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Value Summary. The 2024 Tesla Model S currently carries an estimated value of about $62,600 in trade-in form and about $65,800 as a fair purchase price, against a new starting MSRP of $76,630. That puts total depreciation at roughly $14,030, or about 18.3% from new, with an annualized depreciation rate near 9.1% based on two years of ownership.

The market range is wider than a single guide suggests. CarGurus shows an instant market value near $59,063 for the AWD version and $76,928 for the Plaid AWD trim, while CarEdge lists a 2024 Model S at about $59,578 current price versus $85,755 new, implying a steeper drop for higher-priced configurations and option-heavy builds.

Depreciation Curve Analysis. The Model S depreciation curve is front-loaded, meaning the first few years erase the most value. iSeeCars estimates a new Tesla Model S loses 57.2% of its value by year three and 62.1% by year five, leaving only about 37.9% of MSRP at the five-year mark. Edmunds also projects roughly $38,418 of five-year depreciation for the 2024 Model S, reinforcing that this sedan tends to lose value faster than many buyers expect.

Using the current KBB value as a reference point, the practical value path looks like this: year 0, about $76,630; year 1, roughly $69,000; year 2, about $62,600; year 3, around $52,000 to $55,000; year 5, near $29,000 to $36,000 depending on mileage, trim, and market conditions. The steepest depreciation usually occurs during the first 24 to 36 months, when price cuts on new Teslas, incentives, and rapid technology updates hit used values hardest.

Value Retention Factors. The Model S retains value better when mileage is low, battery health is strong, software and hardware are current, and the car has desirable options such as Plaid performance or premium interior features. High mileage has an outsized impact because EV buyers often worry about range loss, battery wear, and repair exposure on expensive luxury hardware. Condition matters heavily too: cosmetic wear, tire replacement needs, charging issues, and incomplete service history all compress offers quickly in the used market.

Market demand is mixed. Tesla still benefits from strong brand recognition and broad EV awareness, but the Model S sits in a segment where luxury sedans face soft demand, new-vehicle price adjustments, and newer competitors with faster-charging tech and stronger infotainment systems. That combination makes resale values more sensitive to news, incentives, and Tesla pricing changes than a traditional gasoline luxury sedan.

Future Value Projections. A reasonable one-year projection places a typical 2024 Model S near $56,000 to $59,000 if mileage remains average and the car stays in excellent condition. A three-year projection lands closer to $44,000 to $50,000, while a five-year projection trends toward about $29,000 to $36,000, aligning with broader market forecasts for Model S depreciation.

The best time to sell is usually before the car reaches the steep mid-cycle depreciation window, often around 24 to 36 months, or immediately after any major Tesla price reduction that resets the used market lower. For owners focused on maximum proceeds, selling before the vehicle approaches higher-mileage status or warranty-expiration anxiety can make a meaningful difference.

Comparison to Competitors. Compared with many luxury EV sedans, the Model S depreciates faster than buyers expect, and iSeeCars data suggests it falls steeply over the first five years. If value retention matters more than performance or brand cachet, alternatives with stronger resale stability often include Lexus luxury hybrids, some Porsche sedans, and a few lower-volume EVs with tighter supply discipline, although each comes with trade-offs in charging speed, acceleration, and technology.

In practical terms, the 2024 Tesla Model S is a strong performance EV but not a top-tier depreciation play. Buyers who prioritize driving dynamics and long-range tech will still find appeal, but owners should expect faster value erosion than the sticker price suggests.