Used Tesla values come down with a crash! Prices down as much as £18k

The value of used Tesla electric cars has nosedived by a fifth in the last 12 months as demand for second-hand battery cars appears to have cooled, according to latest industry figures.

Used versions of the popular Tesla Model 3 – the second most-bought new electric car in Britain in 2022 – have crashed in value the most in the last 12 months, with one-year old examples down a massive 21 per cent on average, translating to a financial drop-off of almost £10,000.

Experts say the drop in second-hand prices is due to a combination of factors, including greater supply of new examples.

Average used car prices have been trading at record levels for over a year due to the limited availability of new vehicles linked to the semiconductor shortage that has crippled output since the pandemic.

Some models peaked in value on the used market last year and are falling as demand eases, especially with manufacturers now able to fulfil an increasing volume of new car orders. 

However, analysts believe cheaper taxation of new EVs, rising charging costs and petrol and diesel pump prices falling are all having an impact on the value of second-hand electric cars.

Cap HPI, which tracks the value of second-hand cars, told This is Money that January is the fourth consecutive month that used electric car prices have generally been in reverse.

In the standings of the worst-depreciating electric cars in the  last 12 month, Teslas take up three of the top five spots.

Source of data and images: dailymail

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