It’s been over seven weeks since the launch of the highly anticipated Tesla Model Y. Since then, listings of used Tesla Model 3s have been on a sharp rise. Are these trends expected to continue and what does it mean for local used EV prices?
New data from carloop shows a strong uptake in used Tesla Model 3 listings. After 7 weeks of Tesla Model Y orders being opened in Australia, listings have risen more than 185% since early June.
This also shows that used Tesla Model 3 listings have risen by 481% since the start of the year.
The strong rise in used Tesla Model 3 listings since the larger, family-friendly Model Y SUV launched shows the pent-up demand from existing Tesla owners to get into the Model Y.
It also reflects brand loyalty by these existing customers towards the Tesla brand in Australia.
An issue that has surfaced is the reselling of near-new Tesla Model 3s at huge mark-ups.
Tesla cracking down on resellers
Tesla has a resellers policy that will cancel your order if they deem you will be selling it for a large mark-up. Some resellers are still trying to make a significant margin on their purchase.
An example of this has now surfaced as one of those rising Model 3 listings with a mark-up of $40,000 on a black 2022 Tesla Model 3 Performance.
This particular Model 3 has 45kms on the odometer. It was more than likely delivered in the first quarter when we had over 4,400 Tesla Model 3s reach our shores.
Since there weren’t the usual large deliveries we saw in the second quarter of this year, some resellers are seeing this as an opportunity to make a quick buck.
Used Tesla Model 3 prices expected to fall
The cheapest used Tesla Model 3s listings are being listed for over $64,000. Many of these have over 40,000kms and do not include additional on-road costs.
Over the coming months though, this is expected to change and the prices will come down as more new Model 3s arrive on the market.
More supply and rising interest rates will start to put downward pressure on these excessive used Model 3 prices. That will make it a better time to consider a used Tesla than it is today.
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.