Man who bought $140,000 Tesla left in shock at what its worth after two years

A man who owned a Tesla for two years, couldn't believe how much it dropped in value within just two years.

When it comes to electric vehicles (EVs), very few are more well known than Teslas - whether it be because they're owned by Elon Musk or because of how horrific the Cybertruck looks.

While many may think that owning an EV will save them money in the long-term, and that they may preserve more of their value over the years, it turns out that this is far from the truth.

Kyle Conner, a vehicle-focused content creator, revealed how much his two-year-old Tesla was worth when he looked to trade it in, after originally forking out a cool $140,000 (£104,000) for it when it was new.

When he was told how much it was worth, he questioned if he had overspent, sharing the new values on social media.

Sharing the snaps on X, he revealed that his Tesla Model S had dropped off by almost $100,000, as his car was valued at $46,400 (£34,487).

He simply captioned the post as 'depreciation', further highlighting his vehicle's sharp decrease in value over time.

It's an issue which every car owner has to experience, as cars are known to depreciate the second they are driven out of the showroom.

But why is this?

Well, cars and specifically Teslas are known for losing their value over time, as a car expert explained why to LADbible.

Stuart Masson, editor of The Car Expert, admitted that all cars lose up to 35 percent of value' in the first year because when you buy a car, you're not just paying for the car itself.

You're actually paying the dealers and other service costs which are involved in getting that car to the new owner, meaning that a chunk of its value is sadly wiped away.

Masson added that Teslas lose more value that other car manufacturers, as they have become a 'victim of their own success' in the EV market, since they were 'far and away the best selling' models.

But as there are so many on the market, it means there are more to be resold, reducing the value of each individual car as second-hand buyers will have more options to consider.

depreciation pic.twitter.com/3wZ0I9usYK

— Kyle Conner (@itskyleconner) October 27, 2024

Second-hand Teslas would be competing against new models being sold, while also facing the challenge of other manufacturers getting their own models out on the market.

The Car Expert editor further claimed that 'Tesla was really taking off five, six years ago' back when other brands were venturing into the electric business, but they are now catching up.

Prices of EVs in general are also experiencing a dip, with car brands streamlining their manufacturing processes, resulting in cheaper cars overall.