There's a pretty big depreciation trend impacting Tesla electric vehicles. While this isn't great news for the company, it's encouraging for anyone looking to buy a used EV.
The scoop
According to a report by Forbes, as resale values for luxury EVs continue to plunge — thanks to factors such as competition, recalls, and shifting consumer sentiment (some of which is related to Elon Musk's political activities) — buyers are scoring amazing deals on high-performance models that once cost a small fortune.
A recent iSeeCars study found that models such as the Tesla Model S and Porsche Taycan are now selling for more than $50,000 below their original sticker prices. For used EV shoppers, this is a golden opportunity. According to Cox Automotive, pre-owned EV sales jumped 27% in April 2025 alone as average prices dipped nearly 2%.
How it's helping
Buying a used EV doesn't just save thousands upfront; it also means no more spending on gas and fewer repairs over time. EVs have fewer moving parts than gas-powered cars, so they're often cheaper to maintain. They're good for the planet too. EVs produce zero tailpipe pollution and, when charged using clean energy, can drastically reduce the pollution overheating our planet.
To make your EV even more affordable, consider installing rooftop solar panels to charge it at home. Solar energy is cheaper than public charging or grid electricity, especially over the long run. You can get free quotes from vetted installers using EnergySage and save up to $10,000 on installation costs.
The used EV market is growing quickly across the globe. As more models enter the road and older EVs cycle through first owners, inventory for secondhand buyers is only getting better. For new EV owners or drivers on a budget, buying used can be a smart way to switch without breaking the bank.
If you're an EV owner looking to sell, Recurrent offers a free service that connects owners with dealers, tracks battery health, and helps sellers get more money. Recurrent users make an average of $1,400 more than they would by selling on their own.
What everyone's saying
In a Reddit post on r/electricvehicles, users were encouraged by the downward price trend, while many pointed out that the market might eventually settle down.
One person shared: "Used EVs are a steal right now (esp if you can get one under $25k and get an additional $4k tax credit as a POS price deduction), and some even let you spend $ to increase a manufacturer's extended warranty. I extended mine to 100k miles / 10 years with Ford on my wife's Mach-E for like $2k, but that was chump change compared to the $35k I got off for buying a 2 year old Mach-E GT PE."
"It's really hard for me to justify a new EV when used (even mildly) have such large discounts," another user said.
"Good way for [an] average wage earner to [acquire an] EV," said one Redditor.
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