Used Tesla prices tumble as embarrassed owners look to sell

Similarly, one should take with a pinch of salt a website offering to steal Teslas from owners who are unable to find a buyer themselves.

According to data from Car Gurus, used Tesla prices have fallen twice as fast (-3.7 percent) as the wider car market (-1.5 percent) over the last 90 days. Year over year, used Tesla prices are down 7.5 percent, compared to 2.8 percent for the market as a whole. And that’s on top of steep depreciation caused by a series of new car price cuts over the past few years, as well as rental car companies and other companies disposing of fleets of Teslas en masse.

The Model 3 has been on sale longer than the Model Y, and you’d expect the older cars to have depreciated more. Indeed, the average price of a 2017 Model 3 is just under $20,000 now. But even recent model years are shedding value rapidly—a model-year 2022 Model 3 is worth just $25,000 on average.

Model Y prices have decreased by a greater degree, although the higher MSRP and younger age of the Y mean prices haven’t dropped quite as far as the 3, yet. But CarGurus has seen between 16–21 percent drops for each model year of the Model Y, year over year.

CarGurus isn’t the only one to notice this trend, either. According to its data, iSeeCars says used Teslas have dropped by 13.6 percent, year over year. The Models 3, Y, and S were all in its top four EVs for depreciation, although top place went to the Porsche Taycan (which might be starting to look like a bargain).

For its part, Tesla has been trying to boost its image with the help of President Trump. On Monday, the president took to the South Lawn of the White House to promote Tesla’s cars, apparently buying one despite having campaigned on an explicitly anti-electric vehicle platform.