After spending $140,000 on a Tesla Model S, YouTuber Kyle Conner was shocked to learn its value just two years later.
YouTuber Kyle Conner’s surprising experience with Tesla
Kyle Conner, a YouTuber from the channel *Out of Spec Reviews*, faced a shocking reality when he appraised his Tesla Model S.
He purchased the luxury electric car for **$140,000** in 2022. Conner believed he could recoup a decent amount when selling it. However, he was horrified to learn how much it had depreciated in just two years.
The appraisal shock: Tesla’s Value plummets
Conner’s appraisal by Tesla revealed a startling figure. The electric vehicle, which had only 37,000 miles on the odometer, was valued at $46,400.
This meant a staggering loss of $94,000, or 67% of its original value. TikTok user Chris Pearce (@thechristopherpearce) analyzed the appraisal and commented on the rapid depreciation of Teslas.
“It’s insane how fast Teslas depreciate,” Pearce stated while sharing the appraisal details.
Comparison with Gas Vehicles
To highlight this depreciation, Pearce compared Conner’s Tesla to a BMW purchased for the same price in the same year. He noted that the BMW would hold its value significantly better over time.
While Pearce acknowledged that selling privately might yield a higher price for Conner, other appraisal sites also offered disappointing figures. For example:
– Edmunds and Consumer Reports suggested values of around $59,000 at best.
– Insights on Electric Vehicle Depreciation
Pearce pointed out that the depreciation issue isn’t limited to Tesla.
Comments from viewers reflected concerns about the depreciation of electric vehicles in general. One user speculated that Tesla restricts lease buyouts to maintain control over used prices, contributing to value loss.
“Imagine how much lower it would be if people could buy out their leases,” the user noted.
Social media reaction
Many commenters voiced their disbelief at the significant depreciation within just two years. They compared it to the typical **60%** depreciation seen over five years for most vehicles.
Another commenter remarked: And if it gets caught in a flood or hurricane it shorts out and is worth…..zero. There have been many catastrophic disasters lately.
A second wrote: Wow, what a fricken great deal. I bet every EV owner is seeing how far under water they are on their car loan. Now this is a perfect example of why everyone of them bought GAP insurance on their car loan.
Another added: It’s funny the Tesla focus, acting like nearly every new car doesn’t depreciate a ton after buying them new. A new car no matter what is almost guaranteed to be one of the worst investments a person can make.
Conner expressed frustration over the media coverage surrounding their experience.
Another added: Yeah, follow Elon Musk cause he’s looking out for you!
Someone else said: It’s almost as if Tesla makes a product that has an artificially inflated price because of fanboys that love getting ripped off.
Kyle Conner’s experience serves as a cautionary tale for potential Tesla buyers.
The steep depreciation of electric vehicles raises questions about their long-term value. As electric vehicles become more common, understanding their resale value is crucial for future buyers.