Reductions have caused second-hand vehicles to depreciate more steeply
Although second-hand car values have fallen this year compared with 2022, when old cars were often selling close to or above their new price, the depreciation of Tesla cars has been greater than rival electric brands.
This is because, under lease or personal purchase agreements, motorists only have to finance the value a car loses over a leasing period. Chief executive Elon Musk defended the cuts earlier this year, saying: “The desire for people to own a Tesla is extremely high. The limiting factor is their ability to pay for a Tesla.”
Tesla sets prices globally, unlike other manufacturers that use local branches or dealers, which offer discounts and incentives to help drive sales.
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