According to Edmunds, American car shoppers are researching Tesla vehicles more frequently following Tesla's recent price cut announcement. Edmunds data shows that on-site shopper consideration of Tesla vehicle pages jumped to 4% of all researched brands, compared to 1.9% the week prior. The Tesla Model Y became the second most researched vehicle on Edmunds, and the Model 3 moved up 36 spots to become the 11th most researched vehicle.
Edmunds' analysts believe that the price cuts, combined with immediate availability, will help Tesla gain market share and attract consumers despite its aging lineup. Additionally, Edmunds data revealed that Tesla appraisals through Edmunds' free online appraisal tool more than tripled in volume, climbing to 3.1% of all vehicles, compared to 0.8% the day prior. Edmunds attributes this increase to people wanting to see how the value of their Tesla has been affected by the price cut.
Additionality, the prices of 2020 model year or newer used Teslas dropped 24.5% since their peak in June 2022. The average price of Teslas listed in June 2022 was $76,626 compared to $58,657 in the first 17 days of January. List prices for all 2020 model year or newer used vehicles industry-wide dropped 11.6% during the same time period. Additionally, used Teslas were already lingering on dealer lots before the announcement, and are expected to sell even slower as price cuts affect their residual values further.