Here’s How Much A 1-Year Old Kia EV6 Is Worth Today

Concerns regarding long-term electric vehicle (EV) ownership have recently surfaced as numerous studies suggesting their rapid depreciation have recently popped up. Due to concerns such as long-term battery costs, the charging infrastructure, as well as EV tech still being in its infancy, an EV five years from now will be significantly different from an EV in 2024.

Basically, you can think of EVs today as what smartphones were back in 2007 when the first iPhone came out. EV technology is rapidly evolving, compared to a car with an internal combustion engine (ICE), which is pretty much near its peak. We still have to reach solid-state battery mass production–which is supposedly considered the holy grail of battery evolution. At the same time, not all EVs are created equal, and some are more desirable than others. As a result, while EVs, in general, have lower resale values than ICE cars, there are some EVs with decent resale values and others that you’re better off buying a slightly used one.

Recently, we discovered that the EVs with the best resale values are ones made by Tesla, but what if you want an EV that isn’t from that brand? Perhaps an EV from Kia is what you aspire to own–specifically, the award-winning EV6. Sharing the same mechanical parts as the Hyundai Ioniq 5, how is an EV6 in terms of resale value after a year of ownership? Based on how many awards and how well-received the car is, it should be desirable in the used car market, right?

In order to give you the most up-to-date and accurate information possible, the data used to compile this article was sourced from Kia and other authoritative sources, including iSeeCars and Ars Technica.

Don’t Buy An EV6 Brand New

Unfortunately, despite winning so many awards and being well-received by the customers who bought one, the resale values for the Kia EV6 aren’t that good. In fact, it can’t hold its value as well as any Tesla EV for that matter. As a result, this is one of those few cars that are better to buy slightly used (one-year-old cars, as classified by iSeeCars) as opposed to going the brand-new route.

Prepare To Lose As Much As 33.3-percent In A Year

According to this iSeeCars data of vehicle resale values after a year of ownership, the Kia EV6 loses as much as 33.3 percent of its original value. That’s more than double the industry average of 12.8 percent depreciation. Don’t go thinking that the Ioniq 5 fares better, either, because it is expected to lose 32.9 percent of its original value after a year.

EVs, unfortunately, make up about half of the top 10 cars that lose most of their value after a year of ownership. It’s a reflection of how many would-be owners of a used car are wary about long-term EV ownership. We’ve talked about in the past that most of those who bought new EVs were early adopters, but the buyer demographic in the used car market is less adventurous in exploring new technology. These people put value above all else and are less eager to have their lifestyles changed to adapt to the charging and infrastructure requirements of owning an EV.

There’s An EV With A Far Worse Resale Value

If it’s any consolation, there’s an EV whose resale value is far worse than the Kia EV6’s. That’s the Mercedes-Benz EQS, which also happens to have the absolute worst one-year depreciation among all new cars. Imagine losing nearly half the value of your six-figure luxury EV, making the EQS more of a liability as opposed to a car you’d aspire to own.

The Nissan Leaf, while being one of the most affordable EVs when brand new, is better bought as slightly used. Well, with an antiquated ChaDeMo charge port and EV technology from the mid-2010s, the Leaf is pretty much the iPhone 6 of the EV world in 2024.

(Data collected from iSeeCars)

The Challenge For EV6 Owners

The Kia EV6’s resale value isn’t good news for current owners, but is good news for those who aspire to own a used one. There are major factors contributing to EV6 resale values being not as good as Tesla’s, which are on top of long-term ownership concerns and charging infrastructure hurdles. As more research has been done to create this article, the tanking of EV prices in general can be attributed to two things.

EV Sales Slowdown Means More Inventory

At this point, you’ve probably already heard about the EV sales slowdown that the United States is currently experiencing. While this won’t necessarily mean fewer EV sales this year, that pace of growth is going to be much slower in 2024 than in past years. As a result, there is more inventory of both new and used EVs on dealership lots.

Value-seeking buyers in the used car market also don’t want to change their lifestyle, which is why the electrified vehicle of choice these days, whether new or used, is the hybrid electric vehicle. This is why hybrids have the best resale value among all cars these days, and Toyota is the biggest beneficiary of this hybrid vehicle boom in the United States. There is another reason why EV resale values are tanking, and that’s because of the actions of one man whose decisions have affected the entire EV industry in the United States.

Tesla’s Price War Isn’t Good For EV Resale Values

Since the start of 2023, Tesla has initiated a price war of sorts in the EV industry. This is why we’ve seen cars like the Model 3 reach near price parity with an ICE car, and the Model X seeing its brand-new price drop by as much as $41,000 since the start of 2023 in order to be eligible for the $7,500 Federal Tax Credit provided by the Inflation Reduction Act.

Because of Elon Musk’s aggressive price cuts, EV resale values have dropped in recent months. These price cuts have led would-be-used EV buyers into Tesla showrooms when those price cuts were freshly implemented. However, those who have bought a Tesla after the price cuts are set to experience the least depreciation. Combine this with the EV sales slowdown of 2024, you’ve got the perfect recipe for used EVs to rapidly depreciate.

But, That Doesn’t Mean That The EV6 Isn’t Good

Despite these factors affecting EV resale values, the EV6 is by no means a bad EV. It’s simply due to external factors that are beyond the control of the buyers and even Kia’s executives themselves that have led to the EV6 and other EVs losing their values at a faster rate. If you’re buying a used EV6, you’ll be glad to know that you’re getting yourself into a highly capable and stylish EV that has plenty to offer, especially at its current market value.

A Stylish And Distinct Design

The Kia EV6 is offered from the base Wind trim, all the way to the potent GT model. Whatever trim you choose, though, the EV6 has a rakish and modern exterior that blurs the lines between hatchback and crossover SUV (it is classified as the latter, though). The dynamic exterior design is complemented by an interior that looks just as modern and is packed with plenty of useful tech features. All models get two 12.3-inch screens, smartphone mirroring features, a plush interior, and premium amenities that range from ambient LED lighting, a panoramic sunroof, and power-adjustable front seats with ventilation, just to name a few.

More Than Just Transportation

The Kia EV6 is also an electric crossover SUV that offers either plenty of range or plenty of performance. Unfortunately, not both, because the EV6 GT, with its 577-horsepower dual-motor all-wheel drive (AWD) setup, is only able to travel up to 218 miles according to the EPA. So while its 0-60 mph time of 3.4 seconds is quick, its battery drains just as quickly. For maximum range, stick to any of the Long Range rear-wheel drive (RWD) models that offer up to 310 miles of EPA-estimated range. Its 225-horsepower single-motor layout may take 7.2 seconds to hit 60 mph, but you’ll be traveling further between charges.

Finally, Kia touts its EV6’s 800-volt architecture (for the Long Range and GT models) that the Ioniq 5 also uses. Thanks to the bi-directional charging capability of its E-GMP platform, the EV6 can act as an external power source to power your house during a power outage, or even provide electrical energy when you want to go camping. Additionally, that 800-volt architecture allows for up to 350 kW of DC fast charging, which means that the 77.4 kWh battery can be charged from 10 to 80 percent in less than 20 minutes, assuming you could find a DC fast charger that’s capable to deliver that amount of juice.