It's still got a way to go until it reaches a sane valuation, and the stock is still falling.

I'd love for it to drop to a 'sane' valuation so I could get in. Already itching to pull the trigger, but I think it could shave off another $20-30.

You could sell secured put options and end up making a decent return even if it doesn't drop

http://opcalc.com/PJM

Tesla's average transaction was $65K in 2022. There were 1.3 million transactions. That's $84.5B in transactions. Companies are typically valued at 7x their transactions which would be $591.5B - which we'll just call $600B. If Tesla is currently valued at $400B then they're undervalued by 33% and that would put Tesla at a BUY.

These are all back-of-the-napkin calculations and assumes Tesla will sell as many cars in 2023 as they did in 2022 and in fact will continue to do so for the foreseeable future. I'm not an automotive industry expert but I don't see any reason why Tesla wouldn't. I think part of the reason Tesla's stock pulled back so much in 2022 is the realization that Tesla may not have that much GROWTH left.