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People are buying up used Teslas as the average sale price dips

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
Cox Automotive's director of industry insights told BI that while Tesla has led the EV market for several years, the brand is facing an aging lineup.
The demand for used Tesla vehicles has surged as their average sale price has decreased, making them more accessible to a broader range of buyers. According to a recent report by iSeeCars, the average price of a used Tesla dropped by 21.5% from June 2022 to June 2023, with the average price falling from $67,280 to $52,766. This price reduction is attributed to Tesla's price cuts on new vehicles earlier in the year, which subsequently impacted the used car market. The decline in prices has led to a significant increase in sales, with used Tesla sales rising by 4.1% over the same period, outpacing the overall used car market's growth of 3.6%. This trend indicates a growing interest in electric vehicles as they become more affordable.

Read the Full Insider Article at:
[ https://www.msn.com/en-us/autos/news/people-are-buying-up-used-teslas-as-the-average-sale-price-dips/ar-AA1Fn3GO ]