Big Wheels: EV values down 15% YoY

EV values fell nearly 15% year over year in July, continuing a downward trend over the past two years. As of July 11, the Exponential Used Electric Vehicle Index sat at 88.4, down 2% from the June 13 reading and down 14.8% compared with the July 12, 2023, reading, according to data from used-vehicle open derivatives market fintech Exponential Markets , which provides data-driven solutions to allow the market to hedge for residual value risk. After peaking at 156.4 on July 13 , 2022 , the Exponential Use d Electric Vehicle Index has fallen nearly every week , according to Exponential Markets. The index , updated weekly, measures price changes for wholesale electri c vehicles , considering models, vehicle features and mileage . [caption id="attachment_58342765" align="alignnone" width="679"] Exponential Markets[/caption] Residual values have become a concern in EV adoption since electric vehicles depreciate faster than ICE vehicles , according to a June 10 study by iSeeCars.com , a Boston-based company that analyzes used - car values. A s adoption has struggled, automakers have turned to incentives , including favorable leasing programs , to spur EV sales. The index is down 13% from March 11, 2020, just before the nation was shut down due to the pandemic. . The index climbed nearly every week from January 2021 until its apex in July 2022 before shifting to a downward trajectory. The Exponential Used Electric Vehicle Index is the newest dataset available in the revamped Big Wheels Auto Finance Data report . . Big Wheels datasets are broken into dashboards that include various metrics such as credit demand, securitizations and vehicle loan rates and serve as a resource for executives monitoring the auto finance industry. The Big Wheels Data service has been relaunched and reimagined to include an array of valuable industry datasets and dashboards. . See BigWheelsData for details.

Big Wheels: EV values down 15% YoY

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