The Model X from EV maker Tesla (TSLA) has unexpectedly become the fastest-selling used car in the U.S. Even though it is a large, expensive SUV that originally cost six figures, it is now selling in just 25.6 days on average. That is more than a full month faster than the typical used car. Interestingly, though, other Teslas are also moving quickly, with the Cybertruck selling in about 33.3 days and the Model Y in around 34.6 days. A big reason for this is depreciation, which is usually seen as a negative but is helpful for used-car buyers.
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Trade TSLA with leverageIn fact, used Model X vehicles can cost tens of thousands less than new ones, while still offering strong performance, long range, and a design that still feels unique. As a result, buyers are getting a lot of value for the price. At the same time, new cars have become very expensive, with average prices hovering around $50,000, and financing is still costly.
This also shows that demand for electric vehicles is not going away, but is just shifting. While demand for new EVs may be slowing down, the used market is still strong because people want electric cars without paying new prices. Other models, such as the Lexus (TM) RX 350h, Honda (HMC) Civic Hybrid, and Lucid (LCID) Air, are also selling quickly. Still, Tesla stands out due to its strong brand, large charging network, and lower used prices.
What Is the Prediction for TSLA Stock?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on TSLA stock based on 13 Buys, 12 Holds, and five Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average TSLA price target of $410.21 per share implies 4.6% upside potential.
