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Used EV prices are collapsing — and Tesla is the reason why

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“With Tesla cutting prices on new models its used EV values have tumbled. And because Tesla makes up the bulk of the used EV market the dramatic drop in Tesla values has impacted the entire category,” said iSeeCars executive analyst Karl Brauer.

earlier this year put extreme downward pressure on the used EV market, which is dominated by Tesla EVs like the Model 3 and Model Y.

Tesla Model 3 vehicles are seen for sale at a Tesla facility in Fremont, California, U.S., May 23, 2023. REUTERS/Carlos Barria Looking deeper into the data, the top 10 models with the steepest price drops included six hybrid and electric vehicles, with Tesla occupying three of the top five slots with the Model 3 , Model X , and Model S .Conversely, used cars with the biggest overall price increases were traditional gas-powered cars led by the Mercedes-Benz SL convertibles, Fiat 500X crossover, Chevrolet Suburban, and two Porsche sportscars — the 911 convertible and 718 Cayman coupe.

 

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