Tesla cars’ resale values have plunged since 2022, here's the reason
Tesla car prices have been plummeting. Hertz's dump and price reductions accelerated the drop in Tesla's resale value. Investor in Tesla, Ross Gerber, claims he is unable to part with his used Tesla.
It seems like Tesla is now falling and lagging in the electric car market yet again, according to the data. While Gerber has cut his investment in Tesla almost in half, he and other investors in the electric car company are still not able to sell their actual Tesla. In an interview with Business Insider, Gerber confessed that he could not get a fair price for his old car since the market was oversaturated with old and outdated Teslas. The price for a used Tesla has been lower compared to the prices from the previous couple of years. A one-year-old Model Y could retail for up to $70,000 in mid-2022, as more people craved Tesla electric automobiles than Musk could produce, based on used EV prices listed on the Recurrent website. Today, the same car is reportedly selling for less than $40,000 in the used car market, as cited by the company.
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Tesla is greatly affected as second-hand EV prices drop, and 42% of the market is made of Tesla vehicles. Hertz’s 30,000 Teslas dump exacerbated the decline that intensified pressure on operators to slash listing prices. Another downside caused by Musk’s price-slashing strategy is the rate at which Tesla’s market share is decreasing.
Tesla stands to lose market share in the EV segment given the
