The value of used Tesla vehicles is plummeting as it lowers prices for new vehicles, affecting the whole used EV market car auto cars
that lost the most value in America in June. While the SUV lost an average of 21 percent of its value and the Model S lost 19 percent—the equivalent of $18,980 and $15,212, respectively—the Model 3 has lost an impressive 30 percent of its value—or $16,258.
The Teslas aren’t alone, though. The one- to five-year-old used vehicle that lost the third most value in June 2023 was the Nissan Leaf, which is worth now worth 19.2 percent less than it was in June 2022. Meanwhile, no EVs were on the list of used vehicles that gained the most value in June 2023. That list was led by gas-guzzling vehicles like the Mercedes SL, the Chevy Suburban, the, and the 718 Cayman. However, overall, Brauer predicts that the market for used vehicles has now stabilized, and the falling prices of EVs may be good news for shoppers.
“Used car prices are still well above pre-pandemic levels, but they’ve come off their highs from last year and should be relatively stable over the next 6 to 12 months,” he said. “Shoppers in need of a used car can find deals now, particularly on used Teslas, which have lost substantial value over the past 12 months.”
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