Prices on Used Tesla Jumped 6% in Last 2 Weeks to $65,000

Prices on Used Tesla Jumped 6% in Last 2 Weeks to $65,000

Image: Tesla

Used Tesla prices jumped 6% in the last two weeks to $65,000. Thus, after the car has been in use, owners can fetch significantly more money for it than when they first bought it.

The cost of a used Tesla has jumped about 6% in the past two weeks to about $65,000 as of March 20, according to CoPilot, which tracks prices at car dealerships across the country, according to CBS News. CoPilot also said that newer used models - which are only 1-3 years old - cost about $70,000 on average.

Obviously, the increase in the price of Tesla cars that were in use is due to the increase in the price of new cars. The manufacturer raised prices on its new vehicles after CEO Elon Musk tweeted that the company has seen significant recent inflationary pressures on raw materials and logistics. Aluminum, nickel and palladium are some of the raw materials Tesla uses to build its vehicles and these materials have experienced significant increases in price recently. This, in turn, was reflected in the price of Tesla cars.

CoPilot CEO Pat Ryan said that rapidly rising gasoline prices are clearly boosting consumer interest in buying an electric car. Rising Tesla prices are in some ways a reflection of the demand for electric vehicles, he said. "Prices are now peaking at $65,000 and supply has dipped to record lows, making it much more challenging for consumers in the market for an EV," Ryan told CBS MoneyWatch. "Across the board, the market has become increasingly competitive for folks looking to convert from a gas guzzler."

This state of affairs is also shown the fact that Tesla cars are a good investment. In addition to the fact that owners drive high-tech and high-quality cars that do not pollute the environment and are much more economical than their gasoline counterparts, over time, their cost continues to rise. Thus, when reselling, the owner can earn enough money to buy a new Tesla car, and even make extra money.

H/T @SawyerMerritt/Twitter

© 2022, Eva Fox | Tesmanian. All rights reserved.

About the Author

Eva Fox

Eva Fox

Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.

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