Owner of Cadillac wanted to trade it in after one year and 7,000 miles, went home after hearing estimate

The owner of a 2023 Cadillac Lyriq EV wanted to trade in the car, but he headed home disappointed after he was told the estimate for the SUV.

YouTuber and enthusiast Tyler Hoover of Hoovie’s Garage had owned the Lyriq EV for a year, and his fiancée had driven it roughly 7,000 miles before deciding to trade it in.

However, after taking her car to the dealer, Hoover was stunned at what they told him the resale trade-in value of the car was.

While electric car depreciation can be bad, Hoover didn’t realize just how bad it could be.

DISCOVER OUR SUPERCAR AUCTION SITE – View live auctions on SBX Cars

The resale value of the Cadillac Lyriq was a shock

While buying it for himself, Hoover’s fiancé had spent most of the time driving the luxury EV.

The Cadillac was bought after he sold his Tesla Cybertruck, and it is a 2023 model that he paid $44,000 for.

A front panel crack was why the previous owner traded the car in, but that didn’t deter the YouTuber.

Another issue was the 22-inch wheels having curb rash, but that wasn’t enough to put him off either.

Hoover and his fiancée, April, found a few issues with the Cadillac, however, during their time owning the car.

April also has her own YouTube channel, which is where the Cadillac is featured.

These issues included the rear hatch taking ages to come down, and closing when you didn’t expect it.

The infotainment system also failed to connect to their smartphones a lot of the time.

They also found the GM SuperCruise hands-free system to be somewhat limited.

These reasons contributed to the trade-in of the SUV.

Hoover felt the time was right to move the SUV on

The car had 9,000 miles when bought, with the couple adding 7,000 to it during the last year.

However, they both had a shock when they took the car to CarMax for a trade-in.

Hoover paid $44,000 for the EV, remember, but the dealer only offered $32,000, a depreciation of $12,000 in 12 months.

That has left them with a dilemma, with April considering keeping the car due to this.

Yet the couple could do with a bit of extra cash to fund other projects.

For added context, when new, the Lyriq cost $60,090.

That is a huge depreciation for a car with low miles after only two years.

Their dilemma shows us just how quickly an electric car can depreciate, even with very low mileage.

DISCOVER SBX CARS: The global premium car auction platform powered by Supercar Blondie