Used Tesla Prices Fall
iSeeCars does an analysis of the pace at which used car prices fall. The study analyzed over 1.6 million 1- to 5-year-old used cars sold in August 2023 and 2024. It looks at the drop in value over the last year.
Among the conclusions is that the prices of used EVs are falling faster than gas powered cars. As of August, used EV prices are now more than 11% below gasoline models year over previous year.
Tesla 3 Price
In terms of 12 month price drop, the used car that lost the most value was the Tesla Model 3. The price dropped 24.8% from last year. That is equivalent to a drop of $8,558, to an average price of $25,931.
The car in second place based on the rate of drop was the Kia Niro, down 21.0% to $21,692. On an absolute basis, the drop was to $5,769.
The Tesla Model S ranked 15th on the list, down 13.4% or $8,255 to $53,141.
Tesla New Car Price
The used Tesla prices have to put pressure on the price of its new cars. Without new car discounts, it is simply too attractive to go with the used version
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