– Average depreciation of models purchased between 2018-2020: 68.1% ($18,530 average cost)
– Average depreciation of models purchased between 2014-2017: 76.5% ($13,624 average cost)
– Average price of new vehicle: $58,032
The top spot on the list for highest average depreciation goes to the Toyota Mirai. The fuel-cell sedan is only sold in California due to limited hydrogen fuel infrastructure in the rest of the country. This is a big reason the car depreciates so fast: Owners must thoughtfully plan trips to the hydrogen stations and can’t drive their cars outside of California. They also cannot drive far from one of the hydrogen stations, of which there are only 52 in the state (with more in the works) clustered around L.A. and Orange County. And even then, sometimes the stations run out of fuel, making driving an occasionally frustrating experience. Although there was much hype about the alleged low cost of upkeep and refurbishment for hydrogen cell cars, the market has not yet caught on to the technology.
Still, the high depreciation rate can mean the Mirai is an attractive option to Californians in the used car market who want to get in on hydrogen fuel. Even new 2021 models are selling for around $9,000 less than the 2020 models. Plus, Toyota provides complimentary fuel for up to six years or $15,000, whichever comes first, and that carries through to certified pre-owned Mirais sold at Toyota dealerships. But those looking to buy a new Mirai must carefully weigh the clean energy pros with the infrastructure woes that add unique complications to driving and fueling.
This story originally appeared on CoPilot and was produced and distributed in partnership with Stacker Studio.