How Electric Pickups Are Losing Value

The Cost Conundrum of Electric Pickups

"I wouldn't mind driving an electric pickup, but they're so expensive!" That's a common sentiment among many consumers. For example, the 2025 Ford F-150 Lightning starts at $62,995, and the Rivian R1T begins at $69,900. In contrast, an entry-level 400-horsepower combustion-powered F-150 can be purchased for as low as $37,290 for the 2026 model year, while a Tacoma starts at $32,145. If you need a practical, daily driver that can occasionally haul furniture, it’s challenging to justify paying twice the price just to go electric.

However, there is good news for those who haven’t fully embraced the electric revolution yet: these trucks depreciate rapidly. It seems like as soon as they are sold, they’re ready to go for half their original price. While this is disappointing if you’re trying to trade in a two-year-old Lightning for something newer, it can be beneficial for patient buyers looking to save tens of thousands on a practically brand-new truck.

The Days Of Underpowered Electric Vehicles Are Over

You don’t necessarily want to buy something just because it’s selling for half its original price, right? Let’s compare the specs of entry-level models. You really can’t go wrong with any one of these trucks when it comes to sheer performance specs. However, range is critically important if you’re considering long-haul towing. In the past, we’ve reported on the Cybertruck's range being cut nearly in half when towing a two-ton trailer, which accounts for way less than half of its maximum capacity. The Model X actually turned out to be the better tower, pulling the trailer around 256 miles.

A study shared by Fiver-O in the F-150 Lightning Forum compares the Rivian R1T to the Lightning, finding that they both lose plenty of range while towing a heavy load. However, the Lightning's available upgrades, such as ProTrailer Backup Assist, and its ability to utilize trip data and GPS planning to provide a more accurate range estimate, make it the easy choice if you're looking for a work truck. Meanwhile, the Silverado EV boasts the most impressive overall range among the entire lineup.

Electric Pickups Are Losing Around Half Their Value In The First Two Years

Vehicles are expected to lose a significant portion of their value immediately. However, a typical gas-powered F-150 is still worth more than 60% of its sale price after two years, and a Toyota Tundra takes over a decade to lose 50% of its value. Electric vehicles are lucky to retain that much after two years on the market. Here’s how the leading battery-powered trucks stack up according to data from CarEdge and iSeeCars.

Please note that any projections beyond the first few years are based on current trends. None of these trucks has been on the market for all that long. Now, are any of these trucks likely to bounce back or hold steady at 40% or 50%? Stranger things have happened, but a lottery ticket would be a safer investment than betting on the long-term value retention of an electric pickup.

The Cybertruck may be the biggest surprise here, as it is the only one of these trucks projected to retain half its value after five years on the road. Meanwhile, the Lightning and the Silverado are the fastest depreciators of the bunch. The Silverado actually loses nearly half its value in the first year alone, selling for around 53% of its original price just one year after it rolls off the dealer's lot. The Lightning takes two years to get there, selling for 52.08% of its original value after two years on the road.

Can You Count On An Electric Pickup?

Note, for the following JD Power Quality & Reliability ratings, that JD Power does not have separate ratings for the Silverado EV and the F-150 Lightning at the moment. This means that the ratings listed here are for the respective nameplates overall, while the R1T and Cybertruck ratings are specifically for the R1T and the Cybertruck. The maintenance estimates come courtesy of CarEdge.

It can be challenging to ascertain reliability when a vehicle has only been on the market for a few years. According to AAA, the annual maintenance cost for an electric vehicle should average around $949, which is $330 less than AAA's estimate for a gas-powered vehicle.

The Cybertruck Has Its Issues, But So Do The Other Electric Pickups

Much has been made of the Cybertruck's issues when it comes to build quality. We've seen panels flying off on the highway and carwashes turning the trucks into expensive bricks. In Tesla's defense, a new Cybertruck is less likely to fall apart than an older model. But we're specifically looking to get a deal on a used model, so what good does that do us?

The other trucks on this list have also had their own share of embarrassing recalls. More than 29,000 Lightnings were recalled earlier this year for suspension problems. The Silverado EV has been recalled for malfunctions in the electronic stability control system, and Rivian had to recall around 28,000 units back to the shop in June for faulty turn signals.

Used Silverado EVs And F-150s Lightning Are The Most Affordable Electric Trucks, New Or Used

If you're looking to use depreciation to your advantage and get a great deal on a basically new pickup, the Silverado EV and the F-150 Lightning are the only reasonable choices on this list. These trucks both lose around half their MSRP value after just a couple years on the road, and they start at lower MSRPs than the Rivian R1T or the Cybertruck to begin with.

A 2023 Ford F-150 Lightning initially sold for a base MSRP of $49,995. According to CarEdge, that would put the current resale value at around $26,037. Kelley Blue Book estimates it a bit higher, at a fair market price of $31,968, assuming around 15,000 miles a year.

The Silverado EV, meanwhile, hasn't been around for long enough to take full advantage of depreciation. The oldest Silverado EV on the market is the 2024 model, and a lot of the data found on iSeeCars and CarEdge, as it pertains to depreciation, is theoretical, based on market projections. So we're still waiting for the first significant drop in sticker price.

The F-150 Lightning Is The Best Buy On The Used Market

The Ford F-150 Lightning ultimately wins our comparison almost by process of elimination. The Ford has been around long enough to have shed a significant amount of market value, and it's one of the most affordable models available, even if you're buying brand-new. Upon reviewing AutoTempest, we identified the following listings.

A 49,043-mile 2022 Lightning XLT is selling in Virginia for $26,999.

A 40,053-mile 2022 Lightning Pro is selling in Florida for $34,084.

A 32,195-mile Lightning Pro is selling in Washington for $34,998.

A 43,719-mile 2023 Lightning XLT is selling in New York for $34,900.

A 30,885-mile 2023 Lightning XLT is listed for sale in North Carolina for $36,450.

These listings are only provided as an example. There's no telling what will be available in your area when you're ready to run a search of your own. But these numbers should illustrate that those KBB and CarEdge estimates aren't just whistlin' Dixie.

By now, you've probably heard the rumor that Ford may be dropping the F-150 Lightning due to the EV credits evaporating and electric trucks occupying a relatively small corner of the already niche electric vehicle market in the US. There's always a chance that this could turn the existing F-150 Lightnings into collector's items, but we wouldn't count on it. When a vehicle is canceled for disappointing sales, the tendency is usually for the price to keep falling, so, at the very least, you don't need to worry about missing the boat when it comes to getting a great deal on a slightly-used F-150 Lightning.