At this level, the Tesla Mannequin Y is nearly just like the iPhone of electrical automobiles. It appears like everybody you realize has one, it nonetheless does loads of issues higher than a lot of its opponents and even when it is not the latest or most attention-grabbing factor in the marketplace, there’s nonetheless a ton of issues it does exceptionally properly.
No marvel, then, that the Mannequin Y continues to be the top-selling EV within the U.S. whilst Tesla’s gross sales decelerate and extra opponents begin closing in. That the Mannequin Y can maintain its personal fairly properly is even true within the used market, in keeping with information from iSeeCars requested by InsideEVs.
Lately, we checked out iSeeCars’ information for a number of used EV fashions and targeted on the Tesla Mannequin 3. That was one of many quickest-depreciating automobiles 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 embody 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 “exhibits robust demand within the used automotive market,” as iSeeCars’ Government Analyst Karl Brauer instructed me. He added that the Mannequin Y was ranked because the sixteenth best-selling used automotive in August throughout the entire sector, which incorporates EVs, fuel automobiles and hybrids.
“It’s certainly one of solely two electrical automobiles within the high 20, confirming the Mannequin Y’s ongoing attraction whilst used EVs are dropping worth and promoting slower,” Brauer mentioned. “Against this, electrical automobiles make up half of the 20 slowest-selling used automobiles, additional illustrating how properly the Mannequin Y is holding up in a used-car market that’s not notably EV-friendly proper now.”
And but, the Mannequin Y continues to be cheaper than it was in years previous.
The oldsters at iSeeCars say that for one- to three-year-old automobiles in August 2023 and 2024, the Mannequin Y is the one tied for the biggest year-over-year value drop share. (Their listing does exclude the Porsche Taycan as a result of its prices are a lot increased than common, so maintain that in thoughts.)
In line with their information, the typical one- to three-year-old Mannequin Y price $44,979 in August 2023. However this previous month, the typical was right 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.
This is iSeeCars’ full chart of used EV value drops with these fashions added in:
| Rank Largest % Worth Drop | Mannequin | Avg Worth 1-3yo Aug 2023 | Avg Worth 1-3yo Aug 2024 | % Distinction YoY | $ Distinction YoY |
|
1 |
Tesla Mannequin Y | $44,979 | $33,310 | -25.9% | -$11,670 |
|
2 |
Audi E-Tron Sportback | $51,710 | $38,298 | -25.9% | -$13,412 |
|
3 |
Tesla Mannequin 3 | $35,700 | $26,656 | -25.3% | -$9,044 |
| 4 | Chevrolet Bolt EV | $23,487 | $18,685 | -20.4% | -$4,802 |
| 5 | Nissan LEAF | $20,862 | $16,852 | -19.2% | -$4,010 |
| 6 | Kia Niro EV | $27,900 | $22,740 | -18.5% | -$5,160 |
| 7 | Hyundai Kona Electrical | $26,500 | $21,653 | -18.3% | -$4,847 |
| 8 | Tesla Mannequin S | $70,398 | $58,571 | -16.8% | -$11,827 |
| 9 | MINI Hardtop 2 Door | $26,375 | $22,399 | -15.1% | -$3,976 |
| 10 | Tesla Mannequin X | $74,057 | $67,321 | -9.1% | -$6,737 |
| Common | $39,227 | $29,582 | -24.6% | -$9,645 |
So what does all this inform us? To me, it is a couple of issues.
At the beginning, we’re seeing how 2023’s rapid-fire value cuts on Tesla’s EVs—notably the Mannequin 3 and Mannequin Y—have pushed down your entire EV pricing market. (I can inform you 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 would 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 recently too, anybody contemplating a Mannequin Y actually ought to examine round for respectable one- to three-year-old examples. They’ve bought so many of those EVs that absolutely there are loads in superb used and even near-new situation.
And even when a lot of potential patrons and even present Tesla house owners have been postpone recently by CEO Elon Musk’s public habits, the Mannequin Y continues to be an objectively good machine. With a superb quantity of crossover practicality, round 300 miles of vary relying on trim stage and entry to the wonderful Supercharger community, it is in all probability 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 unit when debuts this fall, and the Ford Mustang Mach-E additionally provides Supercharger entry with an adapter. Normal Motors’ EVs are anticipated to hitch 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 right now’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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