Average value of a used Tesla fell over $1,500 so far in 2024: report

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By Dan Sears

The value of an average used Tesla has toppled more than $1,500 so far this month, according to a new report.

On Jan. 1, a used Tesla retailed for $37,090, according to data from auto-shopping website CarGurus.

Just 20 days later, as of Jan. 21, the standard used Tesla runs for $35,554, marking a $1,536 decrease so far this month.

For reference, during the same period, CarGurus’ used car index — which takes into account mean average sales price by mileage and market class for an array of gas- and battery-powered vehicles — fell just $377.

The Elon Musk-run EV-manufacturer has had a rough start to 2024, as its share price has also seen a downward trend: Year-to-date, Tesla’s share price has dipped nearly 16%, to $208.80.

Representatives for Tesla did not immediately respond to The Post’s request for comment.

The value of a used Tesla has fallen from $37,090 on Jan. 1 to $35,554 on Jan. 21 — a more than $1,500 decrease, according to data from CarGurus. REUTERS
Also so far this month, Tesla’s share price has fallen nearly 16%. cargurus

As Tesla has increasingly lost market share to EV-rival BYD — the Chinese EV-maker that dethroned Tesla as the top electric auto-manufacturer in the latest quarter — it has also lost business at car-rental giants like Hertz and SIXT.

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Hertz announced earlier this year that it’s scrapping about 2,000 of its EVs — about 80% of which were Teslas, citing high costs associated with repairing the fleet.

As of last week, Hertz was already offering Tesla Model 3s on its website for as little as $18,000.

The rate marks a nearly 50% discount from the $35,000 price tag the Model 3 boasts on Tesla’s website — another indication of how much the Austin-based manufacturer’s cars depreciate in value.

Hertz CEO Stephen Scherr even mentioned the declining value of EVs during a call with investors in October.

“The MSRP [manufacturer’s suggested retail price] declines in EVs over the course of 2023, driven primarily by Tesla, have driven the fair market value of our EVs lower as compared to last year, such that a salvage creates a larger loss and, therefore, greater burden,” Scherr said at the time.

Tesla was dethroned as the top EV maker last quarter by its Chinese rival, BYD. REUTERS

Separately, SIXT, Europe’s largest car-rental firm, said last month that it was dropping Teslas from its EV offerings.

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Shorty thereafter, SIXT announced plans to buy as many as 250,000 Stellantis vehicles — which will be a mix of combustion-engine, plug-in hybrid and battery-electric vehicles, including Jeeps, Chryslers and Dodges, among others.

A spokesperson for SIXT insisted to The Post last week that its Stellantis order is unrelated to the company’s decision to sell its Teslas.

SIXT also attributed its phase-out of Teslas to high repair costs in comparison to their gas-powered counterparts.

Tesla was also recently dropped by car-rental giants Hertz and SIXT. Both firms cited Tesla’s high repair costs as reason for moving away from the Elon Musk-run company. REUTERS

EVs involved in a crash typically result in a high repair bill because of their complex features, such as safety sensors in bumpers, which may seem like a luxurious perk when driving but is a costly fix even when it has a minor dent.

Recent data from insights firm LexisNexis Risk Solutions found that drivers pay out about 14.5% more for insurance claims when they switch from a gas-powered car to an electric one like a Tesla — which make up the majority of EV sales in the US.

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LexisNexis also found that EVs are more likely to be involved in an accident, with the frequency of insurance claims rising 14.3% for drivers who ditch their gas-powered car for an electric one.

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