EVs’ Rapid Depreciation is Making the Transition Harder
Electric vehicles (EVs) were once seen as the future of clean and sustainable transportation. Many people believed they would replace fuel-powered cars quickly and help the world reduce carbon emissions. However, as more people and companies shift to electric mobility, a serious problem is emerging. EVs are losing their value much faster than traditional gas-powered cars, making the transition to electric transport harder and more expensive than expected. Recent studies show that EVs depreciate at a much higher rate than fuel cars. For example, Tesla’s popular Model Y has lost about 42 percent of its value in just two years,…