Used Tesla Model Y sales are surging while prices keep falling.
“Now is a good time to buy a new or used EV. Inventory is up, sending prices down,” said Rebecca Lindland, Cars Commerce Sr. Director of Industry Data and Insights, in an email. Used 2021 Model Ys start at about $30,000 on Tesla’s website as of May 2024. Those with lower mileage typically fall into the $32,000 - $36,000 price range. “Overall, Tesla’s used car demand continues to hold strong year over year (+40%) and year to date (+32%), with the highest demand for the used Model Y (119% YoY; 65% YTD),” Lindland said, referring to year-over-year and year-to-date. This is “likely due to the continued price slashing of new Model Ys,” she said. This price adjustment is causing a shift for used versions, with the average price for used Model Ys has dropped year over year (-32%) and year to date (-12%).
Overall market trends driving price drops: Overall, the EV market is seeing a significant increase in both new (+100% YoY) and used (+42% YoY) inventory, said Lindland. This has led to some oversupply, leading to an 20% drop in used EV prices year over year. “This price adjustment, along with government incentives for new and used EVs, aims to stimulate demand in a segment that is still growing– we estimate new EV sales grew 27% YoY in Q1 2024 (excluding Tesla as they don’t report US-specific sales),” she said. Used EV demand is up +45% YoY, she said. “The drop in used EV prices is enhancing their appeal amid cost-conscious consumer behavior,” Lindland said.
Used Tesla Model Y demand is way up.
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