The average price of a used Tesla has fallen

The average price of a used Tesla has fallen

FILE PHOTO: A Tesla Model S electric vehicle drives along a row of occupied superchargers at Tesla's primary vehicle factory after CEO Elon Musk announced he was defying local officials' restrictions against the coronavirus disease (COVID-19) by reopening the plant in Fremont, California, U.S. May 12, 2020. REUTERS/STEPHEN LAM

The value of an average used Tesla has toppled more than $1,500 so far this month, according to a new report.

On Jan. 1, a used Tesla retailed for $37,090, according to data from auto-shopping website CarGurus.

Just 20 days later, as of Jan. 21, the standard used Tesla runs for $35,554, marking a $1,536 decrease so far this month.



For reference, during the same period, CarGurus’ used car index — which takes into account mean average sales price by mileage and market class for an array of gas- and battery-powered vehicles — fell just $377.

The Elon Musk-run EV-manufacturer has had a rough start to 2024, as its share price has also seen a downward trend: Year-to-date, Tesla’s share price has dipped nearly 16%, to $208.80.

Representatives for Tesla did not immediately respond to The Post’s request for comment.

As Tesla has increasingly lost market share to EV-rival BYD — the Chinese EV-maker that dethroned Tesla as the top electric auto-manufacturer in the latest quarter — it has also lost business at car-rental giants like Hertz and SIXT.



Hertz announced earlier this year that it’s scrapping about 2,000 of its EVs — about 80% of which were Teslas, citing high costs associated with repairing the fleet.

As of last week, Hertz was already offering Tesla Model 3s on its website for as little as $18,000.

The rate marks a nearly 50% discount from the $35,000 price tag the Model 3 boasts on Tesla’s website — another indication of how much the Austin-based manufacturer’s cars depreciate in value.

Hertz CEO Stephen Scherr even mentioned the declining value of EVs during a call with investors in October.

The MSRP [manufacturer’s suggested retail price] declines in EVs over the course of 2023, driven primarily by Tesla, have driven the fair market value of our EVs lower as compared to last year, such that a salvage creates a larger loss and, therefore, greater burden,” Scherr said at the time.



Separately, SIXT, Europe’s largest car-rental firm, said last month that it was dropping Teslas from its EV offerings.

Shorty thereafter, SIXT announced plans to buy as many as 250,000 Stellantis vehicles — which will be a mix of combustion-engine, plug-in hybrid and battery-electric vehicles, including Jeeps, Chryslers and Dodges, among others.

A spokesperson for SIXT insisted to The Post last week that its Stellantis order is unrelated to the company’s decision to sell its Teslas.

SIXT also attributed its phase-out of Teslas to high repair costs in comparison to their gas-powered counterparts.

EVs involved in a crash typically result in a high repair bill because of their complex features, such as safety sensors in bumpers, which may seem like a luxurious perk when driving but is a costly fix even when it has a minor dent.

Recent data from insights firm LexisNexis Risk Solutions found that drivers pay out about 14.5% more for insurance claims when they switch from a gas-powered car to an electric one like a Tesla — which make up the majority of EV sales in the US.

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