Here's How Much A 2021 Tesla Model S Has Depreciated In 5 Years

The Tesla Model S proved to the world that an electric car can be quick, efficient, stylish, and practical, all while being on the bleeding edge of technological and safety features, which is why we named it the most important car of the 20^th century. In fact, Tesla has been consistently improving the Model S and its features since it debuted in 2012, while also addressing its various faults and niggles. But despite its significance and reputation for kickstarting the EV production race, the brand's flagship sedan is not immune to depreciation.

The 2021 model, in particular, launched with updated Long Range and Plaid trim variants. The Model S Long Range Plus 4D started at about $70,620, while the range-topping Model S Plaid had a base price of $141,190. However, according to Car Edge, it depreciated by 69% after five years, with the first three years hitting the hardest and seeing the most loss in value. Of course, its actual value depends on factors like vehicle condition, trim variant, and mileage, but the depreciation numbers are somewhat similar to those of Kelly Blue Book's (KBB) forecast.

According to KBB, the 2021 Tesla Model S has a resale value of about $34,000, while current trade-in values sit at around $33,200. Meanwhile, the mesmerizingly quick 2021 Model S Plaid has a trade-in value of $46,800 and a fair purchase price of around $50,300. For reference, the Tesla Model 3 depreciated a bit slower in the same five-year period than a comparable Model S of similar vintage.

Older EVs are prone to heavy depreciation, owing to the existence (and eventual absence) of federal tax credits, price reductions, and obsolescence. The Tesla Model S is not alone in the depreciation predicament, as the Model X, Audi e-tron, Mercedes-Benz EQS, and Chevy Bolt are all in the same boat. Despite this, the Model S garnered a consumer rating of 4.7 out of 5 stars from KBB, with 90% of buyers recommending it highly and giving it near-perfect scores in the performance, comfort, styling, and reliability categories.

However, Consumer Reports has a different take, with the publication stating that the 2021 Model S is not as reliable as other EVs or vehicles released in the same model year. It might have to do with the vehicle being recalled 24 times by NHTSA. Although most issues are fixable by software updates, Model S owners logged 174 complaints to NHTSA, with most having to do with airbag, seat belts, electrical, steering, and powertrain issues.

The Model S (and Model X) received their final curtain call in May 2026 when the last vehicles rolled out the Fremont factory. We'll have to wait on whether Tesla's upcoming Optimus robots will be enough to make us forget the Model S, but it lives on in history for being the progenitor of high-performance and luxurious electric cars.