I think that only explains some of it, but definitely not all. The difference between gas models is massive. Look at Audi e trons for example which are regularly hitting 70% depreciation in 3 years with relatively low miles.

I think it’s a lot of things: demand is weakening because people are seeing that the attempt to force them on us faltering so we don’t have to switch, trust in reliability is lower, trust in battery durability too.

Also I think some of the myths of EVs advantages are being uncovered: the cost of batteries and tires takes a lot of the cost benefits away. EV charging stations are past 50% of gas station costs, when they used to be subsidized to be free. The complexity of battery, and the immensely complex heating and cooling systems means they aren’t as simple as many thought. There’s also environmental stuff - 2010s was peak climate change anxiety, you got a lot of social credit for an EV then, even more so because they were novel. The novelty factor and lack of cultural emphasis on environment both are degrading prices too.

e-Trons are definitely among the best deals right now in used EVs, but it's down to a confluence of factors specific to that car:

1. It had fairly good charging, but only so-so range. 250 miles seems to be a big psychological barrier for a lot of people and the e-Tron is on the wrong side of that line.

2. It's a luxury car and should be expected to have luxury car depreciation as a baseline

3. It's a luxury car with luxury car maintenance costs

4. It's a luxury car that had (maybe has) some reliability issues which incur luxury car repair costs

5. Audi had very good lease deals when they were new ("trunk money" was a common phrase)

6. Fuel economy is fairly bad when compared to anything other than an EV pickup

All these combine to make it a used car that only appeals to a very specific buyer.