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May 29, 2024  |  
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Heather Hamilton, Social Media Reporter


NextImg:Tesla owners don’t like this new reality of owning EVs


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.

Tesla electric vehicles are displayed during a public launching event on Wednesday, Dec. 7, 2022, in Bangkok, Thailand.


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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.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

As a result of the higher depreciation, Tesla owners may have a more difficult time financing a purchase.