Tesla’s price cuts have made its electric vehicles a more affordable option in comparison to other EVs, but owners are finding one reality that is not so popular.
Financial reports show Tesla EVs are depreciating at an accelerated rate.
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While Tesla owners are experiencing this across multiple countries, industry pricing data show those looking to sell a Model 3 in the United Kingdom are affected the most, with a 46% drop in value — from $70,811 in January 2023 to $38,590 in January 2024.
The recently increased depreciation for the Model 3 compares to only a 4% fall between September 2021 and 2022.
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As a result of the higher depreciation, Tesla owners may have a more difficult time financing a purchase.