Porsche's electric rival to Tesla has lost up to $100,000 in value (2024)

Depreciation is hitting EVs harder than most other vehicles. A combination of technology upgrades, price fluctuations on new cars, and lack of demand has meant a rapid drop in value for many electric models. This phenomenon is especially dramatic for Porsche’s Taycan EV, with high-spec Turbo models losing almost $100,000 in value within four years.

The Porsche Taycan, first launched in 2019, was to be the German automaker’s attempt to take on the super popular Tesla Model S. While the Taycan offered solid build quality and a driving experience that you would expect from the maker of some legendary sports cars, the EV model was expensive. Porsche decided to launch the model with the top-of-the-range Turbo and Turbo S versions with starting prices of $151,000 and $185,000 respectively, and that is before you start checking off all the option boxes. Porsche later expanded the model range to include more “reasonably” priced models from the base Taycan to the 4S, and GTS trims. Buyers could even opt for the SportTurismo wagon body style.

There is an updated Taycan on its way for 2025 that will provide even more power and faster charging, but this upgrade comes at a price with MSRPs starting at $101,395 for a “base” spec all the way up to the Turbo S Sport Turismo with a sticker price of $213,695. But even if you have that kind of cash, a savvy shopper for a six-figure performance EV should look into the pre-owned market because they could save serious money.

Here is a sampling of three-to-four-year-old Taycaon Turbo and Turbo S models that illustrate the massive depreciation.

Here we have a Porsche Certified 2020 Turbo with just under 15,000 miles with a current asking price of $89,998 and an original MSRP of $179,630. That’s a drop of $89,632

Next up is a Porsche Certified 2020 Turbo S with 21,635 miles and a current asking price of $105,900; it had an original MSRP of $206,950. That’s a depreciation drop of $101,050

Another 2020 Turbo S model with 24,265 miles and an asking price of $112,890; the original MSRP was $222,770. That is a drop of $109,880.

The Taycan depreciation is especially interesting contrasted with the current generation 992 series 911 where it’s not uncommon for lightly used examples to sell for over their original sticker price. While Porsche’s icon seems to hold value across generations, the pace of Taycan depreciation doesn’t look to slow down anytime soon.

This article originally appeared on Jalopnik.

Tom McParland is a contributing writer for Jalopnik and runs AutomatchConsulting.com. He takes the hassle out of buying or leasing a car. Got a car buying question? Send it to Tom@AutomatchConsulting.com