The 2024 Tesla Model 3 Long Range sold by Edmunds for just $31,000 indicates a severe depreciation, nearly 50% in one year. Despite this alarming drop, there’s interest in purchasing used Teslas, as seen in the 'Sell Your Tesla' movement. Factors contributing to this depreciation include Tesla's rapid loss of value compared to other brands, the EV market’s inherent volatility, and public image issues tied to Elon Musk. Buyers can find good deals if they overlook these concerns, despite the substantial upfront losses faced by initial owners.
The resale value of Tesla’s Model 3 has plummeted, with Edmunds selling theirs for over half its original cost, marking a significant depreciation in just one year.
Despite the alarming depreciation of Teslas, the used Model 3 presents a unique bargain for those willing to overlook CEO Elon Musk’s controversies.
Tesla models are depreciating three times faster than other brands, influenced by image issues and the general volatility of the EV market.
The significant discount on a used Tesla might be appealing, especially given the reputation of these cars, but the underlying market concerns remain.
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