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☆ Musk said Tesla cars would rise in value, H but here’s what really happened
▼ + stars: | 2024-03-03 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +6 min

CNN —Back in 2019, Elon Musk made an astonishing claim for Tesla vehicles. But four years after Musk’s 2019 prediction, the average used Tesla Model 3 is selling for $29,000. Sticker prices for new Teslas dropped about 21% over the past year, according to Cox Automotive. Logically, people expect to pay less for a used car than they would for a new one. Why buy a used car if you could get a brand new vehicle for only a little more or maybe even less, after all?

Persons: Elon Musk, Musk, ”, Tesla, “, FSD, Ivan Drury, Wall, Teslas, Hertz, ” Hertz, Stephen Scherr, ” Drury, EVs, Drury Organizations: CNN, Cox Automotive, EV, Hyundai, Kia, Audi, Volkswagen, Edmunds.com, Tesla Locations: America, Ford, Edmunds.com, Colorado

CNN —It has almost never been as hard to buy a new or used car in the United States as it is today, despite improving supply issues and inflation beginning to steady. But used cars have a long way to go before approaching 2019 sales prices and new car prices have yet to slow down. What makes the 2020s unique is how much car prices rose in a short period of time. Over the used car market’s worst 12 months of the pandemic, the index rose 45%. There’s never been a 12-month period since the BLS began keeping records in 1947 when used car prices have inflated more.

☆ After a steep fall, used car prices poised to rise again
▼ + stars: | 2023-02-18 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

That shortage of new car inventory helped drive both new and use car prices to record levels earlier last year. The disruptions to the new car market at that time are about to be felt by today’s used car market. “And that’s going to impact wholesale prices and ultimately, retail prices.”It’s tough to know how long the rise in used car prices will last. The drop in used car prices has been a major factor in the slowing of inflation, but a sustained rise in used car prices could make it more difficult for the Fed to pull back on rate hikes. And prices would have risen 6.9% over the same 12 month period if used car prices had posted such a steep decline and instead just stayed unchanged.

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