Kyle Conner, a YouTuber from Out of Spec Reviews, was left stunned after discovering the rapid depreciation of his Tesla Model S, which he purchased for $140,000 in 2022. Two years later, Tesla appraised the car at just $46,400, a shocking 67% loss in value. Even private sale estimates couldn’t fetch more than $59,000, highlighting the steep depreciation of electric vehicles compared to traditional gas-powered cars.
The appraisal drew widespread attention and sparked debates online about Tesla’s resale value. TikToker Chris Pearce compared the Tesla’s depreciation to a BMW M5 CS, which retained most of its value, showcasing the financial risks of investing in electric cars.
Some users on Reddit speculated that Tesla’s policy against lease buyouts might be an attempt to control used car prices. A study cited in the article revealed that Tesla vehicles depreciate 70 times faster than some other brands, with electric vehicles in general losing value more quickly than expected.
We posted the most glowing review possible of the new Long Range RWD Model 3… nobody shared
— Kyle Conner (@itskyleconner) October 30, 2024
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. https://t.co/cCWFpEPuOU pic.twitter.com/3mYVJecOPi
Conner expressed frustration over the media focus on Tesla’s depreciation rather than positive reviews of their newer models. The incident sheds light on the potential financial pitfalls of owning an electric vehicle, especially concerning long-term value retention.
