Buying a used Genesis GV60 – a luxury EV – can be cheaper than picking up a brand-new Chevrolet Trax, an SUV that is considerably less luxurious, not to mention less powerful. Bearing that in mind, it seems the humble Genesis may be poised as one of the best used car bargains on the market today.
Across the world, EV adoption has been on the rise. That is, except in the United States. A few years ago, dropping $60,000 on a luxury electric vehicle would net you something that was genuinely exotic, well-equipped, and adequately powerful. Such is the case with the Genesis GV60 which has seen its value fall considerably since its launch in 2023.
The GV60 Depreciation Cliff: How $60k Turned Into Less Than $30k In Three Years
2025 Genesis GV60 parked on a beachGenesis
When the GV60 first entered the fold, Genesis was asking $59,290 as its starting price. Of course, once you factor in things like destination fees, taxes, registration fees, and any other miscellaneous expenses that go along with a vehicle purchase, you could spend well over $60k on one in no time. Now, though, a ’23 GV60 is worth about half that, with some sources indicating it’s worth even less.
According to our own Price Trends tool, a 2023 Genesis GV60’s average used price sits right at $35,070. However, Kelley Blue Book is a bit more pessimistic, with an average price of around $31,500. CarEdge.com, though, really doesn’t think much of the GV60’s pre-owned worth. According to the source, a GV60 in average condition with average odometer mileage is worth just $25,024 after just three years of life. To put that figure into perspective, the three-year-old GV60 lost roughly 58% of its original value, and that does not even account for inflation.
2025-2026 Genesis GV60 front 3/4 angle while parked on a fieldGenesis
Of course, with such a wide array of average used pricing, it’s hard to pinpoint one definitive source that’s accurate. That’s because loads of factors go into determining any used car’s value, including condition, mileage, and even its geographical location. You also have to take into account what each individual GV60 offers, as there are different trim levels, optional extras, and even different paint colors, all of which can affect overall value.
However, the pattern remains largely the same; luxury EV depreciation can be brutal. The GV60 is not alone in this, either, as other luxury electric models drop a considerable amount of value over three years, such as the Mercedes-Benz EQE, which averages a 52% drop in overall valuation following three years of ownership. The BMW i5 is even worse, losing approximately 57.7% of its value over the same amount of time.
2025 Genesis GV60 rear three-quarterGenesis
With that being said, depreciation always works in the used buyer’s favor. Once the new-model owner absorbs the bulk of a model’s depreciation and sells it to the next buyer, that person can reap the benefits of purchasing a much more affordable luxury model that still boasts a good amount of opulence, tech, and sophistication for a fraction of the original price.
The GV60 Brings Oomph That The Trax Can’t Match
2025 Genesis GV60 side profile shotGenesis
To be clear: the Chevrolet Trax carries a base price that is far lower than the average 2023 GV60’s value, as it starts at just $21,700 before any fees are tacked on. However, the top-spec Trax stickers at $25,400. That puts it just a hair’s breadth above CarEdge.com’s 2023 Genesis GV60 used market price estimation of roughly $25,024. It shouldn’t come as a surprise to learn that the GV60 has quite a lot more to offer in the performance department than the Trax.
Straight out of the gate, the GV60 has a lot more horsepower to offer. As far as total system output is concerned, the 2023 GV60 manages to produce 429 hp when equipped with the Performance-spec trim. To achieve those 429 horsepower, the model also has to be in “Boost” mode. By comparison, the Trax’s 1.2-liter turbocharged three-cylinder makes just 137 hp, barely enough to get out of its own way.
2025 Genesis GV60 steering wheel detailGenesis
The plus sides keep piling up for the GV60 when you move beyond its power output. For starters, it comes with all-wheel drive as standard, whereas the Trax offers front-wheel drive only, with no all-wheel drive option. When it comes to performance output, the GV60 Performance can reach 60 mph from a standstill in just about 3.6 seconds. The Trax? Well, it needs almost nine seconds to complete the feat.
One Real Limitation: Charging Takes 15 Minutes Even In A Rush
2025 Genesis GV60 rear three-quarter action shotGenesis
The major caveat to the GV60’s performance is its electric nature. That means, should you run out of juice while on the go, you can’t just pop into a gas station, fill up in a few minutes, and be on your way. Instead, you will have to find a fast charger and settle in for a wait, as charging to full capacity takes considerably longer. When using the proper 800-volt fast charger, the GV60 can charge from 20% to 80% in about 15 minutes, but that can still be an agonizing wait if you’re in a hurry.
Speed Isn’t The Only Thing The GV60 Has Going For It
2025 Genesis GV60 interior view of the front seats and dashboardGenesis
The 429 hp is not the only thing Genesis pointed to when justifying its original $60k price tag. Bearing a brand name like Genesis means the GV60 needs to be luxurious, and the Korean automaker made sure it lived up to that assumption. For starters, a litany of standard features not even offered as optional extras in the 2026 Chevrolet Trax are available, and that is just one part of the picture.
Regardless of which trim level you select–the base Advanced or higher-spec Performance–the GV60 came standard with two 12.3-inch screens, one for the driver’s instruments and the other for infotainment use. A head-up display also came as standard fare, along with a 17-speaker Bang & Olufsen sound system. It even sports biometric scanning as standard, and regardless of your views on the technology, the GV60 can remember your face and fingerprint, and will “start” the car upon recognizing you.
2025 Genesis GV60 headlight detailGenesis
According to Genesis, the 2023 GV60 can manage a total driving range of about 248 miles. Compared to the Trax, equipped with a 13.2-gallon fuel tank and a combined fuel economy rating of 30 MPG, that’s a bit less, as the latter model manages a total range of 396 miles. However, the familiar argument holds that shorter EV driving ranges are offset by electricity costs that are, on average, lower than gas prices. Whether this is true is going to depend entirely on where you live and your electricity supply situation.
On paper, the Genesis GV60 seems to be the best bet if deciding between it and a new Trax, but there are some considerations to be made. For starters, a brand-new Chevy Trax will come with a warranty and will be cheaper to repair and maintain once that warranty runs out. A used 2023 GV60 will be at or near the end of its warranty, and because luxury cars rely on complex, expensive systems, repair bills can be significant.
The GV60 Can Be A Smart Buy If You Understand What You’re Getting
2025 Genesis GV60 front angle while drivingGenesis
Buying a used GV60 will not be for everyone, as many consumers harbor a particular disdain for electric cars. For the right person, though, the GV60 can be a unique way to save money, drive luxury, and have some serious fun while doing it. Its horsepower-per-dollar ratio is quite high, too. However, to make it make sense, you’re going to have to find a specific GV60.
For one thing, that means finding a Performance-spec one first and foremost. You will also need to find one with reasonable mileage that appears to be well cared for. The latter point is especially important because its factory bumper-to-bumper warranty is only five years / 60,000 miles, whichever comes first. Of course, you’ll still have a 10-year / 100,000-mile warranty for both the powertrain and EV battery, but those two only cover small aspects of the vehicle as a whole.
2025 Genesis GV60 front fender and wheel designGenesis
As always, be sure to inspect any prospective GV60 before committing to a purchase. Luckily, RepairPal.com gives the Genesis brand an average annual maintenance cost of just $524, which is below average for luxury brands, so future fixes are less likely to be financially ruinous. This may be tempting enough to pull someone away from the Trax and into the driver’s seat of a used GV60.
Sources: Genesis, Chevrolet, CarEdge.com , Kelley Blue Book , RepairPal.com.
