• In 2022, used Tesla prices hit record levels
• In the meantime, a used Model Y cost more than new
• Prices have now fallen by 21.5 percent
According to iSeeCars, a used Tesla Model 3 cost an average of USD 41,337 in February 2023. The information portal brings together all the used car offers from the USA listed online on one platform and regularly analyzes the data. iSeeCars analyst Karl Brauer explains in the report on prices in February 2023: “With the end of the pandemic and an improvement in supply chains, new car prices are falling.” This would automatically lower used car prices.
Prices have collapsed by more than 20 percent in some cases
Used car prices for models from most suppliers have fallen, with average used car prices in the US in February being 4.7 percent below prices in September last year and a full 8.7 percent below prices in the same period last year. The strongest price drop can be observed with Tesla’s Model 3: The flagship model from Elon Musk’s car factories cost around 21.5 percent ($11,302) less in February than in September.
However, compared to prices in February last year, Tesla is not quite as out of the ordinary, with used car prices for the Infiniti QX80, Nissan Armada and Land Rover Discovery falling more than the Model 3, down 19.3 percent ($9,914) less than a year earlier. The average price decrease for used electric cars compared to February 2022 is 13.9 percent ($7,490).
Used Teslas could soon become even cheaper
This means that used car prices are significantly lower than last year – but still higher than before the pandemic, according to iSeeCars. In 2022 there was an enormously high demand and a very low supply of electric cars, so that used car prices rose particularly sharply here. In the meantime, according to electrek, a used Model Y has even cost more than the same model fresh from the factory. However, since Tesla lowered its prices and introduced a tax break for electric cars in the US, prices have come down again. electrek recommends, if possible, to wait before buying a used Tesla. It is expected that prices will continue to fall until 2024.
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