Cars are a hugely bad investment. Something suggests, however, that there is extra speed in the loss of value at Tesla.
Elon Musk said that certain Teslas will be worth five times as much used. The Tesla CEO was horribly wrong.
And now a new mapping from iSeeCars shows that used Teslas are not just losing value – they are plummeting.
In fact, Teslas lose so much value when the cars are between 1 and 5 years old that even a premium brand like Maserati, a self-proclaimed bad investment, fares better on the used market.
At least if you add that up in pure resale value. In the analysis, iSeeCars acknowledges that cars generally decrease in value. But that it is 'particularly bad' among electric cars.
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According to the figures, Tesla loses twice as much in value as a used Alfa Romeo and thus three times as fast as Maserati.
But that's not all. Because the mapping also indicates that the wild price drops are Tesla's own fault. It started to go downhill quickly when Tesla cut the price of its own new cars.
But even if Tesla's used cars do poorly on the used market, it is a Chevrolet Bolt that lobbies with the boring first place in that context.
Individually, it is the scandal-hit model that Chevrolet has given up on recalling that performs the absolute worst.
In one year – from February 2023 to February 2024 – a Bolt has lost 30.4 percent of its value on average. A Tesla Model X can be 'enjoyed' by 24.6 percent.
And it has actually only gone downhill with used prices since. The same applies here at home. Among other things, FDM hears from several concerned car owners. Read more about why here .
