Love or hate Tesla, the reality is: they popularized EVs. Tesla disrupted the market in a way that hadn't been seen since the likes of Henry Ford. Tesla certainly didn't invent the electric car. Believe it or not, the electric car has been around since automobiles and electricity have been available simultaneously. Instead, Tesla made them cool.

What was once looked at as a lame-looking and driving vehicle was transformed into a high-powered luxury car that looked and felt as futuristic and as expensive as it was advertised. Not to mention, the original Tesla Model S and Model X came with Mercedes-Benz parts, so it actually came with that pedigree (so to speak). Now, with so much strife hitting the company and EVs in general, how much is the resale value of these now? 2024 Teslas aren't looking so hot.

We'll start with the Tesla Model 3. The 2024 Tesla Model 3 had a much-needed refresh for the 2024 model year (how many times can we say model?). With this much-needed refresh, it gained true luxury credentials to live up to the name. Unfortunately, it's taken a bit of a dip on the value side, with Kelley Blue Book reporting that it's shed nearly 27% of its original value in only two years. The Model Y is in the same proverbial boat with the private party value listed at $30,600. The Model 3s are around $29,400 comparably.

Within the first year, a 2024 Tesla Model Y sheds roughly 1/5th of its original MSRP and around 50 to 60% over a five-year period. The Model 3 follows a similar curve, with it just slightly steeper at around 60 to 62%. Now, with continually shifting gas prices, that sharp increase has drastically slowed as more and more people are considering going back to EVs.​​​​​​​

Of course, a lot of these evaluations are trim dependent. Tesla also recently released a cheaper version of the Model Y. Factors like drivetrain and battery capacity really play a huge role in this. Therefore, the long-range dual motor, all-wheel-drive trim, holds significantly more value than the shorter entry-level variants. Miles matter twice because anything under 30,000 miles will put it at the top of the market. However, because people love to take EVs on long road trips, you shouldn't be surprised to find one with over 90,000 miles for next to nothing. We found a 2022 model three with that amount of miles for $22,000.

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Not only do the prices vary from trim to trim, but, of course, as you can imagine, they also vary from model to model. Did you know that Elon Musk originally wanted to name his lineup with an acronym that spelled out "SEXY" but was forced to make the Model 3 what it is today because of a trademark dispute with Ford's Model E? We also still haven't gotten the roadster he's promised, but that's a story for another article.

We've saved the two most common for our first up. Think of them as little siblings to the big players to the Model S and the Model X. As you'd probably expect, trade-in values for these are going to skew slightly lower than private parties. A private party sale for the 2024 Model Y runs $30,600 for the standard RWD and $35,600 for the Performance. Trade-ins run $2,000 to $4,000 lower. It's actually on the flip side for the Model 3. Trade-ins, you're looking at $32,010 and $35,110 respectively. Then, of course, for private party sales, the 2024 Model 3 is between $29,400 and $29,000.​​​​​​​

At this point, Tesla has discontinued two of its models that started the brand. The Model X and the Model S are the flagships that started it all, but ended in 2025. The value of both of these has dropped dramatically, especially in the Model X. That originally had an MSRP of $132,000-$144,000. Now you can pick up a 2024 Model X in good condition for between $65,300 and $80,200. The Model S has suffered too, but compared to what it cost new, not as much. The 2024 Model S has a rough estimate private party value of $61,000 and a trade-in value of around $54,400.​​​​​​​

These huge decreases, especially for the flagship models, didn't just happen by accident. There are a couple of factors that have propagated this steep decline, from the repealing of the EV tax credit to a general dissatisfaction with the charging infrastructure to even Tesla, dropping its own prices on some of their most coveted vehicles. Besides, just getting rid of their two flagships, the market created the conditions, but Tesla poured fuel on the fire, and EV fires are no joke.

For a long time, the federal government was helping EV sales by subsidizing $7,500 per vehicle sale. States, in turn, would match subsidies with either equal to or lesser than the $7,500. Then, with the introduction of a new administration that is vehemently opposed to electric vehicles, ultimately slashing the subsidies in an attempt to force the market away from EVs. Did you know that Ford found a way to extend extend it

Starting in 2023 and moving through 2024, Tesla repeatedly reduced pricing for everything. Suddenly, the new Teslas only cost a few thousand dollars more than a used one, thereby forcing the price of a used one to recede. A new Model Y was $40,000 for a base model, crazy! On top of that, rental-car companies sell a boatload of their Tesla inventory, making it even harder to sell privately or get a fair market value at the dealer for yours. You could sell it, or you could replace the battery.

If you've made it this far, you know how much your 2024 Tesla Model S, Model Y, Model X, and Model 3 are worth. Now, what do you do about it? Some things in life you just have to accept, and sometimes the depreciation of your vehicle might have to be one of those things. Every second you waste making the decision only furthers the deduction of the value of your Tesla.​​​​​​​

This really depends on what you're willing to go through as well. Where's your comfort level when it comes to selling a vehicle? Do you like to just wash your hands clean at the dealership or get them dirty in a person-to-person sale, fielding the bots on Facebook asking if it's "still available"? In a lot of states, the difference between selling privately and trading it in means the difference between eight and ten thousand dollars. For newer vehicles, especially Teslas, oftentimes you'll find that places like Carvana, CarMax, and other big corporate dealers such as these are happy to cut you a major check for your depreciating asset.

We do not have a crystal ball, but even though we just told you that there's a definite decrease in value, the best time to sell any of your 2024 Teslas is right now. For any EV in general, with the technology still being relatively new compared to internal combustion engines, a lease would be your best bet on vehicles such as these. EVs are a lot like any other tech out there. The minute you buy it, it's automatically obsolete, or they're just plain polarizing like the Cybertruck.

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Sources: Tesla, Carvana, Carmax, Kelley Blue Book

Source: https://www.topspeed.com/how-much-2024-tesla-is-worth-today/