Depreciation is extreme on the Volt for four reasons: 1, the car was the first of its kind, so the technology improves rapidly with each generation; 2, most resale values don't consider the federal and local tax credits. The federal credit was $7,500 and some states (like CA) have additional credits on top of that; 3, fuel prices are low right now and people aren't really looking for hybrids; 4, people are scared of used batteries (not necessarily for bad reason) but experience shows that the Volt battery holds up exceptionally well. Like some other posters here I bought a 2014 Volt this past December for about the same price as any other compact car. It still even had the factory warranty. Personally I like the styling of the Gen 1 Volt much better than Gen 2 and it seems like the reliability is better. Win, win, win.

@mzengm

6 жыл бұрын

Good points and congrats on your good deal. A couple of things to consider though: 1, I don't see gasoline disappear within 10 years time in US, if Volt's technology and strategy hold out, people would appreciate the used Volts better and the resale value could increase. 2, if you didn't pay for the tax credit, it seems fair to discount that part for resale. 3, about fuel cost, I'd like to think that people will eventually give up gasoline not for the money, but for the smell...Does this mean I will sell my Volt anytime soon, No!

God bless the early adopters, though, for making great secondhand cars available as they trade up! All the bugs are worked out under warranty by the time they get to their second owner

The trick is, buy a fricking used Volt! Off-lease ones are an exceptional value. We have two 2013's we bought for less than a new loaded Prius, and the Volt is twice the car that the Prius is, IMHO.

@DrivenCompanion

7 жыл бұрын

That is definitely the way to do it and yes, the Volt is far better than the Prius!

@vikingo89us

6 жыл бұрын

Where did you pick yours up? My commute just doubled and the Volt is the only car I want. I can't believe they're so cheap now! I couldn't justify buying one new but daaaaaamn are they worth it now! Haha

@patrickflohe1193

5 жыл бұрын

rationalguy Far better than the ugly ass and gay Prius.

Good post. I can't argue with the depreciation/value thing. It's all true. That said, when I bought my 2013, I quickly planned to keep it for 6 years or until I paid it off and ran out of the extended warranty. What I really look at is the fact that the car is fun to drive and in almost 4 years, I've bought 130 gallons of gas. That should be figured into the cost/value equation. I save about 125.00 per month on average with my electric costs about 20.00 per month. Over 6 years, I'm 7560.00 ahead so I need to think about that at trade in time. I've had almost no problems with my car so I may drive it until it dies.

I feel like they should space out the tax credit money over a few years. Maybe $2,000 for years 1-2 of ownership, $1,500 for year 3 and $1,000 for years 4-5. That way there is a benefit to those who buy a nearly new green vehicle and a consequence for those who sell them early. Then there would also be a means for those who sell them early to get a more similar price and have less depreciation because the next owner would still get some of the tax credit money unless the car is more than 5 years old. This would also hopefully make it a bit harder for dealerships to bump up the new price significantly over the MSRP because not everyone is necessarily going to expect that they’re going to get the entire tax credits if it takes them 5 years. This would also make it easier for retirees to justify getting a green vehicle with tax credits because it’s easier to have only up to $2,000 of taxes to deduct each year than needing to have $7,500 in one year if you’re no longer working.

As you mentioned, one of the reasons for the depreciation is that the federal and state tax incentives put a cap on prices. Also, in recent years larger dealer and manufacturer discounts have been offered. Recently, I was pricing low mileage 2014 Volts, and in my area they were being advertised for $14k to $16k. But, with all the incentives mentioned above, I found I could get a new 2017 Volt for effectively $20k. I went ahead and paid the extra and got the new one. But, if you look at the effective acquisition cost of the Volt, you can see that it actually holds up pretty well in value.

@portagepete1

7 жыл бұрын

Time will tell but the first Gen Volts might out last the second Gen.

@charlesprice8013

6 жыл бұрын

Dan Sanger n

I LOVE the depreciation!!! I got a 2013 w/40k and 5 years battery warranty for under 10k. You can't beat the value, the car is awesome, even without considering the mpg's or ev range.

@vikingo89us

6 жыл бұрын

Can I ask where you picked yours up? I've only been finding low priced Volts on Car Gurus. Thanks man!

How about the bad Shift Assembly that causes the "Action Required - Shift to Park" message to pop up. You either have to get the assembly replaced or play games with the shift lever and brake to get the car to turn off.

The depreciation is one of the best parts of the Volt for me haha. If it held value well I wouldn't be looking at buying one as a daily.

@DrivenCompanion

7 жыл бұрын

It definitely works to the favor of those buying a used one. To be fair I saved a lot buying mine used as well.

@eveneser12

6 жыл бұрын

ME TO

@sanjose101ful

5 жыл бұрын

True ! I just picked up one for $5000 and parked my suv. it saves so much gas and it runs awesome

The depreciation is my favorite part! I am looking at 2-3 year old Volts on eBay selling with under 50k miles for like $9,000. It's pretty common that new concepts in the vehicle industry have horrible resale value. Buying a car new is a horrible decision to add on top of that. $35,000 Nissan Leafs are about $5,000 3 years old as well.

@DrivenCompanion

7 жыл бұрын

Actually, you're right. I wouldn't have bought my Volt had it not been for the significant savings over a new one and overall its a very good thing that prices on used electric cars are allowing buyers that couldn't afford a new one or wouldn't be willing to make the investment to get into the electric market... as long as it doesn't discourage people from buying new ones. I guess I should have waited a little longer to avoid the depreciation.

@Henry0870

7 жыл бұрын

I bought a used Opel Ampera (05/2012) in 02/2015. Depreciation was close to 60% in less than 3 years!! Which in my case is nice, as I would never be able (or would have want) to buy this car new, it was €48,574,- ($53,851,- at current exchange rate) in the Netherlands... (and no tax incentive on the new price..) But because of the rapid depreciation, I did change my insurance . If the car gets totaled within in the first 3 years of ownership, I get the full price I bought it for, not what it's worth at that date.... (The Opel Ampera is the European re-brand of the Chevy Volt, in case you didn't know. ;-) )

@DrivenCompanion

7 жыл бұрын

Yes, I'm well aware of the Ampera and actually like the styling more than the Volt. I forgot to mention the affect of that depreciation on insurance. I have an Audi Q5 worth 3 times the Volt and the insurance on the two cars is the same. Good point!

@portagepete1

7 жыл бұрын

Audi's are all junk can't compare. All german imports hurt america's economy most Japanese cars help the economy and all plug in Hybrids help everyone.

@GeekTherapyRadio

6 жыл бұрын

My 2010 Audi S5 is going on 130,000 flawless miles. Hell, I've got a 1983 Delorean that I tortured delivering pizza back in the day and it too still runs great after almost 1/3 of a century. I guess you just don't know how to take care of cars it seems.

Hey how are you this I was thinking about getting a chevy volt would it be an good idea cause im tired of spending a lot on gas

Figuring my fuel cost savings, rebates and maintenance savings to date, I have actually paid $25,000 for my volt. As long as I don't sell it, or crash it, I will eventually be in the black on my 2015 Volt in 3-4 years. I couldn't be happier.

@DustinDawind

7 жыл бұрын

Same. But I also get reimbursed for mileage from work. I bought a fully loaded 2017 last August. My Total purchase price including taxes, tags, and all the other random fees the dealer charges was $41,805.86. Less the federal tax credit (I got close but only managed to get $7,365) and my state's $2,000 rebate brings me down to $32,440.86. Less my mileage reimbursement since I bought it of $9,564.74 brings my total down to $22,876.12 in just under a year of ownership. Of course that number goes up if you factor in all the other costs of ownership/driving. So my total cost for gas, electricity, tolls, parking, insurance, registration, general maintenance (I hit a pothole last winter and destroyed the rim and tire), and just various other non-essential items such as getting it washed etc. since I bought it was $4,918.59 which would bring my grand total up to $27,794.71. Still pretty good for less than a year of ownership.

Yes. Similarly, my 2013 Volt Premium was $44,000 new and I got it for $22,000 in June 2015 in immaculate condition. You can't buy it as an investment. You have to buy it as a commitment to reducing your gasoline consumption, and now 50% of my miles are electric. Also, the ICE is horrendously inefficient, while the EV is highly efficient.

Great explanation I think you are absolutely right when you say it's in part due to the newer technology why they lose their value so quickly

I leased a Toyota Yaris as a work car for 5 years. When the leased ended, the pay-off was $5K. I checked the current market value. The current used price was the same that I paid for the car. I've owned 2 Prius's. Brand new, they were less than $25K.

🇬🇪🇬🇪Here in Georgia Volt 2014 price is like 8500$, i hope ill be able to afford that car one day

This car is excellent and a lot of fun to drive. And the design still stand the test of times. I was happy with the depreciation when bought and don't bother if I once will face it when selling.

The best deal right now is to buy a used Leaf for around $5k and you’ll find that your operating costs plus payments on a $5k loan is no more more than the gas costs on an i. c. e. Vehicle when driving $12k miles a year

@DrivenCompanion

6 жыл бұрын

Yes, I wish I liked the styling of Leaf's a bit more because use ones are an incredible bargain!

Interesting insight, the second generation Volt is great, but the original Volt has a fantastic reputation with the owners, and as you say, the first generation Volt had the Prius beat in every respect. I ended up buying a new Gen2 Volt last year because the used ones cost just as much once the tax credits were figured in.

@patrickflohe1193

5 жыл бұрын

Richard Alexander I have a 2019 gen 2, and it's a fantastic car. I won't be selling for a long, long time....it's sad about the resale value, but it won't affect me.

Great review thank you sir

Just put a deposit on A 2013 Holden Volt - original price was 85,000NZD with no cash back or tax benefits available. They sold six in NZ total. All where fully loaded i'm paying 28,000NZD and the car only has 48,000km on it. Lot of car for the money! Worst thing is the lack or rear wash wipe!

Who cares about depreciation if you love and keep a car for a long time?

The last video of yours I watched was about all the things wrong with it, and they were things the previous owner dealt with, only a couple of which were actual (besides perceived) issues, that you didn't even deal with. In this case, you BENEFITTED from the depreciation, which another viewer has explained quite clearly to you. I don't understand why you have this issue.

Its better to lease an ev rather then buying one new. For the one leasing the vehicle you don't have to worry about the resale of the car, and for ones looking to buy one, can get a second handed one that still has a decent life span and maybe the right price.

I was able to get my Used 2013 because it was a fleet car.

@wowowiiwaa1337

6 жыл бұрын

I heard about these fleet car deals. Since many people’s companies paid gas and not electric many of those are ran as gas cars so the battery packs haven’t had lots of charges put through then

No shit sherlock but at $4 a gallon an Ev are a blessing and with the chip shortage and bolts lighting on fire

It's because you got people like Scott and others that try to downgrade American products and make you by Foreign when foreign stuff is junk volts are excellent

E.V. tax credits bring down the resale value, but that is ok. Why you ask, because there is no reason for the people who can not afford to buy a new E.V. can afford a used one. Everyone should be buying E.V.'s No reason not too. Who cares about the resale value. We love our 2013 and it could easily become our son's first car. If not, he will definitely be driving some kind of used E.V.

@Jason-zp4ly

6 жыл бұрын

One more thing. You can thank all new E.V. owners for purchasing their cars. These are the people who spent the money to make the movement, and in turn eat the cost and pass on the savings of a used E.V. for you. I always thank those people who purchases the first couple of years of the Volt that brought the cost down over time.

The majority of cars take a huge plunge in value, once they leave the forecourt, due to VAT, which amounts to thousands of dollars

My 2013 volt is still worth the same as when I bought it two years ago. I think you need to by a three year old car

@gabgzz5719

5 жыл бұрын

How long it las the full battery on your Volt? I'm trying to buy one

Yeah, if you have the choice between buying a Volt new vs 3 years old, it makes sense to buy it 3 years old. At one point it had been a car difficult to source due to limited production, but seems a bit more available now. I think 2nd hand Volt prices are undervalued for what you’re getting. I bought my Gen2 Volt in 2016 in Canada with no tax credit, but have no regrets. If I had the option to buy a 2nd hand Volt at a fraction of the price, I’d go for it. But that car was just introduced when I bought it, at least it was the first of the Gen2, where you have more of a full back seat. All that said, I disagree with that being the worst thing about the Volt. I posted over here on Reddit that in my opinion, the triple honk is THE WORST thing about Volts. Read on about it, and how to fix this design problem with 3 discreet beeps instead. www.reddit.com/r/volt/comments/ktfwy8/accepted_delivery_today_of_my_new_to_me_2017_volt/giod3tn/?context=3

the average vehicle loses 70% of its value in 4 years so in 6 years only losing 78% that is doing real good

I saw a volt 2011 with 100k miles.. for $4k...I am trying to move heaven and earth to get it lol.

@DrivenCompanion

4 жыл бұрын

Wow, thats a great deal assuming its in good shape. Good luck with your purchase!

It's good for the smart people who wait 2 to 3 years and get a good car for less.

I think your Volt is an amazing vehicle. However, it came in just after the very first mass market EV, the Nissan LEAF. You are an early adopter, so you get hit with the issues concomitant to that? eg how much are the first series of iphones worth now, as mobile phones, not collectibles? It beats a landline hands-down if you are in a park, but there is a whole lot else happened in that world since then. The parallels between high tech devices and EVs or hybrids, go on and on. Driving a piece of mobile technology close to its conception or at least rebirth, is less of a lossmaking proposition now or especially say come 2020 when a lot of issues will have shaken out? Anyway, you have a swiss army knife there, hybrids can handle anything so you at least have been insulated almost entirely from the obsession with range that full EVs have endured from onlookers. An obsession of course, that is on the brink of being extinguished as we sit in early 2018, with Hyundai Kona SUV launched at 300 miles range, the model 3 beginning to get rolled out in numbers later this year, and of course the B for Bolt which is hard to criticise. Thanks for your insights, it is getting there now!

Well, I am glad you did not get a Maserati! They depreciate about $650 a month out of the dealership! While the percentages may be close, that Maserati was way more money. As to depreciation in general for all cars, since most cars today are built to a much higher standard than in the pre 1990's, the best buys are 3 to 4 year old vehicles with the intention of keeping them 5 to 8 years. Rust is normally not an issue and interiors do hold up except when abused. A 4 year old Volt is an excellent purchase. I elected to buy an used Nissan Leaf and to buy an upgraded new 2017 battery. For about 20K I have a 100 mile range car that shall keep for 7 to 8 years no match for my 16 year old Audi TT Roadster but it shall do. Buy used, keep them for a long time, take care of the them and that is my formula for success. I use my money for other purposes. Keep the Volt. It will last. See the 300,000 mile Volt report on KZread. Cheers.

Depreciation is the last thought on my mind when buying a vehicle. When I buy a vehicle I am going to drive it until it doesn't drive any more. I'm going to get every possible mile out of it and then I'll start thinking about buying a new one. If a dealer will give me a couple bucks to take it off my hands great. If not, whatever.

@mzengm

6 жыл бұрын

Agreed. My last car was a 1999 Saturn SL. I traded it in for $500 and bought my 2017 Volt. I figure as long as the battery pack doesn't poop out catastrophically on me, the car will just last; in the end, I still have a barely used engine.

@kens97sto171

6 жыл бұрын

Then the smart thing would be to find a 1+2 year old certified used car for a lot less. And then drive it till the wheels fall off. Regardless of how long your going to own it, paying less in the first place balanced with good condition and reliability is your best bet.

You must take into account the tax credit all these vehicles got. So The MSRP - $7500. That should be the initial value to calculate depreciation.

That’s the worst thing? What that means is that the Volt has been improving in subsequent model years. People naturally want those i provements. Anything you buy with technology that is rapidly evolving will depreciate rapidly. That just goes with being an early adopter.

Hey you may hate it ..but I am loving it...the only way a poor person can own any type of worth while electric vehicle...in Texas....

@DrivenCompanion

6 жыл бұрын

Definitely wasn't saying I don't love the Volt. it is an excellent vehicle!

@RatusMax

6 жыл бұрын

Yeah I should have been more specific. I meant you may hate the price depreciation, but as a poor person like myself, I love that it goes down in price fast. By 2019 it should be in my buying range as the warranty runs out no matter the mileage on the car.

Your video makes absolutely no sense. You take a sticker price and compare to resale value. Your wrong. I bought a new 2013 volt that stickered at $46 thousand+ change. You claim I lost all this value from that sticker price. With end of year clearance and state and federal tax incentives I paid just under $27 thousand. The amount of depreciation is nothing compared to most vehicles. You want crazy, try looking at big SUV's like the Escalade or Navigator.

The Chevy Volt is wildly overpriced.

@ElenaSanchezMora

6 жыл бұрын

You get what you pay for.

@patrickflohe1193

5 жыл бұрын

order9066 That is so wrong. You get what you pay for, and they are a great car....they last a long time.