Depreciation

EV vs Gas Depreciation: Three Years In, the Gap Is Real

Mainstream EVs keep 65–71% of their value after three years; comparable gas models keep 71–80%. We measured every high-volume pair.

By VinAssessment Research Team Data as of August 2026

Electric vehicles have transformed how cars drive — and how fast they lose value. We compared three-year value retention (the median asking price of a 2023 model against its 2026 equivalent) for the best-selling EVs and their closest gasoline counterparts. The gap is consistent, and it is not small.

65% vs 78%
typical 3-year value retention: mainstream EVs vs comparable gas models

Side by side

3-year value retention — EVs

  • Tesla Model Y
    70.6%
  • Hyundai Ioniq 5
    66.2%
  • Mustang Mach-E
    65.6%
  • Tesla Model 3
    65.0%
  • Nissan Leaf
    48.0%

3-year value retention — gas counterparts

  • Honda Accord
    79.8%
  • Toyota Corolla
    79.7%
  • Honda CR-V
    78.5%
  • Toyota RAV4
    77.5%
  • Toyota Camry
    71.2%

A three-year-old mainstream EV typically lists at 65–71% of its current-year equivalent, while comparable gas sedans and crossovers hold 71–80%. In dollar terms: a 2023 Hyundai Ioniq 5 had a median ask of $28,304 against $42,727 for a 2026 — a $14,400 gap — while a 2023 Honda CR-V kept all but $8,300 of its 2026 counterpart’s price.

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The outlier: Nissan Leaf

The Leaf keeps just 48% of its value over three years — the steepest fall of any high-volume EV. An aging platform, shorter range than newer rivals, and a small resale audience push a 2023 example to a $17,994 median ask. For a second owner who mostly drives locally, that same number reads as the cheapest way into a nearly-new electric car on the market.

Why EVs fall faster

  • Technology cycles. Each EV generation brings meaningfully better range and charging; the previous generation reprices accordingly. Gas models improve incrementally.
  • New-price volatility. Aggressive MSRP cuts and incentives on new EVs push used values down from above.
  • Battery uncertainty. Buyers price in a battery whose long-term health they cannot easily verify.
  • The Tesla Model Y exception. At 70.6% it nearly matches the Camry — scale and a strong charging network keep demand for used examples deep.

What this means if you’re buying

  • Buying new? Budget for the steeper curve: the EV premium you pay today shrinks faster than it would on a gas equivalent.
  • Buying used? The math flips — a three-year-old EV is 10–15 points cheaper, relative to new, than a comparable gas model, and mainstream 2023 EVs cluster under $33,000.

Methodology notes

Retention = median asking price of the 2023 model year ÷ median asking price of the 2026 model year, national listings, minimum 30 active listings per side (snapshot of August 4, 2026). The 2026 side for the Tesla Model 3 clears the threshold with 47 listings — treat its exact figure with a wider margin. The Chevrolet Bolt EV was excluded (no qualifying 2026 listings). Trim mix is not controlled. See how we build these studies.

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