It started with good intentions and a bit of EV hype. A Tesla Model Y buyer, now two and a half years into ownership, says he thought he was making a smart financial move. What he got, in his words, was a financial "bloodbath."

In a post on Reddit, the owner of a 2022 Model Y Long Range said he paid $62,990 for the vehicle at peak EV prices. 

Fast forward to late 2025, and resale estimates from Carvana $36,800, CarMax $37,200, and Tesla's own trade-in $35,500 suggest a loss of $22,000 to $27,000—or about $750 per month in depreciation alone. That doesn't include insurance, charging costs, or routine maintenance. "I'm genuinely shocked at how much these things are tanking," he wrote.

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He admitted he fell for common beliefs like "EVs hold value better" and "Teslas are different." Now, he's struggling to sell the car due to a job relocation and says he's competing with brand-new Teslas priced just a few thousand dollars more than his used one with 41,000 miles. "Why would someone pay $40,000 for my 2022 when they can get a 2025 for $44,000?" he asked.

Some commenters weren't surprised. "You fell for the hype," one wrote. Another pointed out that Tesla's steep price cuts on new models have made used ones less attractive. "They can barely move the things new," one said, "why would used fare any better?"

Tesla has famously positioned its vehicles as more than just transportation. CEO Elon Musk once claimed the company's cars would appreciate over time due to potential software improvements and autonomy features. One user sarcastically referenced that claim, saying, "Didn't Musky say that a Tesla is the only appreciating car a few years back?"

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Still, not everyone was critical. Some offered practical advice: keep the car. "You already ate the depreciation," one said. "You might as well drive it until the wheels fall off." 

Others echoed that sentiment, noting that all new vehicles suffer depreciation—especially during the first few years. According to LendingTree, most new cars lose 20% of their value in the first year alone, with values falling around 60% after five years on average.

But electric vehicles are getting hit harder. 2024 data from iSeeCars reported used car prices across the board fell by 3.6% year-over-year—but used EV prices plunged by 31.8%.

That’s nearly nine times the average decline, with Teslas leading the drop due to price cuts on new models, oversupply, and evolving buyer expectations.

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While some buyers treat Teslas like an "investment" in tech, it's important to remember they're still depreciating consumer goods. That reality hit this owner hard. "These things depreciate like smartphones, not cars," he wrote. "Absolute madness."

His final takeaway? He might just keep it. With battery health still at 96%, he's considering driving it "into the ground" over the next few years. At this point, he said, that might be the smartest investment of all.

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