Researchers have highlighted the simple fact that a Tesla purchase loses value faster than other car brands.
As of February, “year over year, used EV prices have fallen 24%, with Teslas losing the most value in that period,” Liz Najman, lead researcher at Recurrent, told me in an email. “Looking at just the past few months, Tesla values are still dropping faster than industry average and faster than many of their competitors, such as Ford, Nissan, Chevy, and VW,” Najman said.
Tesla owners apparently have experienced a whopping 32.09% drop year-over-year, the highest price decrease recorded (Models X, Y, 3, and S) and 10 points worse than the average for other used EVs.
Of course this has to be called out because the CEO of Tesla, engaging in an obvious fraud, repeatedly promised his customers and shareholders that the value of his cars would go way up.
Back in 2019, Elon Musk made an astonishing claim for Tesla vehicles. Tesla cars, he said, would go up in value, not down, after purchase. […] He repeated this claim as recently as June 2023. […] During the past year, the price of a used 2021 Tesla Model 3 sedan has dropped, on average, about 29%, going from $40,522 in January of 2023 to just $28,700 in January 2024, according to data from Edmunds.com. In general, model year 2021 used vehicles of all types lost about 19.5% in value over that same period.
Some have actually tried to respond directly to the Tesla CEO, as if writing a letter to a mad barking dog would produce some kind of resolution instead of just wasting time.
Elon Musk Outlines How Teslas Will Be Worth Five Times What You Paid. Here’s How His Math Is Wrong
Math wrong?
Let’s be honest here. Everything is wrong when a CEO can so brazenly lie and cause so many people to lose their life, let alone investments.
Buying a “death trap” Tesla isn’t just a bad financial decision, it’s a terrible life decision and a threat to society.
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