smartdriver

Some Information About U.S.Kelley Blue Book Values for Electric Vehicles

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Posted (edited) · Report post

If you go to Kelley Bliue Book (kbb.com) to determine the value of a used 2014 smart ED, you will discover that it is in the range of $6,000 to $7,000 U.S.

http://www.kbb.com/smart/fortwo-electric-drive/2014/hatchback-coupe-2d/?vehicleid=395353&intent=trade-in-sell&mileage=10000&category=hatchback&condition=excellent&pricetype=private-party

The value of a 2012 Mitsubishi i-MiEV is about the same. A Nissan Leaf or Ford Fusion a little more.

Why are prices so low? There are likely a number of factors including the future introduction of the $30,000 or so Tesla 3 and Chevy Bolt, but I learned of another possibility.

It turns out that leasing companies refuse to budge on their lease buyback price which can typically be $22,000. They likely have lease insurance which guarantees the buyback price and the cars end up at an auction where it can be had for approximately $6,000.

Electric car enthusiasts are not taking advantage of their leasing companies buyout price, but after the lease is up are buying one or more vehicles on the used market.

Two years ago I had gone to a Mercedes dealer in Toronto to price out a new 2014 smart ED and discovered that it would cost $19,000 out the door after all incentives and taxes were included. I recently (2016) saw a similar used smart ED at a BMW dealer for $14,900 reduced to $13,900, reduced to $12,900, but before I made the call it had been sold. Cargurus.com suggested that it was overpriced and was worth $10,300.

I have always wanted an electric car and after missing out on the smart ED and doing a bit of investigating here in Toronto, I just bought a used 2012 i-MiEV in mint condition for $9,000 Ca before taxes.

Please don't be angry with me. I still own two 2005 smart Cabriolets.

As the first generation of electric vehicles come off lease, there are likely to be some real buys out there for anyone interested in owning an electric car.

Edited by smartdriver

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I had no idea that lease insurance existed. I remember a year or two ago Nissan was offering up incentives of up to $7,000 for customers to keep their cars at the end of their leases. I guess any kind of smart incentive probably wouldn't happen.

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With my transmission having been replaced at 25,000 km, I'm pretty much NOT going to buy mine out when the lease is up. Plus, I'm planning to move to Toronto, and transit/bike/car-sharing will just make more sense downtown.

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thank you @smartdriver very interesting numbers. More or less what I was expected when I entered into my lease. As the technology moves forward first generation (well technically 3rd generation but first USABLE generation ;) has to depreciated rapidly. Why settle for 120km when 300km technology is almost here. Don't get me wrong - I still think 120km is more than enough in a two car family. But with 300km we start looking at electric as an "only car". In a way I'm rather glad to see that used electric cars will be available to a wider customer base. You do have to wonder though what that is going to do to future lease rates.

Some nit picking:

You can't call the bolt/3 $30,000 cars without the disclaimer "after incentives in $US."

In the case of the model 3 I doubt very much whether any 3's will go out the door at $30K. You want the winter package - that will be extra. You want supercharger access - that will be extra. You want "driver assist" (I won't use Tesla's term - too misleading!) - that will be extra. In Canada, with the current exchange rate I would suggest a budget of about $50K prior to gov't incentives. So out the door around $40K in Ontario.

Like Darren I will be turning mine in this November. It will be a very sad moment for me but my circumstances have changed and I can't justify having two cars anymore. I still love the smart - I have over 12 years between the 450 and the ED. I just don't think the engineers will be able to pack the magic 300KM fast charge into such a small package. Interesting times!

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With my transmission having been replaced at 25,000 km, I'm pretty much NOT going to buy mine out when the lease is up. Plus, I'm planning to move to Toronto, and transit/bike/car-sharing will just make more sense downtown.

What happened to your transmission Darren?

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With my transmission having been replaced at 25,000 km, I'm pretty much NOT going to buy mine out when the lease is up. Plus, I'm planning to move to Toronto, and transit/bike/car-sharing will just make more sense downtown.

What happened to your transmission Darren?

It was making a grinding sound. My suspicion is that it leaked all of its grease/oil down the drive shafts, because I found the inside of my rear wheels coated in a thick layer of grease.

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Posted (edited) · Report post

I got into my Smart ED in 2013, so have nearly 3 years in it. Paid the $19K out-the-door price quoted in OP. VERY happy with the car. Unlikely to ever sell it. It will be the car my kids/teenagers drive when they get their licenses.

If I consider it's worth $13K (What the OP said he looked at). That's about $200/month in depreciation. More expensive than those that got the $140/month lease (taxes in), but not far off. No regrets! Cheapest car I have ever owned on a price per km, and for sure, best car EVER on price per smiles!

Edited by SmartElectric

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Posted (edited) · Report post

Interesting story. I got a email from my guy at Mercedes in Kelowna a week or so ago. They had just brought in a 2013 Cabrio ED with just under 20,000 KM. They were asking 19,995. We were mildly interested and I said I would stop by in a week or so to see it. Got another email a few days later saying it was sold to someone who came in for car maintenance. Pretty fast turn around, and although I don't know what it sold for, the asking price was within 500 dollars of what we payed for our Cabrio ED one year ago. I'm thinking my (Angelas) smart ED hasn't gone down that much.

In other news, saw a Ford focus electric at the local ford dealer today. NIce. Burgundy, 4 seats, full load, 29,000 after incentive. Think the range is about the same as the smart though....around 80 miles or 120 KM. The leaf is north of 110 miles ((170 KM) for a few extra grand though. Even in small town Vernon you can buy an EV now. :)

Edited by John & Angela
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