The cost of a used car is going down.
It used to be that customers were happy to pay more for a used car than a new one in order to avoid having to wait. Current owners were able to make a few bucks by selling their EV, because of the market's prosperity. It looks like the opportunity is going to disappear quickly.
According to data shared by the news agency on Tuesday, prices for used cars from other manufacturers are falling more quickly than for used cars from the electric car maker.
It shows that the average price for a used car last month was $55,754, down from the previous month's price of $68,297. The market for used cars fell 4% in the same period.
In November, used cars stayed with dealers for 38 days, while used cars stayed with dealers for 50 days.
The trade in customers buying new ones to sell on also had an effect on the sales of the range of electric vehicles. A man who bought a new Model Y for $49,000 and sold it for $61,000 was cited in the report.
Fuel prices have dropped and the EV market has increased, which has led to a drop in demand forTeslas. People are rethinking their purchases because of rising interest rates and fears of a recession.
The stock value of the company fell by 9% on Tuesday alone, and has fallen by 70% since the beginning of the year. Concerns over economic stability, increasing competition in the EV industry, and reports this week thatTesla is suspending production in China, are some of the reasons. The stock value of other EV makers has fallen.
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