / Audi Q8 e-tron; Porsche Panamera / Porsche Taycan; Chevrolet Blazer / Chevrolet Blazer EV; Chevrolet Equinox / Chevrolet Equinox EV; Chevrolet Silverado / Chevrolet Silverado EV; Nissan Rogue / Nissan Ariya; Nissan Juke / Nissan Leaf; Toyota RAV4 / Toyota bZ4X; Toyota Crown / Toyota bZ3; and Kia Sportage / Kia EV6.
Value My Car
Out of all these, only the BMW i4, BMW i3, Chevrolet Blazer EV, and Toyota bZ3 lost less value than their ICE equivalents, namely the BMW 3 Series, BMW X3, Chevrolet Blazer, and Toyota Crown respectively. All of the remaining EVs lost their value way more than their ICE equivalents.
The Toyota bZ4X is the EV that loses the most money when compared to its gas-powered sibling – losing a whopping 29% in value. The model was released for $42,000, nearly twice the price of the Toyota RAV4, although it depreciates considerably more quickly. Interestingly, the Toyota RAV4 is one of the cheapest cars on this list.
At 25.8%, the 2022 F-150 Lightning Lariat model ranks second in the list of EV vehicles that have the greatest price drops. When it comes to selling older models, the Lariat’s price drops by more than 48%, yet the standard Ford F-150 only drops by 22.3%.
Ford
The Audi Q8 e-tron closes the top three EV price depreciation, with a 24% price loss when compared to Audi Q8. At nearly $80,000 for a new Audi Q8 e-tron and $68,395 for an ICE car, it’s not like any of these cars are cheap in any sense of the word. But it’s got to hurt when your EV loses 72.3% of its original retail price.
The Nissan Arriya (19.2%), Mercedes EQE sedan (17.2%), Mercedes EQS (16.5%), Ford Mustang Mach-E (15.9%), Volvo XC40 (12.7%), Nissan Leaf (10.6%) Hyundai Kona Electric (6.9%) follow closely in the list of EVs losing their value compared to their ICE counterparts.
Electric cars have long been seen as a luxury, out of reach for the average consumer. While they’re still pricier than their gas-powered counterparts in many regions, to know that they depreciate more than ICE models is an interesting part of the decision-making process.
