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Tesla Used Car Prices Have Fallen Off A Cliff
- Used Tesla prices have dropped significantly, by as much as $20,000 since 2023, due to a flooded market and declining demand.
- Factors contributing to the drop include non-stop price cuts on new Tesla cars, an excess of used Teslas in the market, and 'Musk Fatigue.'
- The average price of a Tesla Model Y has fallen by $6,000 since March 2024 and $20,000 since 2023.
- Despite the significant price drops, Tesla models remain popular, with the Model Y being the best-selling car globally.
- Used Teslas are now available at heavily discounted prices, making them a great option for those interested in transitioning to an EV.
- Tesla's image has suffered due to Elon Musk's controversies, leading to decreased interest in the brand, lower search volumes, and longer time-to-turn for used Teslas.
- The expanding EV market offers consumers more choices beyond Tesla, with brands like Hyundai, Kia, Ford, and GM gaining traction.
- Despite the drop in value, a used Tesla may still be a good purchase for those seeking an affordable EV with good range.
- For individuals considering buying a Tesla, the resale value may not hold, but purchasing at a low price point could mitigate short-term depreciation.
- Overall, the decline in Tesla's used car prices presents both challenges and opportunities for prospective buyers in the EV market.
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