"I Am Never Buying Brand New Ever Again" — This Guy Just Got a $100K Tesla for Less Than a Corolla

Audio By Carbonatix

In a stunning illustration of the shifting electric vehicle landscape, one Tesla enthusiast just scored the cheapest 2020 Model X in the United States for a fraction of its original price—$14,490 net, after tax incentives. To put that in perspective, the six-figure SUV, once purchased new for over $100,000, has lost roughly $80,000 in value.

“The depreciation is absolutely crazy,” the lucky new Model X owner says in the YouTube video. “It has Gullwing doors, a 300-mile range, air suspension, heated seats and steering wheel, $5,000 rims, and self-driving capability—and yet, you can get it at a discount most people would consider impossible.”

The staggering drop is not an anomaly but part of a larger trend. Electric vehicles, especially Teslas, are depreciating faster than traditional cars—some reports suggest up to three times faster. Experts cite multiple causes: rapid technological evolution, heavy government subsidies, battery degradation concerns, and aggressive pricing strategies by Tesla itself.

EV technology moves at breakneck speed. Even as Teslas improve through over-the-air updates, the hardware (cameras, processors, charging systems) can quickly become outdated. Tesla’s rollout of “Hardware 4” in late 2023, following the glitch-prone “Hardware 3,” has only accelerated the shift. It meant those who owned slightly older models were left with significantly lower resale value. With rumors of “Hardware 5” on the horizon, this cycle of obsolescence is showing no sign of slowing.

Subsidies have also distorted the market. For years, federal and state incentives effectively slashed the cost of new EVs by $15,000 or more. This made buying new cheaper than used, which in turn depressed the resale market. Battery degradation adds another wrinkle. Drivers’ worry about losing range over time further discourage the resale of slightly older Teslas.

Then there’s Tesla’s pricing strategy. The company has repeatedly slashed prices on new vehicles to maintain sales momentum, inadvertently eroding the value of pre-owned models. For instance, the 2020 Model X’s original $100,000 price now finds buyers at $85,000 in the open market, leaving early owners facing steep losses.

Obviously, this is great news for EV shoppers who prioritize value. This guy, for example, leveraged Section 179 tax deductions for business use, effectively writing off the SUV’s cost against taxes, reducing his out-of-pocket expense to just $14,490. With no sales tax in a private-party purchase in Nevada and high-quality ownership history, the deal became almost irresistible.

Beyond the numbers, though, the practical advantages are clear to anyone who bothers to look. Compared to his Model 3, the Model X offers more cargo space and better real-world range—around 200 miles at freeway speeds versus the Model 3’s 130 miles. “It solves all the problems I had with my smaller car,” he notes.

The unarguable takeaway for consumers is that the used Tesla market is a treasure trove. Examples abound—a $110,000 Model S now goes for $50,000, and a Model 3 that originally cost $45,000 can be purchased for $20,000. Even near-new vehicles are often discounted by 40–60%, giving buyers a nearly identical experience without taking the initial depreciation hit.

Ultimately, the lesson is simple: new Teslas may be technologically impressive, but they are notoriously poor at holding value. Savvy buyers are now gravitating toward slightly used models, letting someone else absorb the steep initial depreciation while enjoying the same electric driving experience. For those counting dollars as carefully as electrons, buying used isn’t just smart—it’s essential.