Saturday, December 4, 2021

What auto ads and sellers don’t tell you about buying a car

– Average depreciation for models purchased between 2018-2020: 68.1% ($18,530 average cost)

– Average depreciation for models purchased between 2014-2017: 76.5% ($13,624 average cost)

– Average price of new vehicle: $58,032

The top spot in the list of highest average depreciation goes to Toyota Mirai. The fuel-cell sedan is sold only in California due to the limited hydrogen fuel infrastructure in the rest of the country. That’s a big reason why cars depreciate so fast: Owners must plan their trips to hydrogen stations thoughtfully and can’t drive their cars outside of California. They can’t even drive far from one of the hydrogen stations, of which there are only 52 in the state (with more in the works) clustered around LA and Orange County. And yet, sometimes the stations run out of fuel, making driving a frustrating experience at times. Although there was a lot of hype about the supposedly low cost of maintaining and refurbishing hydrogen cell cars, the market has yet to catch on to the technology.

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Still, the higher depreciation rate could mean that the Mirai is an attractive option in the used car market for Californians who want to switch to hydrogen fuel. Even the new 2021 models are selling for around $9,000 less than the 2020 models. In addition, Toyota offers complimentary fuel for six years or up to $15,000, whichever is earlier, and this is through certified pre-owned Miraises sold at Toyota dealerships. But those looking to buy a new Mirai must carefully weigh clean energy pros with the infrastructure problems that add unique complications to driving and refueling.

This story originally appeared on COpilot and was produced and distributed in partnership with Stacker Studios.


Nation World News Desk
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