Chevy Volt image courtesy of Chevy
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Chevy Volt EV Has Greatest 1-Year Price Drop Of All Used Vehicles

A new study has determined that the used Chevy Volt EREV has the largest drop in price over the past year. This despite many used vehicles rising in value.
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If you are in the market for a used green car, you are in luck. A new study by iSeeCars.com has found that the used Chevy Volt extended-range electric vehicle (EREV) has seen the single-highest drop in value over the past year. This, despite many models rising in value.

The study found that used car prices have climbed in recent months due to heightened demand and inventory shortages in the wake of COVID-19. iSeeCars.com analyzed over 1.2 million used car sales in October 2020 and found that used car prices had an average increase of 9.5 percent or $2,193 compared to the previous year. However, the Volt has seen a decrease in value of 8.4%. Used Volts in October of 2019 had an average value of $16,510. They are now averaging $1,512 less than that price.“The Chevrolet Volt was discontinued due to its declining popularity as domestic sedans fell out of favor as well as increased competition from all-electric vehicles,” said iSeeCars Executive Analyst Karl Brauer.

One additional reason that Volts may be less valuable is that new Chevy Bolts are costing buyers under $20K in some states.

The Volt is not the only green vehicle on the list of those which have seen the greatest decline in value. The Toyota Prius hybrid also makes the list in tenth. “The Toyota Prius has been declining in sales as other Toyota hybrid models, like the Camry and the RAV4 have soared in popularity,” noted Brauer.

Conversely, convertible models have seen the greatest gain in value. Pickup trucks and sports cars also do well. For example, the Ram 1500 is up by nearly $6,000 in value and the Ford Mustang coupe, $5,000.

Read more on this study at the iSeeCars feature page.

John Goreham is a long-time New England Motor Press Association member and recovering engineer. Following his engineering program, John also completed a marketing program at Northeastern University and worked with automotive component manufacturers. In addition to Torque News, John's work has appeared in print in dozens of American newspapers and he provides reviews to many vehicle shopping sites. You can follow John on Twitter, and view his credentials at Linkedin


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Comments

They say GM cars have the greatest drop in value. But the fact is no one pays MSRP but usually about $10,000 off list price making them some of the better deals.
Thanks for noting that Norm. When I first saw the study I thought that exact same thing. GM leans very heavily on incentives to create a sense of "deep discounting." Those steep discounts on new vehicles from MSRP definitely make the resale value look worse. However, this study is a bit different. It is not comparing new Volt prices to used and showing a steep decline. Rather, this study is comparing the average used Volt process from October 2019 to the average of used Volt prices to this past month. And all the vehicles in the study were compared in a like manner. In the end, the Volt was the used vehicle that saw the steepest decline overall. Thanks for taking time to comment. We appreciate it.
Leasing a 2018 Chevrolet Volt LT, logging more than 12,000 miles in almost two years. "Lifetime" fuel economy: more than 75 mpg. Don't have a daily commute, but I need to use recharging stations more; some are free, most cost $2.75/hour or less.
Leasing a 2018 Chevrolet Volt LT, logging more than 12,000 miles in almost two years. "Lifetime" fuel economy: more than 75 mpg. Don't have a daily commute, but I need to use recharging stations more; some are free, most cost $2.75/hour or less.
You're not so bright. The 2019 Volts came out in the fall of 2018 so they are now TWO years old (not one) Here's a buck. Buy a clue!
Help us understand your comment. To who are you replying, or to what part of the story?
Sorry, but this quote is a total lie. “The Chevrolet Volt was discontinued due to its declining popularity as domestic sedans fell out of favor as well as increased competition from all-electric vehicles,” said iSeeCars Executive Analyst Karl Brauer. The Chevy Volt was discontinued for many business reasons, and mostly it was because GM was looking to cut their manufacturing costs quickly, and capitalize on short term savings. The Volt was historically one of the top selling plug-in hybrids (despite crappy marketing), and the most recent Volt was the best of the breed. Other PHEVs managed well under 20 miles of EV-only range, but the Volt got over 50 EV miles, plus it managed 50MPG from the range extender engine. Despite being a quick car. But Chevy has made the bulk of their profits from gas guzzling trucks, and the less profitable economy cars were all cut, including the Cruze, which was also a sales leader in it's class. But this way GM could close factories, and cut union labor, all in the name of moving forward with EVs. But after cutting the Volt and their economy cars they did NOT have any EV models ready to take their place for years to come, and only soldiered on with the Bolt. The Volt's price also suffered because it was visibly discontinued, and like all EVs used model buyers are uncertain about potential repair costs, even though EVs have better reliability and lower maintenance costs overall. I've seen used Chevy Bolts going for $13K-$14K lately, which is my mind does not make them a poor performer, but a fantastic used deal. But I usually buy my cars used anyway to avoid the worst depreciation. Nissan Leafs are also a great used car EV deal now as well. But I don't expect these great, low prices to stay low. The EV market has been artificially depressed because the oil companies have kept gas prices relatively cheap, and EV disinformation rampant. The cheap gas is partly due to reduced "Covid" demand, but anyone driving lately is seeing more and more cars back on the roads, and by spring I bet that we see oil prices creep up again. At which point the guzzler truck prices will see a drop and EV prices will climb back up as demand for clean economy cars comes back.
I didn't make the comment, but I will say this; It took GM more than a year to unload its 2018 Volts after the 2019 model year cars were already being sold. I'm a fan of the Volt, and PHEVs. I still don't get why GM killed the Volt other than it was unprofitable. Do mainly to battery and labor costs. But still, when you are announcing that the future is all-electric, why take a green choice off the table when you don't have to? I never got that. https://www.torquenews.com/1083/new-2018-chevy-volt-evs-sit-unsold-dealer-lots-even-gm-promotes-2020-bolt
Your quoted author was just restating GM's feeble excuse that the Volt was unprofitable and didn't sell well. But GM did a crappy job in marketing the Volt, and dealers openly diverted customers from both Volt and Bolt sales to their most profitable full sized pickup trucks and SUVs (which GM promoted heavily). Without proper marketing and support no product ever sells well, and the fact that the Volt was a top seller in it's class despite that shows how competitive the car truly was. Imagine if GM had promoted the Volt and Bolt as much as they do the more profitable Silverado and Escalade.
You make very valid points. Fingers crossed that the Volt proved to be a learning event for GM and going forward the EV lines will get some real visibility. I will say that in Mass and RI the Chevy dealers are all-in on the Bolt now. They carry a lot of inventory and they have dedicated "EV people" to assist buyers. And the discounts are staggering. Not sure that is good!