Used Tesla Prices Drop $10,000
According to auto research fimr iSeeCars, the price of a used Tesla Model S dropped by 17.2% in March compared to the same month last yeat. That was the highest percentage among all EVs, with an absolute dollar drop of $9,944 to $47,631.
iSeeCars looked at the prices of 1.2 million cars. iSeeCars Executive Analyst Karl Brauer commented, “Tesla has been one of the most profitable automakers in the world in recent years, but the ongoing drop in its new and used vehicle values, along with sagging sales, will likely drag revenue and profit.” This means lower prices and unit sales could hit Tesla’s revenue. Falling used car prices often mean new models from the brand face price pressure as well.Â
Two other Tesla models have drops that are almost as bad. The prices of the Model Y dropped 13%, $4,634 to $30,611
Model 3 Price Drop
The price of a used Model 3 dropped 10.9% or $3,193 to $26,084.
The EV market has a used car problem. Other cars with sharp drops in year-over-year prices are the Porsche Tacan, Mercedes-Benz AMG GT, Jeep Gladiator, and Hyundai Kona Electric.
The new EV market is weak, so there is no reason used cars in the sector should be different.
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