Tesla Investor Ross Sells Half His Stock But Struggles to Sell His Used Model. Here's Why Used Tesla's Are Facing a Major Downturn.
Ross Gerber, a longtime Tesla investor, sold half of his Tesla stock but struggles to sell his used Tesla due to a saturated market. The value of used Teslas has dropped significantly, with a Model Y that once sold for $70,000 now worth under $40,000. Increased supply, driven by factors like Hertz offloading 30,000 Teslas and Tesla's price cuts, has pressured resale values. Tesla's once-high residual values decrease as the company matures and scales up production, making its long-term sustainability as a normal car manufacturer more apparent.
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00:00It's Benzinga and here's what's on the block.
00:02Ross Gerber, a longtime Tesla investor, sold half of his Tesla stock but struggles to sell
00:07his used Tesla due to a saturated market.
00:10The value of used Teslas has dropped significantly with a Model Y that once sold for $70,000
00:15now worth under $40,000.
00:18Increased supply driven by factors like Hertz offloading 30,000 Teslas and Tesla's price
00:23cuts has pressured resale values.
00:26Tesla's once high residual values are decreasing as the company matures and scales up production
00:31making its long term sustainability as a normal car manufacturer more apparent.
00:35For all things money, visit Benzinga.com.