Tesla investor Ross Gerber says he can't get rid of his used Tesla. Here's why Musk's cars aren't retaining value like they used to.

Tue, 08/27/2024 - 16:36

Robotics arms installing the front seats to the Tesla Model 3 at the Tesla factory in Fremont, California. — A Tesla Model 3 on the assembly line at the Tesla factory in Fremont, California.
Mason Trinca/The Washington Post via Getty Images

Used Tesla prices have been in a freefall since 2022.
Price cuts and a dump from Hertz hastened the decline in Tesla's resale values.
It's another sign Tesla's dominance in the EV market is slipping.

Longtime Tesla investor Ross Gerber has sold about half his stake in the electric car company, but still can't his actual Tesla.

Gerber recently told BI that the used-car market is so overrun with old Teslas that he's failed at flipping his old model at what he deems a fair value.