The used car market has been in a frenzy over the last two years. Fewer new cars were produced due to supply chain issues, and many car shoppers switched to the used car market, pushing the price higher. This is particularly true for electric vehicles, and the EV options in the used market are limited. As one of the most popular electric vehicles, the demand for Tesla EV has skyrocketed as a result. On the other hand, if you order a brand-new Tesla model right now, you may see a significant delay. Due to the great demand for Teslas and the limited availability of new models. Some popular used Tesla models are now even more expensive in the used car marketplace than new ones.
Let’s consider the most popular Model 3 as an example. Instead of patiently waiting for months for a new model, EV buyers are willing to pay more for a used Tesla Model 3. The performance and drivability of the Tesla Model 3 also hold a high resale value for its used variants due to the fact that it is the most affordable Tesla model currently on the market. The brand-new Model 3 has an MSRP in Canada that ranges from $46,389 for the entry-level Standard Range Plus variant to $74,990 for the Performance model. While there are Model 3 venisons available for a range of $58,000 to $91,000 in the used car marketplace.
If we look at the used Tesla Model Y, they are also quite pricey in the used EV market due to the high demand for electric SUVs. Resale value for Model Ys soars due to a lack of supply and rising demand.
In terms of driving range, comfort, and technology, the Tesla Model Y offers exceptional value even if it is more expensive than some of its competitors. Therefore, it makes sense that some EV shoppers are willing to pay more to have the electric SUV faster.
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Due to the long wait for new Teslas, EV shoppers may be paying premium costs for used Tesla. Depending on the Tesla models, the wait could go up to nine months. It’s the main motivator for car buyers to pay more on a used Tesla model is to avoid the long waiting for the delivery of a new vehicle. Tesla shoppers had been waiting a long time for the delivery, and the company also have a massive backlog of pre-orders to fill.
While buying a used Tesla can avoid long delays, Tesla also offers its Full Self-Driving Package with every used Tesla. This is another reason that makes the used Tesla models even more appealing because Full Self-Driving Capability on new Tesla cost Canadian owners $12,800, and it’s increased from $10,600 previously.
If we look at other well-known electric vehicle names in the used EV market, some are also more expensive or offered at prices that are quite near to the new ones’ MSRP. For example, Kia Telluride, Toyota RAV4 Hybrid, and Mercedes-Benz G-Class; that’s a result due to the chip shortage and high demands. A popular EV name like Tesla, which is the most well-known brand in the EV industry and much-loved by electric vehicle car owners and shoppers, earns its price in the used car marketplace. Because Tesla vehicles are made to last, you can count on a used Tesla to have the same performance as new ones regardless it has plenty of miles on its odometer.
In addition, price fluctuation for new Tesla models has now become very common. One factor causing the price increase in new Teslas may be the growing price of aluminium and the supply chain issue. After dramatically price spikes in 2021, Tesla had another small increase in price again in early 2022. Although the company does not explain why these vehicles’ prices are rising. It’s probable that persistent supply chain issues and the rising price of aluminium, which is one of the factors contributing to today’s inflation, are driving up Tesla’s EV prices.
Other than the three factors that we have discussed, used Tesla is successful in the used market because of the market’s limited options for electric vehicles. This is another significant factor cause some used Tesla models cost close to or even higher than new Tesla models.
There aren’t many used electric vehicles available on the used market because demand for them has begun to outweigh supply. Some used Tesla models are now more expensive than their brand-new counterparts due to the high demand for used Tesla vehicles. The combined effects of all these factors increase the resale value of used Teslas.
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