Image: Riz Akhtar
Tesla started the year with a price cut across its EV range, including in Australia and its US base. Now new data confirms that prices of used EVs are also falling with a recent spike in used vehicle listings.
Today we look at what this means for anyone who has been looking to get into a used Tesla.
New data from carloop now reveals that there has been a 16.2% spike in used Tesla Model 3 listings since the first week of 2023. That’s one of the steepest increases since the launch of Model Y in Australia.
That’s partially due to the impact of price cuts on owners of Teslas who are looking at selling their EV at a reasonable price in case prices start to fall further.
Another main factor is new shipments of Model 3 and Model Y cars that are expected to be delivered to customers in the coming weeks. Some of those customers are selling their current Tesla Model 3 before taking delivery of the new Tesla.
Last week, I wrote about a drop in used Tesla Model 3s as 2023 kicked off. For the first time, there were used Model 3 sedans available for under $A50,000. This trend of dropping prices has continued with more listings priced around the same mark.
New data shows that Tesla Model Y listings have seen an even sharper rise since Tesla’s price cuts. An increase of 43.4% is shown within a period of two weeks.
Now over 110 used Tesla Model Y SUVs are up for sale across multiple classified platforms. The prices are relatively high which suggests more opportunistic selling before used prices fall further.
With more Tesla shipments reaching our shores as tracked by Tesla tracking expert, VedaPrime, more new stock will become available in the inventory over the coming weeks.
After the recent price cuts, the new inventory is expected to be priced lower than most Tesla Model Ys found on the used EV market.
That will naturally bring the used prices down for anyone looking at getting behind the wheel of a near-new Tesla Model Y.
2023 is shaping up to be a good year for a healthier Tesla and used EV market in Australia. For those looking at a used Tesla Model 3 or a Model Y, it might just have to be a bit longer.
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.
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