2024 Tesla sms

The 2024 Tesla Model S shows moderate-to-steep depreciation for a premium EV, but its value retention is better than many full-size luxury sedans when condition and mileage are controlled. Based on current pricing data, a good-condition 2024 Model S is worth roughly $47,255 to $72,800 today depending on trim, with the biggest drop occurring in the first two years after purchase.

Value Summary

The original MSRP for the 2024 Tesla Model S ranged from $74,990 to $89,990 according to CARFAX, while Kelley Blue Book lists starting MSRP figures of $76,630 for the standard model and $91,630 for the Plaid when new. Current trade-in value estimates span from about $47,255 for a clean standard trim to $72,800 for a good-condition Plaid, which implies depreciation of roughly 20% to 35% from original MSRP depending on configuration and condition.

Using Edmunds’ good-condition estimate of $47,255 for the standard Model S against a new-price midpoint near $80,000+, the model has lost roughly $30,000+ in value already, or about 40%+ from new. KBB also reports that a 2024 Model S has depreciated $13,430 or 17% in the last two years based on its current resale estimate, showing that depreciation is measurable but uneven across trims and pricing assumptions.

Depreciation Curve Analysis

The 2024 Model S follows a classic luxury-EV curve: a relatively sharp early decline, then a slower slide as the car enters the used market and price discovery stabilizes. Recharged reports that large luxury EV sedans like the Model S often lose around 60%+ of MSRP after five years, and many owners see a 30% to 40% drop in the first couple of years, a pattern amplified by Tesla price cuts and incentives.

Edmunds’ five-year depreciation estimate for the 2024 Model S standard trim shows a total depreciation of $60,092 over five years, which is consistent with a steep first-half decline followed by a flatter tail. In practical terms, that means the steepest loss happens early, and the annualized depreciation rate is highest in years 1 and 2 before slowing later in the ownership cycle.

Year-by-year value pattern:

• Year 1: sharp drop as new-car pricing gives way to used-market pricing, especially after Tesla trims new-car prices.
• Year 2: continued decline, but less severe than year 1 as the market settles.
• Years 3-5: slower erosion, with condition, mileage, and software options becoming more important than age alone.

Compared with the broader market, the Model S is not unusual for a luxury EV, but it can underperform vehicles with stronger brand scarcity or lower new-price volatility. Edmunds notes that new cars lose about 60% of MSRP in five years on average, placing the Model S broadly in line with, or slightly better than, the average new-car depreciation profile depending on trim and market timing.

Value Retention Factors

Why it holds value: The Model S benefits from premium EV performance, strong brand recognition, long-range capability, and a technology-forward interior that still appeals to buyers in the used market. CarGurus data shows used Tesla Model S prices running above the average used car overall, indicating sustained market interest.

Why it loses value: Tesla’s frequent new-car price changes create pressure on the used market, because a lower MSRP on a new vehicle immediately reduces the ceiling for used values. That dynamic is one reason the Model S can depreciate faster than some non-EV luxury rivals, especially in periods when Tesla adjusts pricing aggressively.

Mileage impact: Edmunds’ estimate is based on 12,000 miles per year, and higher-than-average mileage will push values down faster than the published ranges. Recharged notes that higher-mileage examples, especially above 40,000 miles, can fall materially below clean low-mileage examples in both trade-in and retail pricing.

Condition impact: Edmunds’ price bands show a meaningful spread between rough and outstanding condition, with the standard trim ranging from $44,728 in rough condition to $47,914 in outstanding condition on trade-in. That spread is smaller than mileage-driven differences, but cosmetic wear, tire condition, battery health, and service history still affect offers.

Market demand factors: Demand is supported by the Model S’s performance, range, and luxury positioning, but constrained by competition from newer EVs, Tesla’s own pricing changes, and uncertainty around long-term software features such as FSD value transfer.

Future Value Projections

Using current market pricing and the depreciation pattern reported by Edmunds and Recharged, the 2024 Model S should continue to lose value, but at a slower pace than the first two years.

• 1-year projected value: about $42,000 to $66,000, depending on trim and mileage, with the standard trim likely near the lower end and Plaid variants closer to the upper end.
• 3-year projected value: about $35,000 to $58,000, assuming normal mileage and average condition.
• 5-year projected value: about $26,000 to $45,000 for most standard trims, while better-equipped Plaid examples may hold somewhat above that range.

Best time to sell: The strongest resale window is typically before the car reaches the heavier mileage and age penalties of years 3 to 5, and before any new Tesla price cuts reset the used-car ceiling again. For value maximization, selling in the 2- to 3-year range is usually the most favorable balance between avoiding the steepest early depreciation and not waiting until the car enters the deeper mid-life decline.

Comparison to Competitors

Against similar luxury EV sedans, the Model S is competitive on performance and brand cachet, but its depreciation can be more volatile because Tesla pricing moves faster than many legacy-brand rivals. CarGurus shows Model S used prices at a premium versus the average used car overall, yet that does not necessarily mean the car is a strong value-retention leader among luxury EVs.

If value retention matters most, better alternatives often include EVs with more stable MSRP histories and slower new-to-used price compression, though they may sacrifice the Model S’s performance and charging/network advantages. Buyers focused on resale should compare the Model S with other premium EV sedans and also evaluate used purchase timing carefully, because a lower-entry used price can offset a weaker depreciation curve.

Common issues affecting value: software-feature pricing uncertainty, rapid Tesla MSRP changes, mileage sensitivity, and condition-related penalties.

Demand level: high, supported by luxury EV demand and strong brand recognition, but constrained by pricing volatility and competitive pressure.