Tesla leads used car price decline with 13.6pc drop, iSeeCars report finds

Used Tesla vehicles have experienced the largest price drop among major car brands, with average prices falling 13.6 percent over the past year, according to a report by iSeeCars.

The average price of a 1- to 5-year-old Tesla now stands at US$31,733 (HK$247,517), marking a drop of US$5,013. This compares to an averge decline of 0.8 percent or US$239 in the used car market, with the average price for all vehicles dropping to US$31,257.

While Maserati saw a larger total price drop of US$5,208, its year-on-year decline was limited to 10.6 percent, with Chrysler, Chevrolet, and Genesis experiencing smaller drops of 7.6 percent, 6.5 percent, and 4.8 percent, respectively.

iSeeCars attributed the drop to Tesla’s new vehicle price drops, aging product line, and stalling demand in new and used EVs.

STAFF REPORTER