A TESLA owner whose car saw its value plummet by $100,000 in just two years has claimed that it “feels like it’s falling apart”.
The 2022 model has only racked up 37,000 miles so effectively depreciated by $2.54 each time the odometer ticked over.
YouTuber Kyle Conner, who runs Out Of Spec Reviews, revealed the startling price drop on his Model S Plaid.
He picked up the car fresh from the factory back in 2022 for a hefty $140,000.
The Model S Plaid was, at the time, one of Tesla’s premium options, boasting more than 1,000 horsepower and a ferocious all-wheel drive system.
Marketed as a super sedan, it can hit speeds approaching 200mph and last more than 400 miles on a single charge in ideal conditions.
Reviewing the car on his channel at the time, Kyle said: “What a machine.
“It’s so interesting, it’s so great in so many ways.
“The acceleration is unlike anything I think I’ve ever experienced.”
However, while any car depreciates over time, he wasn’t expecting to see such a steep decline over a short period.
Taking to X earlier this week, he revealed that he had gone to trade-in the Model S only to receive a quote for just $46,400.
In just under two years, the value of the car had tanked by a whopping $94,540.
And, in response to one commenter arguing that the car would at least hold its quality over the years, Kyle snapped back: “Mine feels like it’s falling apart.”
The reasons for the drop are plentiful, with a cooling off of inflation and acceleration of EV tech among them.
Many would also point to the fact that Tesla itself has consistently dropped prices in pursuit of its sales targets.
Indeed, you can pick up the same model in 2024 spec right now for just $89,900.
What makes a car a lemon?
Each law has different parameters on what defines a lemon, but generally, a car is lemon when it’s in the shop for longer than it’s on the road.
Progressive Auto Insurance describes a lemon as a car with “a significant defect or malfunction that makes it unsafe to drive,” though exact parameters vary by state. All 50 states have lemon laws covering new vehicles, but only seven have lemon laws to protect used car buyers.
Federally, however, consumers are protected under U.S. Code Chapter 50 covering consumer product warranties. In layman’s terms, the law dictates that consumers be compensated by the manufacturer when “multiple attempts to repair a vehicle under warranty fail.”
What to do if you think you bought a lemon:
- Research your state’s lemon laws and their exact parameters.
- Contact the dealership, especially if it’s still under factory warranty.
- If the dealership refuses to repair the issue, contact the Automotive Consumer Action Program or the National Automobile Dealers Association.
- Send a certified letter to the manufacturer with an explanation of the issue, with documentation and proof that you’ve contacted a dealership.
- Depending on the outcome, you can report the dealership to the DMV for selling a car that needs immediate repairs.
- Consider small claims court.
- Consult an attorney specializing in lemon law through the National Association of Consumer Advocates.
Source: Progressive Auto Insurance
But some social media users even blamed Kyle for supposedly buying at the wrong time.
One wrote: “Maybe not the best idea to buy a hot new vehicle during peak vehicle market prices propelled to new heights due to inflation.”
Another added: “The pandemic [price] was an outlier; supply/demand.”
But there is still hope for Tesla drivers, according to the brand’s fans, thanks to the upcoming arrival of a major new update.
The firm is planning to roll out full self-driving (FSD) software in the near future, which supporters claim will turn around the dip in values.
One enthusiastic commenter even suggested: “With FSD, it will soon become an appreciating asset next time this year.”
Tesla has been contacted for comment.