Tesla buyers who waited for months to get their new Tesla vehicle are seeing two options. It was either to use the Tesla vehicle or else sell it at a profit to some other Tesla buyer with less patience. However, these options may not be there once there are price cuts for the vehicles. Tesla is already offering a discounted price for its vehicles in the US.
Prices of used Teslas are falling faster than those of other carmakers and the clean-energy status symbols are languishing in dealers for lots longer. The average price for a used Tesla in November was $55,754, down 17% from a July peak of $67,297. The overall used car market posted a 4% drop during that period, according to Edmunds data. The used Teslas were in dealer inventory for 50 days on average in November, compared with 38 days for all used cars.
Rising gasoline prices, an effect of the Ukraine war, boosted demand for Teslas, one of the few long-range electric vehicles in the market. Tesla itself raised prices faster than prices for other cars, building its profit margins. And buyers of some new Teslas took advantage of the booming market to sell their relatively new cars for a profit, then order new ones, driving demand for Tesla’s new cars.