Prices of used Tesla vehicles are out of control, as some used vehicles with over 30,000 miles on the odometer are selling for higher prices than new ones.
The used car marketplace has been wild over the last two years.
With new car production and sales being down amidst supply chain issues, many people turned to the used car market, and it pushed prices higher across the industry. This has been especially true for electric vehicles, which are more rare on the used car market, and Tesla vehicles are the most popular in the US as the Texas-based automaker still owns about 75% of the new EV market in the country.
Over the last year, we even started seeing used prices creeping over new vehicle prices, but that started being less true as Tesla increased prices of new vehicles again over the last few months.
Now, used prices are up again, and we are seeing many vehicles listed for higher than brand new Tesla Model Y and Model 3 vehicles.
There are many people testing the market with high prices on third-party websites, but Tesla owns a large part of the used market for its vehicles, and its prices are non-negotiable and therefore, list prices are the actual prices those vehicles are being sold for.
For example, this 2020 Model Y with over 30,000 miles on the odomoter is listed for $1,000 more than if you were to order the same configuration brand new:
The only benefit is that you can get it now versus waiting for 6-9 months for a new one.
What is most impressive is how the vehicle gain in value. Depending on when it was purchased in 2020, the vehicle is likely selling between $6,000 and $10,000 more than what it was purchased for brand new about two years ago.
We saw several other used Model Ys listed for more than an equivalent brand new Model Y, like this 2021 Model Y with 15,000 miles in Illinois listed for over $80,000:
We also found a few used Model 3 vehicles selling for more than the new version, including this one in Los Angeles:
One interesting thing to note is that Tesla appears to be adding the Full Self-Driving package to all used vehicles it is reselling, which is helping to push prices higher.
As we recently reported, Tesla recently changed its policy to now not let anyone buy their car after their lease is over. This is increasing the automaker’s supply of used vehicles to resell.
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