2021 Tesla Model X Depreciation After 5 Years: Here's How Much Value It Lost

Unlike other Teslas like the Model Y, the 2021 Model X, has fared reasonably well from a depreciation perspective. According to Kelley Blue Book (KBB), the base 2021 Tesla Model X had an original MSRP of $81,190 and today is worth about $36,200, a drop of roughly 55% over five years. 

Despite the aggressive price cuts that the brand has done in the past few years to maintain competitiveness in a crowded market, the Model X has managed to avoid steeper drops in value, like the 60% five-year depreciation recorded by the 2021 Tesla Model Y. When automakers refresh their lineups, used prices can drop, and Tesla vehicles on the whole have been hit especially hard by these shifts. Other factors like frequent price cuts on new cars, huge numbers of vehicles entering the used market, and cooling demand tied to "Musk fatigue" can impact Tesla resale values. 

These issues can hit harder in the premium space, where luxury EV depreciation has become a issue as newer tech and shifting MSRPs reset buyer expectations. This can lead to lower resale prices for older EVs, making it notable that the 2021 Model X has held onto a relatively large share of its original value.

Along with performing strongly against its stablemates on the depreciation front, the 55% drop in value over five years for a 2021 Tesla Model X looks ever better against premium EVs from rival automakers. The 2021 Audi e-tron, for example, had base MSRP of $66,995 when new and has seen a 5-year depreciation of 67%, bringing its current value down to about $21,800 according to KBB.  Even though its depreciation has slowed since 2025, the Audi is now worth less than a third of its original price, a deeper cut than the Model X has exhibited. 

However, Tesla's Model X didn't escape the major initial price drop that most EVs experience during the first few years of ownership. It saw a 42% depreciation in the first three years, followed by another roughly $10,000 drop in value by year four.  However the curve has flattened considerably into 2026, with a drop of only $1,835 recorded, bringing the grand total to approximately 55% over five years.

The Tesla Model X has historically been manufactured in smaller quantities than the Model 3 and Model Y. In 2021 alone, Tesla shipped more than 911,000 of these two models combined. In contrast, the S and X together accounted for less than 3% of that volume, with only 24,964 units shipped. Reduced supply can support resale value and the stand-out features found in the 2021 Tesla Model X certainly shouldn't hurt consumer demand in the EV segment. 

Highlights include up to 360 miles of range, a 0-60 mph time of less than four seconds, and seating for up to seven. Although this 2021 model doesn't have the latest hardware, it still receives over-the-air software updates to help keep things fresh, and these gadgets can make your Tesla feel brand new. Looking ahead, the resale value for the Tesla Model X appears to be favorable. 

Per iSeeCars, it has seen a 10.3% increase in used market pricing between September 2025 and January 2026, versus a 5.1% drop for the Ford Mustang Mach-E. Another thing to consider is that Tesla announced the end of production for the Model X in 2026, reducing future supply and potentially supporting long-term values.