The reality of vehicle depreciation hit hard for a UK Tesla owner when he took his one-year-old electric car for a routine valuation – and discovered it had lost almost half of its original value in just 12 months.
Harley Perkins, a YouTuber known for his automotive content aimed at UK drivers, documented the moment he learned the value of his year-old Tesla – Elon Musk’s billion dollar baby.
The Tesla Model Y, purchased for £52,000 (approximately $70,200 USD), had less than 15,000 miles on the clock and remained in very good condition. Despite this, the valuation from WeBuyAnyCar came as a harsh surprise.
In a video posted to his YouTube channel, which quickly gained viral traction, Perkins took viewers step-by-step through the appraisal process.
“Must say I’m not looking forward to this one,” he said candidly in the clip titled “WeBuyAnyCar ruined my year.”
“Let’s see how much money we’ve lost in the past year.”
‘Pretty good condition’
“We all know what’s going to happen he’s going to lowball me, but that’s WeBuyAnyCar for you – they’ve got to make money they’re a business at the end of the day,” Perkins said as viewers watched the vehicle inspector check the electric vehicle (EV) for “any chips or any marks, any dents.”
“This car is in pretty good condition,” Perkins added of the car, that had no significant damage and nothing that would traditionally justify a massive drop in value.
Shocking valuation
Similar Tesla Model Ys on platforms like AutoTrader were being listed at around £36,000 to £37,000 ($48,000 to $50,000 USD)
Still, when the final valuation came in, Perkins – and his audience – were visibly shocked. “So, let’s see what the price is. Are you ready, guys? Are you ready? Look at this,” he said in disbelief.
The offer: £27,132 – roughly $36,700 USD. This figure represented a drop of nearly £25,000 from the original purchase price.
Asked to justify the valuation, the employee explained the Tesla was graded as a ‘Grade 2’ car. That means it had a few blemishes – but “no chips,” the evaluator said – as only a ‘Grade 1’ vehicle is considered to be in perfect showroom condition.
Teslas depreciate quicker than most models
A spokesperson for WeBuyAnyCar told the Express: “Once a car leaves the showroom, it begins to lose value – typically up to 35% in the first year for petrol or diesel vehicles. 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%.
“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.”
WeBuyAnyCar continued, “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. We have a guide on EV depreciation and how car owners can help ensure they retain as much value on their EV as possible. We recommend anyone looking to buy a new car, whether straight off the forecourt or second hand, do their research into how the make and model they’re interested in depreciates, as some are more impacted by this than others.”
While Teslas continue to lead in innovation and performance, resale value remains an area where many owners – particularly first-time EV buyers – are getting an uncomfortable crash course in financial reality.
Why do you think Teslas lose value so quickly? Please let us know your thoughts and then share this story with others so people know the real costs of going electric!
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