In a U.S. CarGurus listing-price analysis covering January 2024 to January 2025, used Tesla Model Y asking prices fell 25.5% and Model 3 prices fell 25%. Those declines led the comparison of 200 common models, but the result is a historical snapshot—not a finding about every Tesla, every market, or the latest direction of used prices.
What the “last year” headline measured
The headline refers to a Fast Company report published March 4, 2025, based on CarGurus data. It compared average used listing prices in January 2024 and January 2025. The analysis covered model years 2015–2023 among the 200 most common models on CarGurus; it included the Model 3 and Model Y but excluded the Model S and Model X. Fast Company’s report describes the figures as listing-price changes, not as a calculation of what an individual owner lost against the car’s original purchase price.
| Model | Average listed-price change | Period and scope |
|---|---|---|
| Tesla Model Y | −25.5% | January 2024–January 2025; Fast Company analysis of CarGurus listings |
| Tesla Model 3 | −25% | January 2024–January 2025; Fast Company analysis of CarGurus listings |
That supports a narrow conclusion: the two Tesla models in the analysis had the steepest reported listing-price declines among the models it compared. It does not establish that every used Tesla depreciated faster than every other brand, since two Tesla models were omitted and the measure was platform asking prices.
Why a listing-price drop is not the same as depreciation from new
“Depreciation” can mean different things. The CarGurus comparison tracks how asking prices for used listings moved over a year. A conventional depreciation calculation instead compares a vehicle’s value after a defined number of years with its original new-car price. The figures answer different questions and should not be combined into one ranking.
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For a separate longer-term benchmark, iSeeCars’ 2026 study examined five-year-old vehicles sold from March 2025 through February 2026. It reported average five-year depreciation of 41.8% across all vehicles and 57.2% for EVs. Within its EV comparison, the Model 3 depreciated 54.6%, below the EV average; the Model Y was at 57.8%, the Model X at 61.2%, and the Model S at 62.0%. These are age-based depreciation estimates from a different study, not updates to the CarGurus one-year listing-price result. iSeeCars’ five-year depreciation study
Later U.S. snapshots showed a different direction
The 2024–25 decline should not be read as a description of the latest used-Tesla market. In a U.S. comparison of September 2025 and January 2026 asking prices, iSeeCars found used Tesla prices rose 4.3%, while prices for the other EVs in its comparison fell 3.6%. Karl Brauer, iSeeCars executive analyst, said: “But Tesla pricing has proven resilient, rising while nearly every other electric vehicle price has fallen since the EV credits went away.” The figures and quote refer to that specific period and comparison. iSeeCars’ September 2025–January 2026 comparison
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A separate iSeeCars year-over-year snapshot for June 2026 reported higher listed prices for all four Tesla models it included:
| Model | Year-over-year listed-price change |
|---|---|
| Model X | +17.5% |
| Model 3 | +13.5% |
| Model S | +13.1% |
| Model Y | +12.0% |
These later snapshots use different time windows and methods from the CarGurus analysis. They show why a dated one-year comparison cannot predict the direction of prices in a subsequent period. iSeeCars’ June 2026 used-car price report
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Why studies of Tesla resale values can disagree
A result depends on what market and vehicles are counted, when prices are sampled, and what “depreciation” means. For example, AutoScout24’s Swiss marketplace data for February 2024–February 2025 put Tesla depreciation at 10.6%, below that study’s 13% market average. That is not a direct contradiction of the U.S. CarGurus result: the geography, listing pool, comparison set, and methodology differ. AutoScout24 Switzerland’s report
- Geography: The CarGurus analysis was based on U.S. listings; AutoScout24’s result covered Switzerland.
- Time window: January 2024–January 2025 declines cannot be treated as a current trend when later snapshots use different dates.
- Sample: CarGurus compared 200 common models and omitted Tesla’s Model S and Model X.
- Metric: A change in average asking prices over a year is not the same as a five-year loss against original new-car prices.
What may have driven the 2024–25 decline
Fast Company pointed to Tesla’s new-car price cuts in 2024 as context that may have pulled used resale prices down. When new vehicles become cheaper, used examples can face pressure to remain competitively priced. But the reported listing-price analysis did not isolate the effect of price cuts or establish how much they caused the decline; it should be treated as a plausible explanation, not a measured causal result.
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