The value of used Teslas has declined dramatically in recent months. A recent survey by CarGurus showed that the average price of a used Tesla has dropped from $67,915 in July 2022 to $49,967 today, a decrease of 26% or $18,000.
The average price of a used Model 3 is now $40,386, while the Model Y's average used price is $54,930. The average used price of the Model S and X are $53,304 and $71,779, respectively.
High-mileage 2017/18 Model 3s can be found for less than $25,000, and 2019 Model 3s with under 60,000 miles can be purchased for around $30,000. Despite the steep drop in prices, used Teslas still offer excellent range, technology, and performance for the money.
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However, prices for the Model Y, Tesla's most popular vehicle, remain high with only a few listings under $40,000. The best option for interested buyers may be to purchase a new Model Y, which is now eligible for the $7,500 tax credit.
The recent Tesla price cuts and the expected reveal of facelifted versions of the Model 3 and Y are likely the main factors behind the decline in used Tesla prices.
The average price of a used Tesla has hit an 20-month low, down over $18k from its peak last July. $TSLA pic.twitter.com/uMLffKgHXz
— Charlie Bilello (@charliebilello) January 25, 2023
