Despite a recent decline in new Tesla sales, the Model Y remains a top seller in the used car market, outpacing its electric vehicle (EV) rivals.
Used Model Y Prices Drop Significantly
In April 2024, iSeeCars data indicated an average price of $35,000 for a used Model Y. However, current listings on Edmunds reveal dozens of Model Y Long Range models available for around $25,000.
With new Model Ys priced between $45,000 and $52,000 as of July 2024, these used models offer a significant discount, especially considering they are mostly 2020, 2021, and 2022 models, still relatively new and relevant in the market.
Used Teslas: Hot Commodities in the EV Market
The used EV market is booming, and used Teslas are particularly sought after, often selling within a month. The Model Y, the world’s best-selling car in 2023, maintains its popularity despite being on the market for four years with minimal changes.
Most listed Model Ys have “excellent” battery ratings, indicating minimal degradation, aligning with Tesla’s data on battery capacity retention.
Tax Credits and Extensive Charging Network Add to Appeal
Moreover, the Model Y qualifies for the federal tax credit for new and used EVs, offering buyers up to $4,000 at the point of sale, potentially lowering the effective price even further.
While most $25,000 listings are in California, some are available in other states like New York, New Jersey, and Texas.
Tesla’s extensive Supercharger network, considered the best in the U.S., further contributes to the Model Y’s popularity.
Despite internal changes within the Supercharger team, Tesla plans to deploy more new Supercharging stations in the U.S. this year than the rest of the industry combined.
Conclusion
For those who can overlook controversies surrounding Tesla’s CEO, owning a tech-laden EV with a 300-mile range for the price of a Toyota Corolla presents an enticing opportunity.