Man claims his Porsche Taycan depreciated so much it plunged close to 'scrap value' as he reveals real costs

As the first wave of luxury EV cars begins to get hit by the D-word, this man believes his Porsche Taycan has lost so much value, it’s now only worth its ‘scrap value’.

The advantage of being the first people to buy EVs was that government grants and schemes helped reduce costs, and you’ve already benefited from years of lower prices, compared to those sticking with ICE.

But on the flipside, the EVs that were top of the range when they first launched are now being overtaken by new, cheaper, and more efficient competitors.

So, the dreaded depreciation has hit hard, especially for models like the Porsche Taycan, as this man found.

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This Porsche Taycan EV has lost tens of thousands in value in two years

Having launched in 2019, the Porsche Taycan was dubbed an ‘electrical masterpiece’.

But it soon faced stiff competition from the likes of the Tesla Model S Plaid, the Lucid Air, and most recently, Chinese alternatives like the Xiaomi SU7.

Since fresh-faced rivals came to play, the Porsche Taycan has been one of the cars hit hardest by depreciation, so much so that YouTube personality The MacMaster has seen his particular car drop from $160,000 to ‘scrap value’.

In an upload to his channel, the EV expert claimed that in the four years that he’s owned the car, it’d lost over $100,000 in value.

Having visited Porsche, they quoted him just $47,000 to trade in, and independent companies offered even less.

The Porsche Taycan driver continued to claim that a new battery would cost $60,000, so, in essence, the car is worthless.

“If I had an accident, [the battery] would be a write off, and as of today, scrap value for the car would be [$514],” he said.

Why are EVs depreciating so quickly?

One of the main factors in the Porsche Taycan depreciation is the battery life, as second-hand cars simply cannot perform to the maximum quality promised from newer versions.

“The depreciation on these cars is astronomical. That is down to a number of factors. One of them being the battery,” he continued.

“Who wants to buy a used secondhand EV? The battery is degraded all the time, a little bit like mobile phones, etc. The batteries degrade. They’re a throwaway disposable item.

“That is why it’s not a good idea to purchase an electric car.”

The same goes for other cars, like the Ford Bronco.

But with newer, more affordable cars on the block, too, the Taycan is being undercut, and people cannot justify spending so much.

It’s not all doom and gloom for the Porsche Taycan, though, as its newer models are still winning EV-industry awards.

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