Tesla's EV sales are plummeting as used Model Y and Model 3 prices crash to bargain levels

Date:
Mon, 10 Mar 2025 20:00:00 +0000

Description:
Tesla's new car sales are dropping, but prices are also falling on the used
car market as buyers look beyond Musk for electric vehicles.

FULL STORY

Whatever your political persuasion, it's hard to get away from the fact that Tesla is having a rough time at the moment, with new car sales plummeting by
up to 76.6% in some markets over reason months.

According to CarScoops , Tesla sales in Norway dropped by 44.4% through
January and February, meanwhile in Germany, where Musks now infamous salute arguably hit the hardest, sales were down a staggering 76.3% in February compared to the same period in 2024.

The picture looks even gloomier when you consider that in both the Norwegian and German markets, overall EV adoption has steadily been on the rise, with sales in Germany climbing 30.8% in February, and Norways EV market growing by 53.4% since the beginning of the year.

Tesla diehards will be keen to point out that the updated Model Y likely has something to do with it, as customers put off buying new and wait for that
car to arrive in key markets, such as China, Australia and much of mainland Europe in the coming weeks.

Whether or not it's down to a general waning of consumer demand for Tesla products, or customers holding off for refreshed product, its hard to ignore the fact that these price crashes are also happening across the used market, too.

According to Forbes , the average price for a used Model Y in the US has dropped by more than $6,000 over the last 12 months to about $30,000 this month, according to data it received from used car experts CarGurus.

The same thing is happening to older, higher-mileage Model 3s, which Forbes says can now be picked up for less than $15,000, making them a veritable used bargain for first-time EV buyers.

But the anti-Tesla sentiment that is rife in the US right now could well see stock lingering on used-car forecourts for longer, as buyers actively choose
to move away from the brand.

In the US, some Tesla owners have even resorted to sticking rival automotive badges onto their vehicles in an effort to disguise them.

This behavior is contagious, and is impacting the overall demand for Musks product, with web searches for Tesla vehicles dropping 7% this February, compared to the same period last year, while searches for other used EVs
spiked 28%, according to Davide Greene, an industry analyst who spoke to
Forbes .

Big names are turning on Tesla

With continuing threats of demonstrations and even violent actions at Tesla dealerships, the outlook for the brand isnt rosy right now. And to make
matters worse, some big-name Tesla advocates are turning their backs on
Tesla.

Recently, Apple cofounder Steve Wozniak went on record to say that Tesla is
the worst in the world when it comes to user interface, citing the fact that constant updates to the infotainment system have made it a miserable experience, according to Fortune .

Wozniak was an early advocate of Musks, praising the entrepreneur and
publicly revealing his love for his Model S. Similarly, big-name celebrities, such as Sheryl Crow , have publicly waved goodbye to their Teslas in recent months.

One 2024 article by The Hollywood Reporter claimed that Hollywood Cant Ditch Its Teslas Fast Enough, citing numerous industry experts that have seen
demand for Musks electric vehicle plummet from an all-time high 10 years ago
as it loses market share to Audi, BMW, Mercedes-Benz and relative newcomers like Polestar.

However, some investors believe that the refreshed Model Y will see Teslas fortunes change, seeing as the model has historically accounted for a large proportion of the companys overall sales.

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Link to news story: https://www.techradar.com/vehicle-tech/hybrid-electric-vehicles/teslas-ev-sale s-are-plummeting-as-used-model-y-and-model-3-prices-crash-to-bargain-levels

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