Tesla, Inc. (NASDAQ:TSLA) used car prices continued to plummet, hitting a new record low last week, possibly reflecting the effects of the company’s recent price cuts.
What Happened: Data from automotive research and shopping website CarGurus showed that used Tesla car prices dropped to $33,913 on Feb. 10, marking a decrease of approximately 30% year-over-year. The most significant decline was seen in the Model X, which now trades at $45,873, down by 34.25%. Similarly, the price of a used Model S fell by roughly 33% to $34,355.
Used Model Y and Model X are now selling for $37,776 and $29,078, respectively.
Commenting on the data, markets strategist Charlie Bilello from Creative Planning noted, “The average price of a used Tesla has declined for 19 consecutive months, plummeting from a record high of $67,900 in July 2022 to a record low of $33,913 today. That’s a ...