Tesla used car prices are cratering

It’s a complicated time for car shoppers. President Donald Trump’s tariffs threaten to increase new car prices, and the used car prices are expected to rise in turn. That is, of course, unless you’re shopping for Teslas, which are getting more affordable versus the rest of the car market. 

Forbes reports that a used Model Y has dropped $6,000 on average over the last year. In March 2024, a Model Y with decent mileage would’ve gone for around $36,000. That price has dropped to $30,000, with a steady decrease coming since the U.S. elections in November. Forbes notes that it’s not particularly difficult to find a Tesla Model Y with under 20,000 miles for under $30,000.

This trend also affects Tesla’s other models. The Model X has dropped from around $45,000 to $41,500. Per CarGurus, Tesla vehicles, on average, have gone from $32,000 to about $29,000 over the last year. However, none of Tesla’s models were hit as hard as the Cybertruck. Just eight months ago, a used Cybertruck had a $120,000 price tag. Today, those same Cybertrucks are going for a hair over $90,000, a reduction of approximately 25 percent. 

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For context, Tesla’s 10 percent drop in used car prices is much higher than most automakers. Kia, for instance, has mostly held steady over the last year, while Ford prices have gone up since 2025 started but are down around 4 percent since last March. Most automakers are around that same range. Edmunds noted last month that used car supplies are beginning to dry up, which may lead to higher used car prices later in 2025. Tesla seems to be bucking that trend for now. 

There are numerous reasons why buyers might be hesitant to purchase a Tesla or current owners might want to ditch their cars. Some may not agree with Musk’s increasingly right-wing political views, while others may want to avoid having their cars vandalized. While there are plenty of anecdotal reports of people selling their Teslas, there isn’t much firm data to quantify exactly how many people have done so or why. After all, Tesla has also begun shipping out its new Model Y, which may be leading existing Model Y fans to trade in the old model for the new one. 

Tesla’s misfortunes in the used car market are the latest in a long string of bad press. Profits have plummeted 70 percent over the last quarter, and it’s likely not going to get better anytime soon. There are already reports of new Tesla shipments dropping 50 percent in Europe, led by Germany, where sales of new Teslas have declined by 76 percent. Public sentiment isn’t ideal, and activists are protesting Musk in Tesla showrooms across the U.S. 

On the ever-so-tiny plus side, you can get a Tesla for an outstanding price if you can stomach all of the controversy.