Automotive: Used Tesla prices plummet as reality sets in

The floor has fallen out from under used Tesla prices, while the company slashes Shanghai production of new EVs — and other EV automakers as a whole consider doing the same.

From Reuters:

Tesla buyers who waited months for their new car have had an unusual choice for much of the past two years: keep the new electric vehicle, or sell it at a profit to someone with less patience.

But the days of the Tesla flip are numbered – a potential threat to new car prices that are already getting cut.

Prices of used Teslas are falling faster than those of other carmakers and the clean-energy status symbols are languishing in dealer lots longer, industry data provided to Reuters showed.

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.

Tesla shares fell 7.3% to a more than two-year low of $114.12 in early trading on Tuesday, down from the all-time high Tesla stock closing price of $409.97 (after stock splits) on November 04, 2021.