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Wednesday, September 28, 2022

Used Tesla Model 3 listings surge again as Model Y rolls out

Used Tesla Model 3 listings have been rising since the launch of Model Y back in June. New data on listings now shows another 31% jump within the last two weeks. That’s a significant shift as more supply finally hits the market.

What does this mean for anyone looking at buying a used EV and are the prices finally starting to come down?

Used Tesla Model 3 Listings up by 31%

New data from carloop shows that used Tesla Model 3 listings have once again surged over the last two weeks, this time by 31%. That’s on the back of hundreds of recent Tesla Model Y deliveries and these new owners selling their used Model 3s.

Source: carloop

Tesla electric cars have traditionally have been in high demand and with the shutdown of its Shanghai factory earlier in 2022, buying a new one has meant a lengthy wait before actually receiving the car. This has started to change since the launch of Model Y in June 10.

And with customers now starting to receive their Model Ys, the number of used Tesla Model 3 listings have surged. Since January, used Model 3 listing have increased ninefold.

This surge in used listings is now also starting to have an impact on prices being asked for used Teslas.

Prices starting to fall, after $23,000 dropped from one example

A month ago, I looked at an example of Australia’s most expensive Tesla Model 3 listing at that time. Now it seems that car’s price has been reduced, and it only has a few more kilometres on the clock. It’s seen a drop in asking price of over $23,000 in under a month. 

However, asking prices are still high. This Model 3 Performance in black is now listed at $115,000 which is still above 10% of a new one. Originally, this model was listed for $138,000 just over 3 weeks ago.

Tesla Model 3 Performance Price Drop August
Source: carsales

This month has seen thousands of lucky Tesla owners take delivery of their new Model 3 and Model Y cars all across the country.

With more used EVs on the market, supply chains improving and multiple more ships on their way, the supply of new EVs is starting to improve significantly. 

The impact on used Tesla prices is also taking place now which is good for those looking at getting into a used EV sooner before the fuel excise reduction is removed and fuel prices see a resurgence.

Overall, this is a healthy change for the used EV market, just as more affordable options like those from BYD and MG also become available further improving EV uptake in Australia.

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