Used Tesla Model 3 listings drop to lowest point in more than 12 months

The Tesla Model 3 had been Australia’s best-selling electric car for many years until this year when it was surpassed by the newer, larger Model Y SUV. Last month, Tesla unveiled a new and improved Model 3 to the world with the first local deliveries only months away.

The latest data from carloop now shows that the used Model 3 listings in October 2023 have dropped to their lowest levels since September 2022. This is the lowest amount of Tesla Model 3s available on the used EV market in over 12 months.

Trends seen in this data reveal that buyers are snapping up used Model 3 sedans much quicker than supply entering the market. 

This is in line with the fact that Tesla has reduced Model 3 supply in recent months as the company prepared to shift production to the new 2024 Tesla Model 3.

The last spike in Model 3 listings was on the back of the launch of Model Y in 2022. By September last year, more used Model 3 owners were expecting the delivery of the Model Y and hence listed vehicles.

Since then, prices have been falling with few examples appearing to fall under $40,000 for the first time. These vehicles do come with higher odometer readings with some approaching 100,000 km. 

Given the reliability of EVs and Teslas requiring less maintenance than many other vehicles, they can be a good buy for many drivers looking to buy a used vehicle.

It’s expected the used Model 3 listings to continue coming down, helping sustain prices at current levels, and preventing them from falling sharply in the coming months.