Used Car Market Prices Plummet: Tesla Model S & X Lead Value Depreciation

Tesla's having a rough time in the used car market, and honestly, it's pretty brutal to watch. Four of their models just landed on the list of cars losing value faster than anyone wants to admit.

iSeeCars crunched the numbers on which used cars have taken the biggest financial beating over the past year, and the results are pretty eye-opening. Half the cars on their top 10 list of biggest losers are electric vehicles, which is wild considering EVs only make up about 3% of the used car market.

Tesla's Model S is leading the charge straight off a cliff – it's lost almost 16% of its value in just 12 months. That works out to nearly $9,000 vanishing into thin air. The average Model S now goes for around $47,000, compared to over $55,000 a year ago.

The Model X isn't doing much better, dropping 15.5% or about $9,500. At least it's still worth more than the Model S at around $52,000. The Model Y took a $4,600 hit (13.6% drop), probably because Tesla rolled out a refreshed version this spring and suddenly the older ones looked dated.

Even the "affordable" Model 3 couldn't escape, losing 9.4% of its value. That puts it in sixth place on the loser list, behind a Ford Explorer Hybrid and Jeep Gladiator.

It's not just Tesla though. Porsche's fancy Taycan electric sedan lost 7% of its value – that's nearly $6,000 on a car that still costs almost $80,000 used. Ouch.

The luxury car bloodbath continues with the Maserati Levante dropping 7.9% and Lincoln's Aviator losing nearly 6%. Throw in a Chrysler Voyager that nobody really wanted in the first place, and you've got a pretty depressing picture for certain brands.

Here's the kicker: while these electric cars were hemorrhaging value, regular gas-powered vehicles actually went up in value by about 5% on average. Even the average EV only dropped 4.8%, making Tesla's performance look especially rough.

The whole situation shows that Americans aren't exactly rushing to buy used electric cars, and with EV tax credits getting axed this September, things probably aren't going to get better anytime soon.