WeBuyAnyCar has responded after a man was left shocked by what he was offered for his one-year-old $70,000 Tesla Model Y.
The British motorist was curious to know what his car was now worth, accounting for depreciation.
So, he took it to WeBuyAnyCar to find out, but was left reeling when he was given an offer.
Now, the company has issued a statement explaining how the company came to the valuation.
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What did WeBuyAnyCar say?
YouTuber and Tesla owner Harley Perkins parted with a little more than $70,000 to get his Tesla Model Y next year.
By now, many EV owners will have heard the stories of electric cars depreciating at a much faster rate than gas-powered cars.
But even knowing that, Perkins was still shocked to be offered around half of what he originally paid for it.
Ouch.
In a clip shared on YouTube, an inspector from WeBuyAnyCar can be seen taking a closer look at the Tesla Model Y, while Perkins watched on.
“The car is now worth £27,132 ($36,800+), it’s a Grade 2 vehicle,” the inspector noted.
A Grade 2 vehicle is one that shows signs of minor wear and tear, while Grade 1 is free from any imperfections.
In response, WeBuyAnyCar has shared a statement explaining why the offer was so low.
“Once a car leaves the showroom, it begins to lose value – typically up to 35 percent in the first year for petrol or diesel vehicles,” a spokesperson told LADbible.
“This is higher still for EVs, which depreciate faster and typically have higher prices, so more value loss through depreciation can be expected – in some cases up to 50 percent
“Factors like age, mileage, service history, condition, and even the number of previous owners all influence its resale value.
“Teslas are currently depreciating quicker than most models, with some other market factors also impacting resale value.
“Depreciation can be a shock for some car owners, so it’s important to always be aware of what to expect when you make that purchase.”
The company recommended that before buying a new car, you do a bit of research into the depreciation of the make and model.
Is there any way to slow EV price depreciation?
While this may all seem a bit doom and gloom for EV owners, there are some things you can do to try and boost resale value.
Things such as maintaining a good service history and keeping your car clean and tidy can both help.
One Tesla Model 3 owner managed to boost his car’s resale value by thousands just by ordering a battery report.
Choosing a car from a marque with a solid reputation can also slow price depreciation.
“Mercedes-Benz EQS, BMW iX and Polestar 2 tend to hold their value better than most,” WeBuyAnyCar explained.
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