![]() ![]() These drops manifested as price reductions of $2,354 on the Model 3, $2,816 on the Model Y, $3,370 on the Model X, and $4,626 on the Model S, all in less than a month.Ĭhange in Average Price of Used Tesla Models Before and After Jan 12th Price Drop Announcement - iSeeCars Study Used Model 3 values led the drop, down 5.2 percent after the price reductions, while used Model X prices declined the least, down 3.9 percent. Comparing that to used Tesla prices between January 15th and January 31st, immediately after the announcement, iSeeCars confirmed a 4.8 percent drop in Tesla values. Used Tesla Values Take a Big Hit in January How have these cuts in new Tesla prices impacted used Tesla values? iSeeCars analyzed Tesla used car prices between January 3rd and January 11th, the day before the price cuts were announced. These latest price cuts were done to better align Tesla’s pricing with recent government legislation, though falling sales volume and rising inventory levels, across the industry and for Tesla specifically, suggest these cuts were also made to ensure new Teslas continue to move in a softening economy. These declines in Tesla values only accelerated when the company announced substantial price reductions for new Tesla models on January 13th, 2023. Used Tesla Model 3 prices, for example, were down 16.8 percent between September and December of 2022. But even as the values for used cars are dropping across the board, Tesla models experienced some of the biggest price drops in recent months. Plug-in hybrid vehicles are also declining in value at an accelerated rateĪs noted in our recent used car pricing report, used car values are consistently declining for the first time in over 2 years.This compares to a 1.5 percent drop across all late-year used cars in the same time period.The average late-year Tesla used car value has dropped 4.8 percent in just the past month.
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