How Much Do Used Teslas Sell for?
Written by
Brooke Barley
Edited by
Zuri Anderson
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Owners of Tesla electric vehicles (EVs) looking to sell might be experiencing frustration as prices as the resale value dips. Some used Tesla models have even seen 25% price drops year-over-year.
“The value of used Teslas is decreasing quickly because of an oversupply in the market, and the company’s price reductions on new models,” said Erin Kemp, a consumer advocate for Bumper. “The used market is seeing a surge in Teslas, especially since Hertz sold 20,000 of them, which has caused prices to drop significantly.”
Another reason Tesla prices are dropping for used models is that there are more EV players in the game now.
“Legacy automakers such as Ford and GM are providing more options, which is lessening Tesla’s grip on consumers,” Kemp explained.
Of course, this is good news for those who have wanted to buy a used Tesla. Here is a look at what some used Tesla models are going for.
Model Y
“A Model Y that was priced at $70,000 in 2022 is currently valued at under $40,000, which makes it challenging for sellers to make any profit from their cars,” Kemp commented.
A quick search on Carvana will also show used Model Y vehicles for as low as $29,000.
Model S
The sought-after Model S with its 412 mile range has significantly dropped in price. In 2022, a new model S went for between $106,440 and goes up to $137,440. On Carvana, a 2022 Model S is seen selling for $53,990.
Model 3
Tesla CEO Elon Musk cut Model 3 prices in 2023 by 17%. A 2021 Tesla Model 3 would have sold for between $46,440 and $60,440. Now on Carvana, prices for a 2021 Model 3 are as low as $26,000.
Model X
The Model X was another vehicle Musk slashed prices on in 2023 — this time by 35%. A 2023 Model X would start at $81,630. On Carvana, Model X prices are between $76,000 and $83,000.
On CarGurus, customers can find 2023 AWD Model X vehicles for as low as $59,000.
Cybertruck
A new 2024 Cybertruck now has a starting MSRP of $79,990, but at one point sold for as much as $100,000. Due to the limited availability and anticipation for this model, used prices are kind of all over the place.
A search for a used 2024 Cybertruck will deliver many six figure prices. However, prices are trending downward as the hype dies down.
One Tip for Maintaining Value on Your Tesla
Deege Carse, the director at Trackershop, said there are ways to maintain a Tesla’s value.
“A big part of what can help you increase your Tesla’s asking price is to maintain its battery’s health. Often, its battery performance will determine its resale value,” he said. “Expect buyers to ask you if you’ve subjected the car to frequent supercharging and what the battery’s capacity retention is, among other things.
“To maintain value, make sure to follow common battery maintenance practices like opting for frequent top ups over deep cycling and keeping your Tesla plugged at all times when not in motion.”
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