Trading in My 2024 Mustang Mach-E: When the Future Depreciates Too Fast

Eric Poole | Posted: 10/27/2025

(Credit: Romano Ford | Mach-E About Page)

I’ve always been a fan of new tech, from day-one console launches to bleeding-edge gadgets, and cars have been no exception. I’ve owned multiple EVs since 2021, and when I bought my 2024 Mustang Mach-E Premium Extended Range last November, it felt like the perfect blend of performance and practicality. I paid $49,000, minus the $7,500 federal tax credit, which made it a pretty appealing deal for what I was getting: sleek looks, strong range, and that addictive electric torque.

But fast forward eleven months, and the EV landscape has changed drastically.

Why I Thought About Trading It In

To be clear, I’ve loved my EV experience. Charging at home for under ten bucks, instant acceleration from 0–60 in under five seconds, and the near-silent glide through city traffic, it’s all great. For daily commuting or light driving, electric cars are hard to beat.

But lately, my driving habits have shifted. I’m on the road more often, and public charging just hasn’t kept pace in my area. Where I used to pull up to an open charger in minutes, I’m now waiting in line, sometimes for 20 or 30 minutes, and paying a lot more per kilowatt-hour than I used to. Add in the fact that the federal EV tax credit recently expired, and it suddenly felt like the right time to see what my Mach-E was worth.

So I decided to shop around and see if I could swap my EV for a traditional gas-powered Mustang.

The Big Reality Check

That’s when the fun stopped.

After taking my “basically new” 2024 Mach-E to multiple dealerships, I was hit with trade-in offers ranging from $20,000 to $25,000. For a car that’s less than a year old and in pristine condition, that’s… rough. I still owe around $34,000, so any trade would leave me deeply upside down on the loan.

In short, it wasn’t happening.

What Went Wrong

If you’ve been watching the EV market, you probably already know what’s happening. The short version, EV resale values are tanking.

Several factors are colliding right now:

Tax incentives are expiring or shifting, which makes new EVs less attractive to buyers.

Used EV demand is dropping because of range anxiety, charging access, and uncertainty about long-term battery life.

Manufacturers are cutting prices on new models to stay competitive, which drags used prices down even further.

For example, Ford has adjusted Mach-E pricing multiple times since my purchase, and with newer models offering longer range and better software, the 2024 trims just aren’t holding value.

This isn’t unique to Ford. Tesla, Hyundai, and Rivian are all facing similar depreciation spirals. The EV bubble is cooling off, and early adopters like me are feeling the sting.

What’s Next for Me

The good news is that my Mach-E is a lease with a buyout option, so I’m not locked into the depreciation nightmare. I plan to enjoy the next 20 months of low-maintenance, high-torque driving and then hand the keys back to Ford when the lease is up.

If resale values rebound by then, great. If not, Ford can take this shiny, tech-packed, heavily depreciated EV back and figure out what to do with it.

As for me? Maybe I’ll go full circle and get something with a bit of growl again, like a Corvette. Because sometimes, the future is fun to test drive, but the past still sounds better.