In 2022, Kyle Conner made the decision to invest $140,000 in a Tesla, only to find himself astonished by its worth two years later.
The well-known YouTuber shared his experience of selling a Tesla in 2024, which didn’t turn out as expected.
Conner, featured on Out of Spec Reviews, opted to make the substantial purchase in 2022 but found himself reconsidering his decision with the car company just two years later.
TikToker Chris Pearce (@thechristopherpearce) examined Conner’s receipt and discussed how quickly Tesla vehicles can lose value. It’s clear why Conner was taken aback by the depreciation of his Tesla after just 24 months.
Pearce revealed the results after Conner had his Tesla appraised, showing that the car had a purchase value of $140,490.
Subsequently, during Tesla’s appraisal.
Pearce informed viewers: “With just 37,000 miles on the odometer, Tesla offered him a staggering $46,400.
“This represents a loss of $94,000, or 67% of its original value.”
While Pearce noted that Conner might have obtained a better price by selling privately, other car appraisal websites also offered significantly less than half of the original cost.
He commented: “The appraisal was directly from Tesla, so it might be a lowball offer.
“But even platforms like Edmunds or Consumer Reports wouldn’t offer more than $59,000 at most.”
To illustrate the Tesla’s depreciation compared to a typical gasoline vehicle, Pearce compared it to a BMW of the same price and year.
“I did us all a favor and found a similar gas-powered car to compare the depreciation,” he mentioned.
“The BMW M5 CS launched in 2022 for around $140,000, the exact same price. Although not a perfect comparison, both are performance sedans. On the sites I mentioned, you can still purchase the M5 CS for $140,000, indicating it has depreciated by maybe $10,000.”
depreciation pic.twitter.com/3wZ0I9usYK
— Kyle Conner (@itskyleconner) October 27, 2024
Pearce also offered some advice to potential Tesla buyers.
He cautioned against being swayed by major brands, suggesting they may not offer the value they claim.
Understandably, Conner was not thrilled with the attention he received.
He posted on Twitter: “We provided an extremely positive review of the new Long Range RWD Model 3… nobody shared it. I posted two screenshots about a Model S with the word ‘depreciation’ and it became a big story. There is a significant Tesla criticism bias in the media.”
A request for comment was previously made to Tesla.