Here’s how much a Tesla Model S has depreciated after 5 years

By November 2020, the Tesla Model S was no longer the new kid on the block. It was the seasoned veteran. It had been dominating the luxury EV segment for nearly a decade, largely because it was the only car in the luxury EV segment.

But late 2020 was a very specific moment in Model S history. This was the era of the “Raven” powertrain—an update that gave the car a smart adaptive air suspension and efficiency wizardry that finally pushed the range over the mythical 400-mile barrier. It was the absolute peak of the “classic” Model S before the massive 2021 “Palladium” refresh introduced the yoke steering wheel and the landscape screen.

Five years later, the Model S Plaid gets all the headlines. So, what happened to the car that held the throne right before the revolution?

Let’s crunch the numbers.

The question

We are looking at the 2020 Tesla Model S Long Range Plus. This is the specific trim that broke the records, becoming the first production EV to receive an EPA rating of 402 miles.

In a moment of pettiness that could only come from Elon Musk (responding to the Lucid Air’s pricing), the price of the Model S Long Range Plus was slashed in October 2020 to $69,420.

(Yes, really. That was the sticker price.)

If you wanted the Performance model with “Ludicrous Mode,” you were shelling out roughly $91,990.

So, if you paid the “meme price” five years ago, what is that luxury barge worth today?

The numbers

According to current market listings in late 2025:

• 2020 Tesla Model S Long Range Plus (New): $69,420
• 2020 Tesla Model S Long Range Plus (Used, 2025): ~$31,500
• Depreciation: ~$37,920
• Value Retained: ~45%
• Percent Lost: ~55%

Losing 55% is actually a respectable performance for a large luxury sedan. Compare that to an S-Class or a 7-Series, which often lose 65-70% in the same timeframe. However, in raw dollars, nearly $38,000 has evaporated. That is the price of a brand new Model 3 RWD just vanishing into thin air.

How it compares

The Model S exists in a weird spot between luxury barge and muscle car, and its depreciation reflects that.

• Porsche Taycan: The Model S’s first real rival. A 2020 Taycan 4S has depreciated like a sinking stone, often losing 60-65% of its value due to expensive maintenance fears and rapidly aging tech. The Tesla wins on retention.
• Tesla Model 3: You can buy a brand-new, refreshed Model 3 for about the same price as this five-year-old Model S. The market forces you to choose: Do you want the new tech and warranty (Model 3), or the air suspension and sheer size (Model S)?
• BMW 7 Series (Gas): The German limos are depreciation disasters. A 2020 750i has likely lost 65% of its value. By comparison, the Tesla held up reasonably well.

The “vertical screen” wildcard

The biggest problem with the 2020 Model S isn’t the battery—it’s the interior.

Buying a 2020 means you are getting the “Legacy” interior. You have the vertical portrait touchscreen, the Mercedes-sourced stalks, and the classic steering wheel. In 2021, Tesla deleted the chrome exterior trim, turned the screen horizontal to match the Model 3, and added a rear screen for passengers.

Park a 2020 next to a 2021+, and the 2020 looks a decade older. This visual obsolescence puts a hard cap on its value. It screams, “I bought my Tesla before they got really crazy.”

However, for some, this is a plus. The 2020 still has a gear shifter and turn signal stalks—luxuries that modern Tesla owners can only dream of.

The verdict

If you bought a 2020 Model S new, you bought the absolute best version of the first generation. You got the 400-mile range and the comfortable suspension, but you missed out on the interior overhaul by mere months. You paid $38,000 for that timing error.

But for the used buyer? This is the mile-munching deal of the century.

For $31,500, you are getting a car that has more range (402 miles rated) than almost anything currently on sale for under $100k. You get air suspension, frightening acceleration, and free Supercharging (if the original owner had a grandfathered code, though rare by 2020). It looks dated inside, but on the highway, it is still the king of the road trip.

Depreciation Grade: C+ (Beats the Germans, loses to the Model 3)
Used Value Grade: A (400 miles of range for $30k is unheard of)