As one of the most popular electric vehicles, the demand for used Tesla vehicles goes skyrocketed recently. If you order a brand-new Tesla model currently, it’s very likely that you are looking at a long delay. On the other hand, the supply chain shortages due to COVID-19 have spread in multiple industries globally. The shortage of microchips in the automotive industry has also impacted the new car productions.
With fewer new cars rolling off from assembly lines, the increase in demand in the used vehicle market has surged. As the demand for Teslas is high and the supply of new models cannot keep up. It has come to a point where some popular Tesla models are at higher prices on the used car market than the brand new models.
Take the most popular Model 3 as an example, car buyers are willing to pay an extra on a used Tesla Model 3 rather than waiting months for the delivery of a new model. Given the fact that Tesla Model 3 is the most affordable Tesla model available, its performance and drivability aspects are also holding a high resale value of its used versions. The MSRP of a brand new Model 3 starts from $46,389 for the base Standard Range Plus Model, and $74,990 for the Performance model at Canada. While we can find slightly used Model 3 venisons are listed for anywhere from $58,000 to $91,000 in the used car marketplace.
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 vehcle. Tesla shoppers had been waiting a long time for the delivery, and the company also have a massive backlog of pre-orders to fill.
In the used car market, some other popular electric vehicles are also cost more or sold at a price that’s very close to the price of new. For example, Kia Telluride, Toyota RAV4 Hybrid, and Mercedes-Benz G-Class; that’s a result due to the chip shortage and high demands. While a popular name like Tesla, which is the much-loved by electric vehicle car owners and shoppers, it earns its price in the used car marketplace. Tesla cars are built to last, and you can expect the same performance at a used Tesla regardless it has plenty of miles on its odometer.
Other than these two factors we just talked about that help used Tesla in the pre-owned market.
Another important factor is the limited electric vehicle options in the market. In the year of 2020, EV sales only contribute to 3.5% of Canadian new vehicle sales as data shown.
As the demands for electric vehicles has started to outpace supply, there are very limited used electric vehicle available in the used market. With the huge demand for used Teslas, it has gotten to the point that some used Tesla models are more expensive than their brand new counterparts. All these dynamics blend in and push the resale value of used Teslas.
Looking to buy a used Tesla? Carnex is a good place to star, find great electric vehicle deals at great prices!
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