According to new data from CarGurus, Tesla’s used car prices are falling at a rate nearly three times faster than the rest of the used car market. The data shows that over the last three months, used Tesla vehicles have experienced an average price drop of 3.7%, compared to just 1.12% for the broader market. Year over year, Tesla’s prices have decreased by 7.26%, while the overall used car market has declined by 2.68%.
Despite its reputation as a premium brand, Tesla’s average used car price now stands at $29,552—just slightly above the CarGurus Index of $27,014. While Tesla’s prices have remained relatively stable in the past month, they have not rebounded as strongly as the rest of the market.
In addition, among Tesla models, the Model X is the only vehicle to show a price increase in the past 30 days, rising by 1.29%. However, other key models have experienced significant declines:
Model 3: Down 4.19% in the last three months, 11.52% year over year
Model Y: Down 2.9% in the last three months, 13.56% year over year
Model S: Down 8.32% in the last three months, 6.33% year over year
Cybertruck: Down 11.46% in the last three months, 58.28% year over year
The Cybertruck’s steep decline is partly due to early flippers trying to resell for a profit, but the 11.5% drop in the past three months indicates cooling demand for the vehicle.
On the other hand, the consistent decline in Model 3 and Model Y values—Tesla’s top-selling vehicles—is a more pressing concern. The falling resale values suggest waning consumer confidence in the brand, which has faced challenges in recent months, including increased competition, price cuts, and controversies surrounding CEO Elon Musk.
With used Tesla prices dropping at an accelerated pace, the company may face growing pressure to stabilize its market position and rebuild consumer trust.
