Carmax Sells 57% Of It's Tesla Inventory In Just 24 Hours

Now that Tesla's new car prices are much lower, the same is becoming true of used Tesla prices. Just a quick look at the online car sales website Carmax shows a 57 percent drop in Tesla inventory over a 24-hour period.

When Tesla first dropped its prices in the US late last year, it excited many folks, but it also upset others. When a car's starting price drops notably, current owners' cars lose resale value. In addition, car prices drop on the used market.

Not long ago, some of Tesla's vehicles were selling on the used market for more than they cost new, and people were buying them. This was because there was plenty of demand for the EVs, and the waiting list was long. People ordering a new Tesla model would have to wait many months, and sometimes even as much as a year or more to take delivery, so a pre-owned model made sense.