A man has revealed the insane value of a Tesla that he bought for $62,990 back in 2022.
It is well known that, unless you are purchasing a classic or collectable vehicle, once you buy a car, it will inevitably lose its value over time.
So, it makes sense to expect some wear and tear over time, which is why the second hand market is a great place to snag a bargain on an affordable car.
However, not all cars hold their value in the same way and it turns out that some vehicles depreciate much faster than others.
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Unfortunately, it seems that Tesla models tend to fall into the latter category as one man detailed his own experience.
The man in question is the owner of a Tesla Model Y who took his vehicle to WeBuyAnyCar for a valuation and could not believe the offer he received.
After he had paid 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.”