Kelley Blue Book (KBB) indicates that the starting MSRP for the 2021 Tesla Model X was $81,190, and its current value is approximately $36,200, reflecting a decline of about 55% over a span of five years.
In spite of the significant price reductions the brand has implemented in recent years to stay competitive within a saturated market, the Model X has surprisingly avoided more severe depreciation, unlike the 60% decline over five years observed with the 2021 Tesla Model Y. When manufacturers update their models, resale prices can take a hit, and Tesla vehicles overall have been particularly affected by such changes. Additional elements such as ongoing price reductions on new models, a substantial influx of vehicles into the used market, and waning interest linked to “Musk fatigue” can further influence Tesla’s resale values.
These challenges can be felt more acutely in the premium segment, where the depreciation of luxury EVs has become prominent as advancements in technology and shifting MSRPs alter consumer expectations. This situation can result in diminished resale values for older EVs, making it significant that the 2021 Model X has retained a relatively substantial portion of its initial worth.