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A man was left gobsmacked after he discovered just how much a $62,990 Tesla purchased in 2022 is now worth.
While it’s not really a secret that cars tend to lose their value after purchase, the Tesla owner couldn’t believe how much his vehicle was valued at.
It makes sense that a car would lose its value, especially if it’s being used day to day.
This is due to the inevitable wear and tear that the vehicle will experience on the road.
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But some cars tend to depreciate at a much faster rate than others and people might be shocked to find out that one particularly famous EV manufacturer falls into the category.
It turns out that the EVs, headed up by tech mogul Elon Musk could set you back by more money than initially thought.
This comes after a man who owns a Tesla Model Y took his vehicle to a second hand motor buyer, WeBuyAnyCar, and was stunned by the offer they made to him.
After paying the equivalent of a whopping $62,990 for the car, he found it had massively dropped in value.
The horrified owner from the UK said he would lose 'somewhere between $22,000 and $27,000 in less than three years.
He said: “That’s roughly $650-750/month in depreciation alone, not counting insurance, charging, maintenance, nothing.
“Just pure value evaporation.”
Not only that, but the price of a new high tech Tesla means that he may find it very difficult to sell his older model.
He explained: “Why would someone pay $40,000 for my 2022 with 41,000 miles when they can get a brand new 2025 for $44,000?”
WeBuyAnyCar has previously issued a statement explaining why Teslas in particular see such a big drop in their value.
A spokesperson for WeBuyAnyCar said previously: “Once a car leaves the showroom, it begins to lose value - typically up to 35 percent in the first year for petrol or diesel vehicles.
“This is higher still for EVs, which depreciate faster and typically have higher prices, so more value loss through depreciation can be expected - in some cases up to 50 percent."
They added: “Factors like age, mileage, service history, condition, and even the number of previous owners all influence its resale value.
“Teslas are currently depreciating quicker than most models, with some other market factors also impacting resale value.
“Depreciation can be a shock for some car owners, so it’s important to always be aware of what to expect when you make that purchase.”