Two weeks since the launch of Model Y in Australia and the demand for this all-EV SUV has been very strong.
One indicator of this demand is the rate at which current Model 3 owners are placing orders for the Model Y. This is revealed in a tripling of the number of Model 3 used car listings – and a jump in used vehicle sales values – which have shot up again over the last week.
Today I explore what this trend looks like and what we can expect for used EV prices over the coming months.
Value of used Tesla EVs jump by another 18% after 2 weeks of Model Y launch
Recently we looked at used Tesla Model 3 listing trends and the impact of the Model Y introduction to the Australian market. It showed that used Tesla Model 3 listings increased by 77% in a week after the launch of Model Y last Friday.
This spike in used listings has continued for another week with a subsequent rise of 18% after the second week of the Model Y launch.
The data also reveals that there has been an increase of 294% in used Tesla Model 3 listings since January this year. The sharpest rise in used Tesla EV listings has obviously occurred this month.
Tesla Model Y test drives contribute to more Model 3 offloading
Last week also saw many Tesla Model Y test drives commence across the country. Many owners of the Model 3 who were still sitting on the fence got to experience the space and the feel of the bigger more family-friendly Model Y.
I had a chance to speak to a Tesla sales advisor at the display centre this week who mentioned that existing Model 3 customers with families are even more interested in the Model Y after their test drive.
That also explains part of the increase in used Tesla Model 3 listings over the past week. Existing Model 3 owners looking for space are even more convinced to place an order for a Model Y after test driving one.
Prices of Used Tesla Model 3s still remain high
Even though used Tesla Model 3 listings are the highest they’ve been this year, the prices of these used EVs remain quite high.
The cheapest Tesla Model 3 listed on carsales is just under $65,000 with over 59,000kms. This obviously excludes any transfer fees that the new owner will have to pay. That’s nearly as much as a new Tesla Model 3 in NSW before any stamp duty reduction and rebate are applied.
I truly believe that in order to decarbonize our transport sector, we need more affordable EVs. The used EV market has not shown signs of affordability so far in 2022 with these high used Tesla Model 3 prices.
That will change over the next few months as Tesla’s third-quarter Australian deliveries arrive on our shores and some of the sellers are not able to get the high prices they expect. That would be a much better time for many buyers looking to pay less for fuel and make the switch to an EV.
Riz is the founder of carloop based in Melbourne, specialising in Australian EV data, insight reports and trends. He is a mechanical engineer who spent the first 7 years of his career building transport infrastructure before starting carloop. He has a passion for cars, particularly EVs and wants to help reduce transport emissions in Australia. He currently drives a red Tesla Model 3.