Used Tesla Price Tag Plummets
» Posted March 6, 2023 Resources | Share This Post
There is good news for people who have been waiting to get their hands on a Tesla: the price of the pre-owned versions of the cars is dropping fast.
The average price for a used Tesla in November was $55,754, down 17% from a July peak of $67,297, Reuters reports. While overall used car prices are receding from spikes caused by supply chain shortages, used Tesla price tags are falling at a quicker clip.
Used Tesla prices skyrocketed early in the pandemic, giving buyers waiting in line for the wheels the option to sell the vehicles immediately for a handsome profit. Flippers increasingly got into the game, driving prices even higher, according to Reuters.
“Nearly a third of used Teslas for sale in August were 2022 models up for resale, a sign that original buyers were aiming to flip,” Hyunjoo Jin and Nivedita Balu write for Reuters. “That compares with about 5% of other brands on the used market.”
Meanwhile, Tesla also recently shaved prices on new vehicle sales. The company began offering $7,500 discounts on Model 3 and Model Y vehicles delivered in the US in late December. It also offered a $5,000 credit on vehicles delivered in Canada.
Tesla Autopilot Safety Concerns
The price changes come as Tesla is increasingly mired in controversy over its driver-assist Autopilot technology.
The Autopilot system is designed to allow cars to steer, accelerate and brake automatically – without a human driver controlling the vehicle – while staying in their lane.
The company faces a wave of lawsuits over crashes involving cars said to be engaged in Autopilot at the time. The suits allege generally that Tesla has pitched and marketed Autopilot as completely autonomous driving, giving drivers a dangerous sense that they can let the vehicle do all the work.
It turns out that Autopilot appears to struggle with stationary objects and flashing lights. Investigators from the National Highway Traffic Safety Administration reportedly are looking into a string of collisions involving Teslas and stopped emergency vehicles.
California Car Owners' Rights
California car owners have some important rights and protections under the state’s lemon law, whether they are driving a Tesla or another vehicle.
The lemon law requires auto manufacturers to do a wide variety of repairs on vehicles while they are under warranty. It also forces the companies to buy back vehicles that they are unable or simply refuse to fix. That means compensating the owner for the car’s purchase price, as well as for financing fees, rental car costs and other related expenses.
There is no specific number of recall requests or attempts that must be made before the buyback requirement kicks in. An experienced lemon law attorney can help you understand your rights and options.
Talk with a California Lemon Law Attorney
If you have been stuck with a defective or malfunctioning vehicle, a California lemon law attorney at Bickel Sannipoli APC can help you fight back.
Call us at (888) 800-1983 or contact us online to speak with a California lemon law attorney.