In mid-2022, as demand for Tesla electric vehicles far outweighed what Elon Musk's company could supply, a used Model Y could go for as much as $70,000, according to data from Recurrent, which tracks prices of secondhand EVs. That same car today is worth less than $40,000 on the used market, the firm says.
This influx in supply puts pressure on resale values and requires owners looking to offload their vehicles to lower their listing prices to attract buyers, which is why Gerber held on to his Tesla.
Used EVs are becoming more affordable as more supply hits the market, and Tesla, as an early mover in the segment, is most impacted by these falling resale prices.
Tesla slashed prices by about $15,000 last year and has continued to lower them throughout this year, making new models more attractive than used Teslas.
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