Tesla used prices plummet four times faster then other cars

Tesla’s used cars have dropped in price due to fears that there will be a slowing of demand.
According to Reuters, used Tesla prices are falling faster than other used cars. Prices for secondhand Teslas dropped by $11,500 between July & November. Tesla investors are concerned about the waning demand.

You don’t have to wait for Tesla prices to drop if you want to purchase a Tesla.

According to Reuters, prices for second-hand Teslas are dropping faster than other brands’ used cars, citing data from Edmunds. This is great news for buyers who had waited to buy an electric-car because they were too expensive.

The average Model 3 S, X, and Y used in July would have cost $67,297. However, the average Model 3 S, X, or Y would have cost you $67.297 in July. Prices dropped 17% to $55,754 by November. Edmunds data shows that used car prices are falling after years of low supply. However, they have fallen 4% in the same time period.

Edmunds stated that Teslas have been sitting in used car lots for 50 days longer than other brands’ vehicles, compared to 38 days. Reuters reported that the drop in prices is due to low gas prices, increased competition from other brands, as well as high interest rates.

Karl Brauer, executive editor of iSeeCars.com, said that used Teslas could lose value, which could affect demand for new models. Brauer stated that people who purchased new Teslas in the past two years might be able to sell them at a profit. However, this is no longer possible.

Tesla shares are in a downward spiral due to fears that the demand for its cars may be dwindling after years of relentless growth. In December, the company reduced some of its cars by $3750, and then doubled the deal a week later. The automaker is also said to be slowing down production in China. China is the largest car market in the world.

Tesla shares had fallen more than 70% since Wednesday morning.

Business Insider has the original article.
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By: tlevin@insider.com (Tim Levin)
Title: Used Tesla prices are plummeting four times faster than other cars
Sourced From: www.businessinsider.com/tesla-price-used-dropping-model-y-3-x-s-deals-2022-12
Published Date: Thu, 29 Dec 2022 13:10:14 +0000