Full-Size EV Pickup Trucks Face Residual Value Challenges, Except for One

Full-Size EV Pickup Trucks Face Residual Value Challenges, Except for One

Full-size electric pickup trucks are entering a challenging phase, particularly when it comes to maintaining their value. While the market for electric vehicles (EVs) is experiencing some uncertainty, with changes in the tax credits and charging infrastructure, one thing is clear: the residual values of these large EVs are a concern.

Customers who purchase full-size pickup trucks have specific expectations regarding towing and hauling capabilities. Unfortunately, the current selection of EV versions often falls short of their internal-combustion-engine (ICE) counterparts. Several manufacturers have indicated their strategies for adapting.

Ford, for instance, is shifting towards developing extended-range full-size trucks. This approach aims to preserve both range and towing/hauling capacity. However, the residual values of EVs are a significant point of concern. Depreciation is more aggressive in the segment, with values often falling considerably within three years.

To track these trends, Autoweek is collaborating with Black Book, a Hearst Automotive data firm, to monitor the residual values of these trucks following 36-month leases.

The Tesla Cybertruck: An Exception?

Despite market turbulence, the Tesla Cybertruck appears to be holding its value relatively well. According to Black Book’s March 1 projections, a base 2024 Tesla Cybertruck AWD crew cab is estimated to retain 60.9% of its original MSRP of $81,985, with a residual value of $49,900 after a 36-month lease. This is the best performance among the EV pickups evaluated.

Another method of measuring value—wholesale pricing on used Cybertrucks—shows a steady, yet limited decline. Early in the previous year, the average wholesale value was $125,500, well above the $81,985 sticker price. By February 1, the Cybertruck’s wholesale value had decreased to just under its original price, at $80,050.

Ford F-150 Lightning’s Depreciation

In contrast, the Ford F-150 Lightning, the first full-size EV pickup from a major manufacturer, is projected to depreciate more rapidly. Black Book estimates that a 2024 Lightning Lariat Supercrew 4WD, initially priced at $79,845, would be worth only $26,725, or 33.5%, at the end of a three-year lease.

Ford has acknowledged this, with CEO Jim Farley stating in an early February earnings call that the company is developing an EREV (extended-range electric vehicle) system for larger vehicles, including full-size pickups, to balance range and towing capacity. Ford will continue to market full-size electric vans for delivery services.

Instead of a truck similar to the F-150, Ford’s upcoming EV pickup, which is built on the automaker’s new, specialized electric vehicle platform, is expected to be a “tweener” model akin to the Ranger and F-150. According to Farley, consumers of full-size trucks currently have expectations regarding range and towing capacity, neither of which they want to compromise.

Other EV Pickup Valuations

Other EVs evaluated by Black Book include:

• Rivian R1T: This midsize pickup is estimated to retain 46.3% of its original $80,700 sticker price, equaling $37,400.

• GMC Hummer EV: Valued at $99,590 new, this loses significantly less value, holding 50.1% of its original value at $49,900 after three years.

• Chevrolet Silverado EV: Initially valued at $80,445, this truck is estimated to retain 49.4% of its value, reaching $39,275 after 36 months.

These figures highlight the varying degrees of depreciation within the growing EV pickup market, emphasizing the importance of residual value when making purchasing decisions.