What About Other Used EVs? 2022 Kia EV6 (left) and 2021 Tesla Model Y | photo by Christian Lantry This has implications for the vehicle’s auto loan (if financed) and its trade-in value. Tesla owners who recently purchased a new car before the price changes took effect will likely find the value of their vehicle has plummeted essentially overnight. Tesla’s price cut, which lowered the base prices of its new cars by up to $19,000, has the biggest impact on newer pre-owned models. 13 (the day following the price cuts) shows a 3% average price drop for the Model 3 less than a 1% decline for the Model X and a 2% drop for both the Model Y and Model S. A week-over-week comparison of used prices before and after Jan. But the above trends show that used prices started falling well before the price cuts took place. It’s likely that the recent discounts on the Model 3 and Model Y as well as the more substantial price reductions on all new Teslas are contributing to the drop in used prices all used Tesla models except the Model S saw the largest price drop since July between December and January. Did Tesla’s New-Car Price Cuts Play a Role? The Model X’s average price was down 25% from the July peak of $97,898 and 6% from December. The average price of a Model S was down 31% from the July peak of $73,961 and a 5% drop from December. The larger Model S sedan and Model X SUV each saw comparable average month-over-month price drops of 4% and 5%, respectively, since July. The average price of a used Model 3 sedan followed a similar trend, down 21% since July and 7% since December. 22, the average price for a used Model Y among dealers was down 23% since July and 5% since December. For example, average prices for all model years of the popular Model Y SUV saw month-over-month price drops between 2% and 5% since hitting a peak of $73,882 in July.Īs of Jan. Related: Here Are the 11 Cheapest Electric Vehicles You Can Buy Prices Fall on Used Teslas 2019 Tesla Model X | photos by Christian LantryĪll used Tesla models (i.e., the Model 3, Model Y, Model S and Model X) saw a steady drop in average prices among dealer inventory over the last six months after prices peaked in July. Read on for details regarding average used Tesla prices, recent inventory levels, and how the new federal electric-vehicle tax credit rules will impact your new or used EV purchase. Just send a message to to give us a heads up.In mid-January, Tesla slashed prices by up to 20% across its lineup, but new-car shoppers aren’t the only ones who might encounter falling price tags on the brand’s all-electric SUVs and sedans: data shows that used Tesla prices have also been trending down since their summer peak, and the dip has accelerated in recent months. With its Project Highland update, however, the Model 3 could very well see a substantial resurgence in sales.ĭon’t hesitate to contact us with news tips. Its sales has also been fairly consistent despite the presence of its crossover cousin. The Tesla Model 3 may be eclipsed by the Model Y crossover in sales today, but the vehicle is truly the electric car that brought EVs to the mainstream auto market. This may be especially true for some would-be car buyers who are willing to wait for the rollout of the Model 3’s “Project Highland” update. For regular customers, however, a three-month free Supercharging perk may not be enough of an incentive to get a Model 3 inventory unit now. Three months of free Supercharging could be valuable to electric vehicle owners, especially among those who tend to travel a lot. It’s also expected to be more cost-efficient to produce. Project Highland is expected to introduce several key changes to the Model 3 sedan like a revamped exterior and interior. Considering the limited duration of the Model 3’s free Supercharging promotion, EV enthusiasts are speculating that the initiative may be a way for Tesla to clear out its inventory of the vehicle before the release of the highly anticipated Project Highland update.
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