Despite the recent decline in new Tesla sales, the Model Y and its siblings continue to be some of the fastest-selling EVs in the used car market, according to iSeeCars data from April 2024.
At the time, the study said that the average price of a used Tesla Model Y was approximately $35,000. While that may still be true, we’re now seeing dozens of Model Y Long Range listings on Edmunds around the $25,000 price bracket. A new Model Y costs between $45,000 and $52,000 as of July 2024.
That means the used EVs are a screaming deal given that most of these vehicles are 2020, 2021 and 2022 models. They’re not dinosaurs on wheels and will likely remain relevant for a few more years.
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Used Teslas sell fast.
The used EV market is hot right now. Due to high depreciation, driving home a used EV equipped with all the bells and whistles is easy and affordable. Used Teslas are hotter than rivals, remaining on the market for less than a month before finding new homes.
The Model Y was the world’s best selling car of any category in 2023, becoming the first ever electric car to dethrone a combustion engine vehicle. It has been on sale for four years, undergoing several quality and software fixes during that time but largely remaining unchanged without any major facelifts or upgrades. Despite that, it remains popular.
Most of the listed Model Ys have an “excellent” battery rating, meaning the degradation is low or is happening at an expected rate. That tracks with Tesla’s own data. In the 2023 Impact Report, Tesla said the Long Range versions of the Model Y and Model 3 were retaining 85% of battery capacity after 200,000 miles. All the listed models have far fewer miles on them.
Moreover, the Model Y qualifies for the federal tax credit for new and used EVs. For used EVs, buyers can get up to $4,000 at the point of sale. The prices listed here do not include the tax credit, so the effective price could be even cheaper. That, however, depends on your income eligibility and your personal tax situation.
While the majority of the $25,000 listings appear to be in California, there are some in New York, New Jersey, Pennsylvania, Maryland, Nebraska, Wisconsin and Texas.
Part of the reason the Model Y remains so popular is Tesla's Supercharger network, which continues to be best in the U.S. Despite the tumultuous layoffs and subsequent rehiring within the Supercharger team, Tesla announced during the Q2 earnings call that it is on track to deploy more new Supercharging stations in the U.S. this year than the rest of the industry combined.
If you can detach from the CEO’s controversies and culture wars, then owning a tech-laden 300-mile EV for the price of a Toyota Corolla shouldn't be a problem.
Contact the author: suvrat.kothari@insideevs.com
