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Teslas depreciate quickly due to rapid advancements in EV technology, frequent price cuts and concerns about battery longevity.
GOBankingRates broke down three unique reasons Tesla cars depreciate.
The problem is that batteries dont run forever, Musson explained.
Once an EV battery wears out, its often not worth buying a new battery.
When the warranty expires, the risk is transferred over to the owner withno safety net.
Older Teslas might not supportnew Full Self-Driving features, because they lack the latest chips or sensors.
If the price is close, any savvy customer would rather have a new model than a used one.
Luxury vehicles lose value, Musson said.
They historically depreciate faster than more basic models.
Teslas are luxury vehicles, so it makes sense that they would depreciate more than other EVs.
People who can afford luxury vehicles tend to want new cars.
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