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