💰 Tesla used car price bubble pops, weighs on new car demand

TL;DR

Prices of used Teslas are falling faster than those of other carmakers and the clean-energy status symbols are languishing in dealer lots longer, industry data provided to Reuters showed.The average price for a used Tesla in November was $55,754, down 17% from a July peak of $67,297.Rising gasoline prices, an effect of the Ukraine war, boosted demand for Teslas, one of few long-range electric vehicles in the market.Tesla last week doubled a U.S. new-car price cut to $7,500 for Model Ys and Model 3s delivered this year, adding to investor jitters about softening demand.Indeed, Tesla is hardly alone: the U.S. used car market thrived as global vehicle manufacturing hit snags, but it now is facing a “used vehicle recession,” one analyst said, after used car seller CarMax last week reported an 86% drop in third-quarter profit."

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