There’s an old saying about cars that they depreciate dramatically the second you drive them off the lot.
A TikTokker named Chris posted a video on the social media platform and educated viewers about the value of the Tesla a YouTuber bought two years ago.
Chris told viewers that the man paid $140,490 for his Tesla and said, “He just had his car appraised by Tesla. Wait till you see how much it’s depreciated compared to a gas car.”
He continued, “So with just 37,000 miles on the odometer, Tesla offered him a whopping $46,400. That’s a loss of $94,000 or 67% of its original value.”
Chris added, “The appraisal came straight from Tesla, so it could be a lowball offer. But even sites like Edmunds, or Consumer Reports wouldn’t give him more than $59,000 at the absolute highest.”
Chris continued, “I did us all a favor and found a comparable gas to compare the depreciation. The BMW M5 CS came out in 2022, the same year, for around $140,000, the exact same price. It’s not a perfect comparison, but they’re both saloon-performance sedans. If you go on any of those sites I mentioned, You can buy the M5 CS for $140,000 today. Meaning this car has depreciated maybe $10,000.”
He added, “The examples keep coming. Lesson here: if you’re gonna buy a Tesla, an expensive Tesla, don’t buy it brand new. Let someone else eat the depreciation for you.”
Here’s the video.
@thechristopherpearce
And here’s how viewers reacted.
This viewer weighed in.
Another person shared their thoughts.
And this TikTokker spoke up.
All in all… that car is actually retaining it’s value pretty nicely.
If you liked that story, check out this one about a 72-year-old woman was told by her life insurance company that her policy was worthless because she’d paid for 40 years. 🙁