The EV Price Shift: How Tesla Model 3 is Redefining the Used Car Market
Podcast: Elon Musk PodcastPublished On: Thu Mar 23 2023
Description: The used car market has experienced dramatic changes over the past twelve months. At one point, vehicle prices soared, mainly due to the limited production of new vehicles. However, as new vehicle inventories for many leading brands have now substantially recovered, the used market has begun to react, causing a collapse in prices. According to pricing data released by iSeeCars, the Tesla Model 3 has been at the forefront of this price collapse over the past six months. iSeeCars discovered that used vehicles have seen their prices shrink by 4.7% over the past six months and contract by 8.7% over the past twelve months. Leading this trend is the Tesla Model 3, which has experienced an average used price drop of 21.5% over the past six months—the fastest of any model from any automaker in the industry. Over the past twelve months, the Model 3 ranked as the fourth most rapidly depreciating vehicle, with prices declining by 19.3%.
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