- According to Reuters, used Tesla prices have fallen faster than other used-car markets.
- Used Tesla prices fell by about $11,500 between July and November.
- Tesla investors are concerned about declining demand for the company's electric vehicles.
If you've been hesitant to buy a Tesla until prices drop, your wait may be over.
Prices for used Tesla cars are falling faster than used cars from other brands, Reuters reported on Tuesday, citing data from Edmonds. This could be good news for buyers who have been hesitant to buy electric vehicles because they are too expensive.
Average use of a Model 3, S, X, or Y in July cost $67,297. But by November, the price had fallen 17% to $55,754. Edmonds' data show that used car prices have also fallen overall after years of supply shortages, but not as sharply, he's down 4% over the same period.
Tesla has also been sitting in used-car lots longer than other brands of cars -- 50 days instead of 38. Falling gas prices, competition from other brands and higher interest rates have put Tesla on hold, according to Reuters. have all contributed to the price drop.
Karl Brauer, executive editor of car search engine iSeeCars.com, told Reuters that the loss of value of used Tesla cars could affect demand for the brand's new cars. Brauer said people who bought new Teslas in the last few years often resell them for profit, but that's no longer possible.
Tesla shares are in a downward spiral amid concerns that demand for cars is waning after years of blazing growth. The company gave him $3,750 off some cars in December, and just one week later he doubled the price. Automakers are also reportedly slowing production in China, the world's largest auto market.
As of Wednesday morning, Tesla shares are down more than 70% this year.
