Tesla Mannequin Y Costs Have ‘Largest 12 months-Over-12 months Drop’

At this level, the Tesla Mannequin Y is nearly just like the iPhone of electrical automobiles. It looks like everybody you already know has one, it nonetheless does a whole lot of issues higher than lots of its opponents and even when it isn’t the most recent or most fascinating factor available on the market, there’s nonetheless a ton of issues it does exceptionally properly. 

No surprise, then, that the Mannequin Y continues 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 properly is even true within the used market, based on information from iSeeCars requested by InsideEVs.

Just 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 yr or so: the typical value of a Tesla Mannequin 3 is now about $26,000, $8,500 lower than it was a yr earlier than. Different EVs which have seen big 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 sturdy demand within the used automobile market,” as iSeeCars’ Government Analyst Karl Brauer informed 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, gasoline automobiles and hybrids.

“It’s one in every of solely two electrical automobiles within the high 20, confirming the Mannequin Y’s ongoing enchantment at the same time as used EVs are shedding 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 significantly EV-friendly proper now.”

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

The parents 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 most important year-over-year value drop share. (Their checklist does exclude the Porsche Taycan as a result of its prices are a lot increased than common, so hold that in thoughts.)

Based on their information, the typical one- to three-year-old Mannequin Y value $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 yr 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 believe 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.

Firstly, 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 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 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 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 certainly there are a lot in excellent used and even near-new situation. 

And even when plenty of potential consumers and even present Tesla homeowners 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 degree and entry to the wonderful Supercharger community, it is most likely nonetheless simply probably 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 affix that celebration within the coming months and even weeks. The competitors is getting higher and higher. 

However for now, as Brauer informed us final time, “at right this moment’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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