Used car prices can go up or down separately from new car prices, but sometimes they move in the same direction. In the last two years, Tesla began cutting the prices of new cars. This caused the value of used Teslas to drop significantly. The trend continued into 2024, with new data from CarGurus showing that prices for Tesla’s electric vehicles have fallen by a large percentage since last year.
The price drop was significant across all Tesla models. Here’s how much prices fell for each model from 2023 to 2024:
– Tesla Roadster: Used price dropped by 27.3%.
– Tesla Model 3: Used price dropped by 31.5%.
– Tesla Model X: Used price dropped by 32.4%.
– Tesla Model Y: Used price dropped by 34.1%.
– Tesla Model S: Used price dropped by 34.4%.
These numbers might disappoint Tesla owners, whose cars have lost even more value in the last year. The drop in used car prices is partly due to Tesla constantly changing its prices. For example, the Model Y’s price recently went below $30,000. People buying used EVs also worry about how long the battery will last and how easy it will be to charge. But Tesla offers a good warranty, which helps.
Tesla isn’t the only company with falling used car prices. Recurrent, a company, found that popular used EV prices dropped by 27% in the past year. This brings them closer to the prices of gas vehicles. This could lead to more people buying used EVs, which might stop prices from dropping further. Recurrent thinks prices will stabilize by the end of the second quarter of 2024.
If you’re thinking about buying an EV, a used one could be a good option. Research shows that you don’t need to replace the battery as often as some people think. Plus, with prices dropping, used EVs are becoming even better value. And you might even get EV tax credits when you buy a used one, making it even more affordable.
