Camilla Jessen
BMW i7 Sets New Record for Depreciation, Losing Over $100,000 (£80,000) in Just Two Years.
A Swedish owner of a BMW i7 electric sedan has suffered a massive financial loss, with the car losing over $100,000 in value in just two years, according to the car magazines Vi Bilägare and Boosted.
The car was originally bought for about $198,000, but was later sold for only $96,000 after driving just 10,950 kilometers (6,800 miles). This means the car lost about $9 for every kilometer driven — the biggest loss recorded for an electric car in Sweden so far.
The previous record was held by an electric car from China’s Hongqi brand, which lost about $6 per kilometer — much less than the BMW i7.
Expensive EVs Hit Hardest
This big drop shows a bigger trend: expensive electric cars are losing value faster than before.
A few years ago, electric cars were very popular, with high prices and long waiting lists. Now, the market has changed.
Luxury electric models from brands like BMW, Porsche, and Audi have lost between $63,000 and $70,000 in value.
This means it’s now possible to buy a used luxury electric car for about the same price as a new Tesla Model 3 or Model Y.
While this is good news for buyers, it’s been very costly for first owners.
The sharp fall in electric car prices began after Tesla cut its new car prices by several thousand dollars in March 2022.
This move caused the value of many electric cars to drop suddenly. Some Tesla owners in Denmark said they lost up to $35,000 almost overnight.