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.
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.
itself raised prices faster than prices for other cars, building its profit margins. And buyers of some new Teslas took advantage of the booming market to sell their relatively new cars for a profit, then order new ones, driving demand for Tesla's new cars. Nearly a third of used Teslas for sale in August were 2022 models up for resale, a sign that original buyers were aiming to flip, analysts said. That compares with about 5% of other brands on the used market, research firm Edmunds said."You can't sell your current Tesla for more money than you paid for it, which was true for a lot of the past two years," said Karl Brauer, executive analyst at car sales website iSeeCars.com. "That would reduce demand for new Teslas.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The 8 coolest electric cars coming out in 2023: Tesla, Chevy, HyundaiSee the 8 coolest electric cars hitting streets next year, from Chevy's $105,000 truck to Hyundai's spaceship-like sedan
Read more »
Tesla driver blames self-driving mode for eight-car pileupA driver says an eight-car pileup on Thanksgiving Day was the result of his Tesla's Full Self-Driving mode malfunctioning.
Read more »
Tesla Stock Tanked in 2022, and Now They're Offering $7500 Discounts on EVsThe electric-vehicle pioneer's stock was down 70 percent in 2022, a remarkable amount even in this year's difficult economic climate, so Tesla's offering some deals.
Read more »
Report: Tesla Suspends Production In ShanghaiAs rumored earlier this month, the Tesla Giga Shanghai plant in China has suspended production before the end of the year.
Read more »
Tesla Halts Auto Production at Shanghai Plant in Rare Christmas SuspensionTesla halted car production at its Shanghai plant on Saturday, according to people familiar with the matter, as China’s Covid-19 outbreak takes out plant employees and suppliers
Read more »
Elon Musk tells investors he'll pause on Tesla stock salesElon Musk said he won't sell any more shares in Tesla for 18 months or more, likely an attempt to comfort shareholders who have watched the stock lose nearly half of its value since Musk's purchase of Twitter.
Read more »