The average used price of a Tesla has increased by more than $1,500 so far this month, according to a new report.
On Jan. 1, a used Tesla sold for $37,090, according to data from the auto shopping website Cargurus.
As of January 21, just 20 days later, the price of a standard used Tesla was $35,554, down $1,536 so far this month.
For reference, over the same period, CarGurus' Used Car Index (which takes into account the average selling price of a range of gasoline and battery vehicles by mileage and market class) fell by just $377.
The EV maker run by Elon Musk has had a difficult start to 2024, as its stock price is also on the decline. Since the beginning of the year, Tesla stock has fallen nearly 16% to $208.80.
Representatives for Tesla did not immediately respond to The Post's request for comment.
Tesla has increasingly lost market share to EV rival BYD, the Chinese EV maker that dethroned Tesla as the top electric car maker in the latest quarter, and has also lost business to car rental giants like Hertz and SIXT. ing.
Hertz announced earlier this year that it would scrap about 2,000 of its EVs, about 80% of which were Teslas, citing the high costs of repairing the vehicles.
As of last week, Hertz was already selling the Tesla Model 3 on its website for just $18,000.
This rate represents a nearly 50% discount from the $35,000 price the Model 3 boasts on Tesla's website, and is another indication of how much the Austin-based manufacturer's cars are depreciating in value. It's an indicator.
Hertz CEO Stephen Sher also addressed the decline in EV values during a call with investors in October.
“Manufacturer's suggested retail price” [manufacturer’s suggested retail price] “The fair market value of our EVs is lower compared to last year, primarily due to the decline in EVs in 2023 by Tesla, and recoveries will result in higher losses and therefore higher burdens,” Scheer said. time.
Separately, Europe's largest car rental company SIXT announced last month that it would remove Tesla from its EV sales.
Shortly thereafter, SIXT announced plans to purchase as many as 250,000 Stellantis vehicles. This includes a mix of internal combustion engine vehicles, plug-in hybrids, and battery electric vehicles such as Jeep, Chrysler, and Dodge.
A SIXT spokesperson told the Post last week that the Stellantis order was unrelated to the company's decision to sell Tesla.
SIXT also attributed Tesla's phase-out to higher repair costs compared to gasoline-powered vehicles.
EVs involved in crashes typically require expensive repairs due to complex features such as safety sensors in the bumper. While it may seem like a luxury perk while driving, even minor dents can be expensive to repair.
According to recent data released by insight firm LexisNexis Risk Solutions, drivers will pay approximately This is an increase of 14.5%.
LexisNexis also found that EVs are more likely to be involved in accidents, and that drivers who ditched gasoline-powered cars for electric cars had a 14.3% increase in insurance claim frequency.
