Why do Kia EVs depreciate so quickly?

[OnlyYou]

I read that the Kia Soul EV alone dropped 49% of its value! When you buy one, you are losing an average of £17,851 which is insane!

I have always liked Kia vehicles because they are built well yet they are still affordable but I cannot consider a Kia EV knowing this.

 

[Matty]

This isn't a Kia issue, this happens with all EV cars right now and this is down to the cost to replace the battery. Standard cars can run decades on one engine but for most EVs, the battery will only last 5 to 8 years. Some of the replacement batteries can be insanely expensive too.

The capacity drops as well over time which makes them worth less when you sell them.

 

[OnlyYou]

This isn't a Kia issue, this happens with all EV cars right now and this is down to the cost to replace the battery. Standard cars can run decades on one engine but for most EVs, the battery will only last 5 to 8 years. Some of the replacement batteries can be insanely expensive too.

The capacity drops as well over time which makes them worth less when you sell them.

That actually makes more sense. I remember reading about some electric cars from the '90s and they only got maybe 50 miles to a charge and the battery health as way worse back then. I guess we will just see improvements as more electric cars are built and batteries are improved.

 

[EmilyS]

Get a Kia if that's what you love. It could give you years of enjoyment. I think all cars drastically depreciate the same way. A brand-new car depreciates in value as soon as it's sold and driven off the lot.

 

[Piper]

I agree with @Matty. I bet that all EVs drop in value at a sharper rate than gas-powered vehicles due to battery life. Still, I'm pretty shocked at that number for a Kia Soul. That would put me off buying a Kia as well.