Used Tesla prices plummet as buyers look away from EVs
Chris Plumb, Cap HPI valuations expert said: “It has been well documented of late that new car sales of electric vehicles are going from strength to strength, but this is not replicated in the used car market. Battery electric vehicles remained the most challenging area of the used car market throughout the last month of 2022, as values reduced for the fourth consecutive month.”
Experts are blaming the drop in used EV prices on the sharp increase in energy costs, while Teslas specifically have suffered from an oversaturated market because of the huge numbers of new models being registered.
Tom Barnard, editor of EV website Electrifying.com told Car Dealer: “We saw at the end of 2022 that the market for new Teslas was saturated, and the company had to heavily discount and pre-register to try to move stock. That will naturally push down the value of older examples.
“Many of the older Model 3s will have been bought on leases and are now being returned after three years, with a large proportion being sold on the open market where they will find a natural price level rather than through the managed Tesla-owned channels.”