Tesla owners don’t like this new reality of owning EVs
Owners of Tesla’s electric vehicles (EVs) now have a more affordable option, thanks to price cuts from the company. However, the depreciation rate is causing concern among Tesla owners.
Data from financial reports show that Tesla EVs depreciate at an accelerated rate. This is affecting Tesla owners across multiple countries, but the United Kingdom appears to be the most affected, with a 46% drop in value from $70,811 in January 2023 to $38,590 in January 2024, especially for those trying to sell a Model 3. Chevy has also announced the retirement of Camaro as it makes a mandated EV transition.
The recently increased depreciation for the Model 3 compares to only a 4% fall between September 2021 and 2022. This higher depreciation implies that financing a purchase for a Tesla EV may become more difficult for its owners.
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