Read more of this story at Slashdot.
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High Depreciation May Slow Electric Car Acceptance
Posted: June 26th, 2010, 6:11am MDT by timothy
Hugh Pickens writes "The New York Times reports that as cars like the Nissan LEAF and Coda Sedan become available, one question that may give electric car buyers cold feet is bubbling to the surface: How much will these next-gen vehicles be worth a few years down the road? According to a report from the UK's Glass Guide, unless manufacturers properly address customer concerns regarding battery life and performance, the new breed of electric vehicles (EV) soon to be launched will have residual values well below those of rival gasoline and diesel models, with a typical electric vehicle retaining only 10% of its value after five years of ownership, compared to gas and diesel-fueled counterparts retaining 25% of their value in that time period. According to Andy Carroll, managing director at Glass's, the alarming rate of depreciation is a function of customer recognition that the typical EV battery will have a useful life of up to eight years and will cost thousands of dollars to replace. Carroll added that manufacturers could address this problem by leasing the battery to users."