Price of used Teslas drops £5,000 as EV’s interest wanes

The price of used Teslas has fallen £5,000 over the last three months due to falling petrol and diesel prices. This is due to a slowdown in electric vehicle demand.

According to the latest statistics, Tesla’s stock of vehicles that were previously owned has tripled in the past quarter.

Elon Musk’s decision of slashing the price of a Model 3 by £5,500 exacerbated the decline in prices. Prices of used models plummeted by £1,400 overnight on Auto Trader’s site.

The average retail price of an electric second-hand vehicle has fallen to £36.445 in December, which is a 0.9pc decrease.

Average prices are down by 0.8% compared to last year.

As petrol and diesel prices return to normal, the proportion of used cars for sale on Auto Trader has declined. It was 6pc in June 2022 but it fell to 4pc in January.

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