Tesla's Full Self-Driving is an appreciating asset! A year ago, an FSD-equipped Tesla Model 3/Y wholesaled for 4.5% more than its non-FSD twin. Now it's 9.8%, or $2,900 per car. More than double in a year. A $99/month subscriber gets the same software as an owner, but Tesla stopped selling FSD outright, so the only way to own it now is to buy a car that already has it. FSD appreciates while the metal around it depreciates. The median age of FSD cars at the time of sale in our study was 55 months, or $5,445 worth of subscription revenue in today's $99/month model. Add that to the current wholesale FSD premium of $2,903 and you have $8,348. As that premium increases (and it will), having paid >$10K for FSD will look like a bargain. Welcome to the software-defined EV era. 🤠