> ... because the new product is that much better than the used product.

This starts reading like a hallucination after a while. How much in a Tesla had changed over past 5 years or so that makes 2020 model completely obsolete and unappealing relative to 2025 model?

The range hasn't doubled, internal volume hasn't, acceleration or braking hasn't. They may have changed implementations under the hood, but none has been clearly communicated to potential customers, so they might as well be the exact same car.

Meanwhile, 2020 Prius is that ugly one with quirky dashboard, and 2025 is that mustard yellow thing with the HUD-like dash.

So what in an EV is so "rapidly advancing technologically" so much that it perfectly rule out much more simpler explanation that people just aren't interested in EVs, in favor of more hand-wavy one that the newer EVs are just constantly enormously more appealing to the customers that older ones tend to lose the appeal faster?

Look to BYD instead of Tesla if you want to find rapid advancement. Tesla has not been well managed for a few years, BYD recently passed them to become the biggest EV seller

I bought Hyundai, which charges 2x faster than the Tesla

Another thing to consider is the Tesla likely makes up the majority of the used EV inventory, and Tesla has become a toxic brand

I think it's also fair to argue that it's probably more perceived, than actual.

People are obsessed with EV range, and massively concerned that used EV have degraded batteries.

Most likely there are some market inefficiencies here. Good for you, buy a cheap used EV ;)

Also many EVs are still not attractive to price sensitive consumers. And the price insensitive ones, won't buy used EV.