From Andy Slye.
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I sold two Tesla Model 3 cars in the past 6 months. Here’s how much I lost on depreciation
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0:00 How Much I’ve Spent on Teslas
1:35 The #1 Depreciation Factor
3:28 Tesla Depreciation Explained
5:52 How Much Money I’ve Lost
9:10 Tips for Minimizing Depreciation
The $25,000 Tesla is here. It’s called a gently used Model Y or Model 3. Tesla vehicles tend to have horrible depreciation. I’m going to share with you exactly how much money I lost from depreciation and how the ending of the EV tax credits will affect Tesla values and prices so this is important if you’re an existing Tesla owner or if you’re looking to buy a Tesla soon. I’ll also give you tips on how to minimize depreciation as much as possible and avoid making the same costly mistakes I did.
Over the past 7 years I’ve purchased 4 new Tesla vehicles for a total of $200,000 before any credits/incentives:
2018 Model 3: $56,000
2022 Model Y: $55,000
2025 Model 3: $46,000
2026 Model Y: $46,000
Buying any new car is not a great financial decision, and you’ve probably heard the saying “A new car loses value as soon as you drive it off the lot”. Electric vehicles in general have historically depreciated faster than comparable gas cars, and it’s mainly because of one major thing: the battery. The most expensive part of any EV is the battery, which has made the initial price of EVs start off pretty high. And with the rapid advancements in EV battery technology, newer models with longer ranges and faster charging times can make older models seem outdated and less valuable. And at the end of the day, EVs are still a relatively new kind of transportation and people are still hesitant to buy a used EV because they are worried about the battery health of a used EV, not just the current range but the remaining life itself.
According to data from CarGurus, Tesla’s used car prices have dropped by as much as 25% in the first year, significantly more than other automakers. (https://www.fastcompany.com/91289006/tesla-prices-depreciated-more-than-any-other-automaker-in-2024)
Why is that? First, Tesla is consistently introducing new features and updates to their new vehicle lineup, such as the recent refreshes seen in the Highland Model 3 and Juniper Model Y, which make the older models seem outdated and less desirable. Tesla’s pricing also fluctuates quite frequently, and they have been known to change prices drastically overnight, and this dynamic pricing strategy impacts the value of used vehicles, especially when the new models are offered at lower prices. And although Tesla vehicles are not luxurious compared to actual luxury cars, at the end of the day Teslas are usually lumped into the Luxury category, and Luxury vehicles, in general, tend to depreciate more quickly than lower-cost mainstream models.
The Used EV tax credit currently offers up to $4,000 off. The ending of this credit could make used Teslas less attractive to some buyers and put many Teslas out of some buyers’ budgets, which could lead to lower prices for used Teslas. The rapid advancement of EV technology and the increasing competition in the EV space along with the high depreciation rates for used EVs could also lead to lower used Tesla prices.
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