We knew Jeep’s first American EV was having a tough time, but this is something else. A nearly new Wagoneer S Limited 4xe just sold on Bring a Trailer for $38,500 after covering only 91 miles (147 km). That’s roughly $30,000 below its original sticker, and a sharp reminder that EV depreciation can be brutal.

On paper, the deal looks fantastic. The Wagoneer S packs dual motors, all-wheel drive, and a factory-rated output of 500 hp (507 PS) and 524 lb-ft (710 Nm) of torque. The quoted 294-mile (473 km) range from the 100 kWh battery isn’t amazing, but it’s tolerable, and the tailpipe-free Wagoneer is roomy enough for family duty and loaded with kit, making the auction result look like bargain-hunter gold.

Related: Wagoneer S Lost 93% Of Its Buyers, And Gas Charger Outsold Its Electric Twin 7 To 1

This example was a Limited trim finished in white with Jeep’s Dark Appearance package. The Limited stickered at $67,195 including destination and before options, and this one came with a panoramic roof, heated front seats, heated steering wheel, surround-view cameras, adaptive cruise control, wireless smartphone mirroring, a 12.3-inch touchscreen, and an Alpine nine-speaker audio system.

So it’s not exactly a stripped rental special, even if it is a rung below the 600 hp (608 PS), $72,195 Launch Edition.

So why the huge value crash? Because the Wagoneer S has struggled badly since launch. It arrived when automakers believed premium EV demand in America would keep climbing. Instead, the market cooled, incentives changed, and shoppers became more selective about price, charging access, and brand trust.

No More Tax Credits

The biggest blow came when the $7,500 federal EV tax credit disappeared last September. Before that, Jeep reportedly moved more than 10,000 Wagoneer S models across three quarters with the help of some big discounts. In the two quarters after the credit ended, sales fell to just 613 units.

Jeep’s response has been telling. The brand won’t build a 2026 Wagoneer S at all, instead skipping straight to a 2027 model. Stellantis says the pause will allow upgrades to battery performance, software, capability, and interior quality. It’ll also gain a NACS charging port for easier access to Tesla’s growing Supercharger network.

A better Wagoneer S is coming, but we still think whoever bought this one got an absolute bargain. If he can live with uncertain resale and a model facing reboot status, $38,500 bought him a barely driven 500-hp electric SUV with lots of equipment. That’s hard to ignore, even if the first owner probably wishes they had.

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Tesla has been chasing a $35,000 EV for the U.S. market since roughly 2015, when the Model 3’s unveiling promised to democratize electric motoring. It came close with the $36,990 Model 3 Rear-Wheel Drive launched last year, and the entry-level Model Y RWD at $39,990. But for buyers who want a genuinely affordable Tesla without the feel of a stripped-out special, the used market is where things get interesting.

Read: Tesla Quietly Kills Its Flagship EVs In Europe Just After Updating Them

Once-flagship versions of Tesla’s three-row Model X are now available for around $35,000 or so, and after eight years of depreciation, they represent a rather compelling proposition.

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A 2018 Model X P100D recently sold for $36,000 on Bring a Trailer. Yes, it’s eight years old, which explains the price, but it has only covered 26,000 miles (41,800 km), which is remarkably low for its age. Barring anything catastrophic, the SUV should deliver tens of thousands of additional trouble-free miles, provided it has been routinely maintained and kept up to date with software updates.

Supercar Performance With SUV Practicality

Before Tesla’s Plaid models were a thing, the P100D-branded models represented the pinnacle of performance. In the Model X, a pair of electric motors produces a combined 680 hp, enough to send it to 60 mph (96 km/h) in just 2.9 seconds. Find an SUV buyer who claims they need something faster than that, and we’ll tell you they’re lying.

Tesla only recently announced it would stop building the Model X, hardly a surprise given how few have been sold in recent years. But when it was first launched, it was incredibly innovative.

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We’d argue the cabin of this original model is more appealing than newer models, which adopted Tesla’s landscape-oriented touchscreen, rather than a vertical one. There are also loads of carbon fiber throughout and plenty of plush black leather.

Three-row electric SUVs still have relatively limited appeal, but at this price point, with this mileage, and with this level of performance, there’s no denying that something like this offers good value for the money.