As you may be aware, used Tesla prices have plummeted in recent months. With new Teslas getting significant price cuts (and having wait times of only a few weeks) it’s no surprise that used cars are rapidly dropping in value. That said, the sheer amount pre-owned Teslas have fallen by is still shocking.
According to a new survey by CarGurus, the average price of a used Tesla has fallen from $67,915 back in July 2022 to $49,967 today. That’s an $18,000 (or 26%) drop.
The average price of a used Model 3 is now $40,386 meanwhile the mean price of a used Y is $54,930. As for the S and X, they have average used prices of $53,304 and $71,779 respectively.
You can now get a high-mileage 2017/18 Model 3 for less than $25,000. Meanwhile, 2019 Model 3s with under 60,000 miles can be had for around $30,000. Without a doubt, no other used electric car offers similar levels of range, tech, and performance for the money.
Prices for Tesla’s most popular vehicle, the Model Y, remain high for now with only a handful of listings under $40,000. Given it’s now eligible for the $7,500 tax credit, if you’re interested in a Model Y your best bet is probably to buy a new one.
Tesla’s massive January price cuts saw used prices really collapse. Although Tesla cited economies of scale as one of the main reasons for the price drops, facelifted versions of the Model 3 and Y are also expected to be revealed at some stage in the coming months.