New data has revealed the value of Tesla cars is decreasing drastically. While this may sound like bad news, it's actually good for anyone looking to buy a used EV.
InsideEVs recently reported that the used value of Teslas has "plummeted as much as $20,000 since 2023." Data collected and analyzed by CarGurus reveals that the popular Tesla Model Y has taken a serious hit in value. For example, since March 2024, the average price has dropped by $6,000.
One of the key factors driving the decline in price is a flooded market, the article added.
However, an oversaturated market isn't the only reason behind Tesla's decreasing prices. InsideEVs also points to CEO Elon Musk's role on the political stage, which Tesla has now become associated with.
"Even people who love Teslas are shifting their interest toward Hyundai, Kia, Ford and GM rather than buying into The Elon Show and that isn't good news for Tesla," writes InsideEVs.
For 2023 Tesla buyers, the declining value is a tough pill to swallow. For non-EV owners, though, there is a silver lining. If the price tag of a Tesla was too high before, now is a great time to explore the EV market.
Declining prices offer an opportunity to purchase a Tesla at a discounted rate.
"Tesla still has the advantage of a strong charging network and a software experience that other automakers are still trying to match," writes InsideEVs.
Switching to an EV is also a great way to save money on car maintenance while reducing your environmental footprint. You can expect to reap yearly savings of $1,500 on gas and maintenance after making the switch.
Plus, you'll help reduce the amount of harmful, planet-warming gases entering the atmosphere by ditching your internal combustion engine. Unlike ICEs, EVs emit no tailpipe emissions.
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Cost 💰 While the manufacturing of EVs generates pollution, it's still nowhere near the amount of pollution produced from mining for dirty energy, such as oil and coal.
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