From Nasdaq:

Tesla’s used car prices have hit a new record low, with data from CarGurus revealing a 30% year-over-year decrease in prices. The average price for a used Tesla has seen a 50% decline over the past 19 months. This drop can be attributed to higher interest rates, improved supply of new cars, and federal stimulus measures.

With EV manufacturers reducing new car prices, the Tesla price-cutting trend has resumed, with the company offering a limited-time $1,000 price reduction on its Model Y vehicle. However, the decline in used car prices may impact automakers’ in-house financing arms, as off-lease vehicles are sold for less than residual values used in leasing contracts.

Lower used car prices may also affect new car buyers’ purchase decisions, as they often avoid vehicles with lower resale value. The decline may also result in reduced residual values for new cars. Tesla’s stock ended Friday’s session up 2.12% at $193.57. Source: Benzinga.com.



Read more: Tesla Used Car Values Sink 50% From Mid-2022 Peak: What It Means For EV Giant, Users