Not necessarily. I've had my [used] EV sedan 48 months, and it's depreciated $23,000 in that time. That's $480/month in depreciation alone. I wasn't paying that in gasoline even in my relatively gas-guzzling 4Runner I had before (a vehicle famous for how little it depreciates.) I was spending about $350 in gas per month with the 4Runner.
I'm not saying it was a bad move that I traded in the 4Runner for the used EV; at the time I needed the lower monthly outlay of cash more than I needed car equity. But boy does it sting seeing that $23k and counting.