For the modestly priced vehicles, the $7,500 tax credit is a huge contributor to depreciation that people seem to overlook. When I purchased a Nissan Leaf back in 2022, the sticker price was like $28,000, and the price after the $7,500 rebate was $20,500. So of course, if you were to turn around right away and try to sell it on the used market, you wouldn't be able to sell it for more than $20,500, since buyers would be crazy to buy it used from you, when they could buy a brand new one for $20,500. So that like 27% depreciate just due to the tax credit. And then for the more luxury EVs (like Audi, Mercedes, etc), there is the fact that luxury vehicles already depreciate more than less expensive cars (ICE included). And the battery tech keeps getting better, so fewer people want a 200 mile version when the newer versions have 300 mile range. So there is less of a market for $100k MSRP vehicles three years later that are going for $40k, since people are also worried about luxury priced repairs / maintenance, when they could get a new $40k Chevy, with a bigger battery and new warranty, etc.