A Tesla owner was taken aback after discovering the current value of his Tesla, which he bought in 2022.
It’s a common understanding that the value of most cars depreciates over time, unless you’re dealing with a rare and highly desired classic car.
For typical everyday vehicles, you can expect them to start losing value as soon as they hit the road.
This depreciation is understandable, as regular usage results in wear and tear. For those hunting for a good deal, the second-hand market can be a great option for finding an affordable vehicle.
The rate at which a car loses its value differs from one vehicle to another. Some cars maintain their value better than others, while some depreciate more quickly.
Teslas seem to belong to the group of cars that lose value more rapidly compared to others.
When a Tesla Model Y owner went to WeBuyAnyCar to get a valuation for his vehicle, he was stunned by the amount offered. He had originally spent $62,990 on the car, only to find that its value had significantly decreased.
The UK-based owner was dismayed to realize he would lose between $22,000 and $27,000 in less than three years.
He expressed: “That’s roughly $650-750/month in depreciation alone, not counting insurance, charging, maintenance, nothing.
“Just pure value evaporation.”
The high cost of a new Tesla also complicates selling an older model, presenting an additional challenge for him.
He questioned: “Why would someone pay $40,000 for my 2022 with 41,000 miles when they can get a brand new 2025 for $44,000?”
WeBuyAnyCar had previously clarified why Teslas experience such steep depreciation.
A spokesperson from WeBuyAnyCar stated: “Once a car leaves the showroom, it begins to lose value – typically up to 35 percent in the first year for petrol or diesel vehicles.
“This is higher still for EVs, which depreciate faster and typically have higher prices, so more value loss through depreciation can be expected – in some cases up to 50 percent.”
They further explained: “Factors like age, mileage, service history, condition, and even the number of previous owners all influence its resale value.
“Teslas are currently depreciating quicker than most models, with some other market factors also impacting resale value.
“Depreciation can be a shock for some car owners, so it’s important to always be aware of what to expect when you make that purchase.”