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Never had I seen the resale value of Tesla declined this much in just 6 months.
They lowered the prices on new ones, so the old one just took the hit!
Mercedes did it also in 1994. Rolled back prices for the 1995 models and guess what the used ones took a beating (you paid more in 94, yet you can buy new for less in 95, so you really have to discount your 94 to sell it now).
MBUSA sent vouchers to clients for 10K off their next new MB purchase to take some of the sting out of it.
I'm glad I'm not in a position to sell a Tesla that paid dramatically more for. I really wish people would consider the utility value of a vehicle instead of the residual or resale value. But then again, I've yet to sell a car in my 42 years. I've gifted three of them...two of which I still regularly.
The way I see it is that cars would make wonderful used cars (I bought one 4 years ago) and the options of modification and repairs expand.
Never had I seen the resale value of Tesla declined this much in just 6 months.
That's a model that costed around $55k (including taxes and fees) back in 2018, with probably another combined $10k in federal tax credits (teslas were eligible back then) and local incentives. So that leaves us with roughly $45k all in. Subtract $26k and we have $19k of depreciation.
With almost 5 years and almost 60,000 miles on the clock, it looks like it depreciated ~$350 a month. Not bad at all. And factoring in gas savings, the owner probably effectively paid $200-$250 a month to keep this car. That's an amazing deal for the Tesla owner, even with the recent drop in car values.
They lowered the prices on new ones, so the old one just took the hit!
Mercedes did it also in 1994. Rolled back prices for the 1995 models and guess what the used ones took a beating (you paid more in 94, yet you can buy new for less in 95, so you really have to discount your 94 to sell it now).
MBUSA sent vouchers to clients for 10K off their next new MB purchase to take some of the sting out of it.
The people who really got whacked were those who say, had just taken delivery of a Model Y at $70k, when Musk drops the price of a new one to $55k. Not only did they just miss out on a much better deal, their asset depreciated $15k overnight.
The people who really got whacked were those who say, had just taken delivery of a Model Y at $70k, when Musk drops the price of a new one to $55k. Not only did they just miss out on a much better deal, their asset depreciated $15k overnight.
Yeah I didn’t like how steeply tesla implemented the price cut, just weeks after trying to coax buyers to buy before 2023. IMO it eroded a lot of trust for the brand.
Yeah I didn’t like how steeply tesla implemented the price cut, just weeks after trying to coax buyers to buy before 2023. IMO it eroded a lot of trust for the brand.
I agree - I mean I get that it was done to boost sales, and it did achieve that, but you should be a little more thoughtful about the collateral damage of such changes, especially if you expect to have the benefits of brand loyalty from your customers.
Yeah I didn’t like how steeply tesla implemented the price cut, just weeks after trying to coax buyers to buy before 2023. IMO it eroded a lot of trust for the brand.
Personally I don't get it.
Tesla jacks the hell out of prices because they can in response to COVID shortages. Everyone figures it's all copacetic. Tesla drops the prices back down most of the way to normal. Everyone freaks out and rages. It's a freaking cars guys, stop thinking of it like meme stocks.
Tesla jacks the hell out of prices because they can in response to COVID shortages. Everyone figures it's all copacetic. Tesla drops the prices back down most of the way to normal. Everyone freaks out and rages. It's a freaking cars guys, stop thinking of it like meme stocks.
Price increases were gradual. The price drop wasn’t. And Tesla could have done the right thing by not trying to reel in last minute customers right before the huge drop. This isn’t about meme stocks, this is a matter of whether a business was acting in good faith or not.
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