Know The Difference Minute

According to Edmunds, the average price for a used Tesla is down 17%.

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Who do you know wants to buy a Tesla?
Welcome to the Know the Difference Minute for Wednesday, December 28th.
It used to take months between ordering a new Tesla and taking delivery. Many flipped them for quick profits. Even pre-owned Teslas were in high demand with prices to match.
Not so much anymore. According to Edmunds, the average price for a used Tesla is down 17%. And they’re sitting longer on lots. Regular cars average 28 days—Teslas sit in inventory for 50.
Is it interest rates, cheaper gas, more competition---or something Elon said? Whatever it is, Tesla is having an awful 2022.
They’re not alone. The used car market was super-hot when supply chains were tangled. One analyst is describing current conditions as a used vehicle recession. CarMax agrees. Last week, it reported an 86% drop in 3rd quarter profit.
I’m Dave Spano from Annex Wealth Management. That is your Know the Difference Minute.