Prices for used all-electric vehicles have dropped significantly in the last year, with analysts pointing to Tesla’s decision to slash prices on new models as a significant contributing factor. Nevertheless, some EVs depreciate at a slower rate than others. That includes the Cadillac Lyriq crossover, which was recently recognized by Kelley Blue Book as offering one of the best estimated resale values.
According to Kelley Blue Book, the 2024 Cadillac Lyriq is expected to retain 40.3 percent of its original sticker price after five years. While below the 42.4-percent figure expected for the average new vehicle, electric vehicles are now depreciating at a faster rate than the average used car.
Other EVs recognized for offering high estimated resale value include the 2024 Hyundai Ioniq 6 (37.3 percent), the 2024 Rivian R1S (47.0 percent), the 2024 Ford F-150 Lightning (43.1 percent), and the 2024 Mercedes-Benz Mercedes-EQ EQE (44.8 percent).
More broadly speaking, Kelley Blue Book announced Toyota as the brand with the best 2024 model-year estimated resale value, while Lexus was named the best luxury brand for 2024 resale value.
As covered previously, the 2024 Chevy Corvette was predicted to be worth 59 percent of the original sticker value after 60 months, placing it in fifth in the organization’s list of the top 10 vehicles with the best estimated resale values for 2024. The model with the highest estimated resale value was the 2024 Ford Bronco at 66.7 percent, followed by the 2024 Toyota Tacoma at 62.6 percent and the 2024 Mercedes-Benz G-Class at 61.2 percent.
Kelley Blue Book’s list of vehicles with the best predicted resale value is based on the organization’s Official Residual Value Guide. Residual values were established by a team of analysts that reviewed statistical models informed by millions of individual transactions. Winning vehicles are expected to retain higher value than 95 percent of all other models.
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Best luxury EV on the market