According to JD Power’s ChromeData, the Tesla’s most popular models have lost more than half their value since 2022, putting Tesla vehicles in podium position for all 3 of the top “Fastest Depreciating Automobiles of 2026” slots.
Take a look, see the data for yourself:
The Top 5 Fastest Depreciating Cars: All Electric, and Overwhelmingly Teslas
| Make | Model | Year | Avg. MSRP New | Avg. Used Sales Price | % Value Lost |
| Tesla | Model S | 2022 | $120,490 | $46,359 | -62% |
| Tesla | Model Y | 2022 | $67,990 | $29,480 | -57% |
| Tesla | Model X | 2022 | $129,990 | $58,198 | -55% |
| Lucid | Air | 2022 | $128,200 | $58,029 | -55% |
| Tesla | Model 3 | 2022 | $54,990 | $25,675 | -53% |
Source: JD Power’s ChromeData, as reported by US News.
In case you were wondering what the end result of Elon’s political antics would be, here it is.
As a glut of used Teslas hit the market, the once-stable used market for these semi-luxury EVs saw the bottom fall out faster than any other used car.
Times are rough for new Tesla buyers. The only faster way to burn $74,000 than to be caught holding a venerable Model S would be to purchase Tesla stock before one of its crazy meme-stock swings.
Weren’t Teslas Meant to *Appreciate* in Value?
Depreciation is a bitch, increasingly seen as intrinsic to the “software defined vehicle” that automakers and Silicon Valley seem intent on foisting on the motoring public, particularly EV enthusiasts. Which brings us to a little historical artifact from 2019.
On the Lex Fridman podcast, Elon Musk made what may be one of the boldest asset-class claims in automotive history:
“Buying a car today is an investment into the future. I think the most profound thing is that if you buy a Tesla today, I believe you are buying an appreciating asset – not a depreciating asset.” – Elon Musk
As reported by Electrek back in 2019 with the full video, back when Fred Lambert was a Tesla fan (along with most of the rest of us): https://electrek.co/2019/04/12/tesla-vehicles-appreciating-assets-self-driving-elon-musk/
Contracts Are Funny. Here’s a Tesla Lease from 2019 That Told To Expect This Depreciation
Of course, it was obvious from the jump that claim was bullshit, despite Lex doing his typical credulous bit. Because an automotive is not a piece of software, it is a physical product that you specifically can lease, and leasing terms include deprecation in the Residual Value written on the contract.
Here’s a sample 2019 Model S lease, issued months after Elon claimed his cars would be appreciating assets.
Funnily enough, his own contract planned on the value of a $84,190 Model S reducing to $52,389 after just 3 years. Ominously enough, we found this image on SEC.gov, haha!
So, despite public claims to the contrary, even Tesla’s leasing department doesn’t think that Teslas appreciate in value.
It’s a Bad Time to Buy a New Tesla (If You Like Keeping Your Money)
To be clear, depreciation is not new. Cars lose value. That is how cars work. But when four out of the top five fastest depreciators wear the same badge, that is not normal used-market behavior. That is the market repricing an entire brand in real time.
Some buyers will see this as catastrophe as they lose their shirts on upside-down car loans. A few will see it as the deal of the century for used American-made EVs. Either way, the “appreciating asset” thesis has now been tested in the real world, and it could not be further from the truth.
