Prices of used Tesla cars drop 50% in 19 months

Prices for a used Tesla hovered around the $55,000 range at the start of 2019.

According to a report, the average price of a used Tesla has been declining consistently for the past 19 months.

As per data, prices of used Tesla cars have dropped by almost 50% in February 2024, compared to their prices 19 months back. A used Tesla car which retailed at around $67,000 in July 2022, now costs just over $33,000. Reports also state that while the overall used car prices have dropped by 1.91% over the past month, prices of used Teslas have decreased by 6.6% during the same period. Taking a year-on-year comparison, the average price of a used Tesla has reduced by a massive 29% over the last 12 months.

Getting into specifics, a used Tesla Model X witnessed the highest drop in prices with a 33.88% year-on-year decline and now retailing at $45,397. The Model S (32.8%), Model Y (28.4%) & Model 3 (25.4%) followed, respectively.

Also, as seen from the chart, prices for a used Tesla hovered around the $55,000 range at the start of 2019. Prices dropped slightly during the pandemic up until April 2021, with the average price falling to $46,000. Between April 2021 to July 2022, average prices of a used Tesla rose steeply before registering a decline for the next 19 months in a row.

Source: CarGurus