Tesla Mannequin Y Costs Have ‘Largest Yr-Over-Yr Drop’

At this level, the Tesla Mannequin Y is sort of just like the iPhone of electrical vehicles. It seems like everybody you realize has one, it nonetheless does lots of issues higher than lots of its opponents and even when it is not the most recent or most attention-grabbing factor available on the market, there’s nonetheless a ton of issues it does exceptionally nicely. 

No marvel, then, that the Mannequin Y remains to be the top-selling EV within the U.S. at the same time as Tesla’s gross sales decelerate and extra opponents begin closing in. That the Mannequin Y can maintain its personal fairly nicely is even true within the used market, based on information from iSeeCars requested by InsideEVs.

Lately, we checked out iSeeCars’ information for a number of used EV fashions and centered on the Tesla Mannequin 3. That was one of many quickest-depreciating vehicles over the previous 12 months or so: the typical value of a Tesla Mannequin 3 is now about $26,000, $8,500 lower than it was a 12 months earlier than. Different EVs which have seen large value drops on the used market embrace the Nissan Leaf, Hyundai Kona Electrical, Kia Niro EV and Chevrolet Bolt.

However we needed to ask how the EV gross sales chief is doing. And it seems the Mannequin Y’s costs have gone down simply as a lot, even because it “reveals robust demand within the used automobile market,” as iSeeCars’ Government Analyst Karl Brauer instructed me. He added that the Mannequin Y was ranked because the sixteenth best-selling used automobile in August throughout the entire sector, which incorporates EVs, fuel vehicles and hybrids.

“It’s one in every of solely two electrical vehicles within the prime 20, confirming the Mannequin Y’s ongoing enchantment at the same time as used EVs are shedding worth and promoting slower,” Brauer mentioned. “In contrast, electrical automobiles make up half of the 20 slowest-selling used vehicles, additional illustrating how nicely the Mannequin Y is holding up in a used-car market that’s not significantly EV-friendly proper now.”

And but, the Mannequin Y remains to be cheaper than it was in years previous. 

The oldsters at iSeeCars say that for one- to three-year-old vehicles in August 2023 and 2024, the Mannequin Y is the one tied for the most important year-over-year value drop proportion. (Their record does exclude the Porsche Taycan as a result of its prices are a lot larger than common, so hold that in thoughts.)

In response to their information, the typical one- to three-year-old Mannequin Y value $44,979 in August 2023. However this previous month, the typical was all the way down to $33,310—a 25.9% drop good for an $11,670 distinction year-over-year.

I discussed that the Mannequin Y is tied, and it is with the Audi E-Tron Sportback (now renamed the Q8 Sportback E-Tron from 2024 onward.) Audi’s EV averaged $51,710 on the used market a 12 months in the past, and now it is down one other 25.9% to $38,298. On the identical time, it is honest to say that there is fairly a couple of extra Mannequin Ys on the used market than Audi E-Tron Sportbacks, so I feel that the Tesla takes the win right here. 

Here is iSeeCars’ full chart of used EV value drops with these fashions added in:

So what does all this inform us? To me, it is a couple of issues.

Before everything, we’re seeing how 2023’s rapid-fire value cuts on Tesla’s EVs—significantly the Mannequin 3 and Mannequin Y—have pushed down the complete EV pricing market. (I can let you know I really feel fairly dangerous for anybody who bought a Mannequin Y in 2022 or earlier, as a result of the depreciation hit they’re coping with is fairly brutal.) 

I might additionally argue {that a} Mannequin Y is now a greater purchase than ever on the used market. Whereas costs of the brand new ones have gone down these days too, anybody contemplating a Mannequin Y actually ought to verify round for first rate one- to three-year-old examples. They’ve offered so many of those EVs that certainly there are loads in excellent used and even near-new situation. 

And even when a number of potential consumers and even present Tesla house owners have been postpone these days by CEO Elon Musk’s public habits, the Mannequin Y remains to be an objectively good machine. With a great quantity of crossover practicality, round 300 miles of vary relying on trim stage and entry to the wonderful Supercharger community, it is most likely nonetheless simply essentially the most no-nonsense EV you should purchase. 

Granted, that is altering quick. The 2025 Hyundai Ioniq 5 is getting a Tesla-style NACS plug from the manufacturing facility when debuts this fall, and the Ford Mustang Mach-E additionally provides Supercharger entry with an adapter. Common Motors’ EVs are anticipated to affix that get together within the coming months and even weeks. The competitors is getting higher and higher. 

However for now, as Brauer instructed us final time, “at as we speak’s costs a used EV is beginning to make sense.” And I can not fault anybody for pulling the set off on a used Mannequin Y within the low $30,000 vary proper now. 

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