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Owners of Tesla electric vehicles (EVs) looking to sell might be experiencing frustration as prices as the resale value dips. Some used Tesla models have even seen 25% price drops year-over-year.
The falling resale values came as Tesla's share in the new-EV market fell below 50% for the first time in the second quarter, according to Cox Automotive.
Lower resale value Brayden Wall, who lives in Colorado, bought a used 2020 Tesla Model 3 about two years ago for $51,000. He recently offered it at a Tesla dealership as a trade in, he said, and ...
Under a buyback program called the Resale Value Guarantee available in 37 U.S. states, a Tesla Model S sold new before July 1, 2016, included the right to return it after three years with reimbursement of 43% to 50% of its initial price. This reimbursement matched the trade-in values of competitive German luxury cars of that age.
The cuts affect Tesla’s used resale values and the bottom lines of other EV brands. The average price of a used Tesla has been declining consistently since August 2022, according to CarGurus data.
Tesla. According to Car and Driver, Tesla “has proven that electric vehicles can be desirable, ... would depreciate by 36% after five years and have a five-year resale value of nearly $49,000 ...
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