Kyle, who shares his automotive insights on his YouTube channel, Out of Spec Reviews, detailed the story of selling his electric vehicle. The car, produced by Elon Musk’s company, was purchased in 2022 for $140,000. This year, Conner decided it was time to part ways with it.
According to TikToker Chris Pearce (@thechristopherpearce), who analyzed Conner’s experience, it is ‘insane how fast Teslas depreciate’.
Pearce showed the invoice after Tesla’s appraisal of Conner’s car, highlighting just how much it had dropped in value compared to a gas-powered vehicle.
Then, in a screenshot showing Tesla’s appraisal, Pearce read aloud for his audience: “So with just 37,000 miles on the odometer, Tesla offered him a whopping $46,400.”
Pearce noted that Conner might have gotten more for his car if he had chosen to sell privately, but other appraisal sites also estimated the car’s value at less than half its original cost.
Pearce mentioned: “The appraisal came straight from Tesla, so it could be a lowball offer.”
To show how Tesla’s depreciation compared to that of a traditional gas car, Pearce pulled up a comparison with a BMW model that sold for a similar price in the same year.
Pearce explained: “I did us all a favor and found a comparable gas to compare the depreciation.”
Pearce offered a piece of advice to those considering buying a Tesla.
He suggested that prospective buyers should be cautious and understand that flashy brands may not always retain their value.
Meanwhile, brands like GMC and Porsche were shown to have some of the slowest depreciation rates in the industry.
If you’re curious about other cars that experience quick depreciation, models from Alfa Romeo, Maserati, Lincoln, and Volvo were listed just behind Tesla.
The study by Diminishing Value Carolina indicated that it isn’t just Tesla but electric cars in general that show higher rates of depreciation.
Another person commented: “It’s almost as if Tesla makes a product that has an artificially inflated price because of fanboys that love getting ripped off.”
Conner wasn’t particularly happy with the sudden attention this depreciation story brought.
He recently tweeted: “We posted the most glowing review possible of the new Long Range RWD Model 3… nobody shared I posted two screen shots about a Model S with a single word ‘depreciation’ and everyone writes about it Huge Tesla hate bias in the media.”
