The price of used Tesla’s Model 3 and Model Y vehicles depreciated more than any other cars in 2024, according to a Fast Company analysis of CarGurus data.
The average price of a Model Y for sale on the platform dropped by 25.5% between January of 2024 and January 2025, and the price of the Model 3 dropped by 25%. In that same time frame, the average price of a Nissan Maxima only dropped by 5.2% and a Ford Mustang by 5%.
The analysis included only used cars for model years 2015 through 2023 and only examined the 200 most commonly occurring car models on the platform, which excludes the Model S and Model X.
While electric cars made up four of the top 10 fastest depreciating cars (including Jeep Wrangler 4xe and Chevrolet Bolt EV), Tesla’s steep price drops are driven by brand-specific factors. Last year, the company slashed prices to help revive lagging demand for its autos, including cutting the cost of the base Model Y to $44,630, further dragging own the resale value of aftermarket cars.
Tesla did not respond to a request for comment.
Some of the same factors responsible for the company's hype-driven stock price—which, even after its recent downturn from its peak, still has a price-to-earnings ratio of more than 130—also accelerate the rapid depreciation of value. For example, the company's still speculative self-driving technology is only available in Model 3s released after 2017 and post-2019 Model Ys, one of a slew of changes that aligns the carmaker's products more closely with the depreciation timeline of typical consumer technology products than autos.
The drop in prices doesn't seem to follow Elon Musk's heightened involvement in U.S. politics after the assassination attempt on President Donald Trump in July 2024. Even by June, the Model Y and Model 3 had still dropped by more than any other car from January, at around 17% each.
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