Are electric cars and hybrids overpriced for what they offer? That’s often been the argument of many in deferring purchases of such vehicles, despite the likes of Ford and other auto manufacturers seeing gradual increases in related sales. New data out from Kelly Blue Book via its monthly used-car market report seems to suggest values of these green automobiles are, in fact, dropping slightly.
July data indicates, according to Kelly Blue Book [PDF], that hybrid and electric vehicle values dropped three percent, despite a climb in gas prices. Even though fuel prices “remain above $4.00 per gallon in many parts of the country ($3.68 per gallon nationally), values of hybrid and electric vehicles depreciated more than any other segment so far this year.”
That’s probably not news foreign and domestic auto manufacturers are exactly happy to hear. It is further reported that the hybrid car segment is down “significantly at 13.2 percent or $2,432” even as fuel prices have been mostly flat through the first half of this year.
“Consumers are less willing to pay top dollar for used electric, hybrid, and alternative-fuel cars for a number of reasons,” said Alec Gutierrez, senior market analyst for Kelley Blue Book, in a statement. “ First, lease deals on many popular new electric vehicles such as the Fiat 500e, Chevrolet Spark or Nissan Leaf can be had for as little as $200 per month and $999 down. Also, consumer interest in used alternative-energy vehicles has faded as many subcompacts, compacts and even mid-size cars now are able to achieve close to 40 mpg on the highway.”