EVs have been harder to get in 2022 as local demand surges for the cleaner, cheaper-to-run form of transportation. Used EVs have enjoyed sharp price increases, but new data reveals that listings of some popular Tesla models are starting to drop, and prices are coming down too.
New data from carloop shows that used Tesla Model 3 listings are down by 9.6% in November when comparing it to the peak in October. October had the highest-used listings of Australia’s best-selling EV model. A total of 541 used Tesla Model 3s are seen in the aggregated data.
With a drop in listings, the prices of listed models are also coming down. For the first time since the beginning of the year, some used Tesla Model 3s are coming closer to the $50,000 mark. These used Tesla Model 3s have had one owner and are mostly being sold due to an upgrade to a Model Y.
As more Model Ys are delivered to Australian customers, many more genuine listings will appear, making it a good time to consider a used Tesla Model 3 EV. Many of these will be 2020 and 2021 models which will still include the remainder of Tesla’s 4-year car and 8-year battery pack warranty.
Model Y listings down by 21%
Tesla Model Y listings are down 21.4% since September when nearly 1 in every 10 cars delivered by then was up for sale. The selling frenzy has now ended and fewer of the newly delivered SUVs are coming up for sale on the used market.
Tesla Model Y prices are still relatively high with both private and dealer sellers aiming to make a quick buck. carloop’s data shows that the average asking price of a 2022 Tesla Model Y RWD at $79,953.
That’s significantly higher than what these customers paid for them when these were purchased in the first week of Tesla Model Y orders opening up back in June.
It is also worth noting that these prices do not include government charges to transfer the EV to the new customer. Those costs vary from state to state in Australia but could be thousands more when stamp duty is considered.
Tesla Model Y is a very popular EV but with prices remaining high and a price cut for a new Model Y expected in the coming months, it might be worth waiting.
Affordability the key to used EVs
The Australian used EV market is still in its early stages. As more supply comes in over the coming months from top-selling brands like Tesla, Polestar and soon BYD, there will be many more options available.
With that, prices are predicted to drop as well. This will make it a good time to consider a used EV. Right now though, a used Tesla Model 3 is looking like a better, more affordable buy than its newer SUV sibling.
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.