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 automobiles. It looks like everybody you realize has one, it nonetheless does plenty of issues higher than a lot of its rivals and even when it isn’t the most recent or most attention-grabbing factor in the marketplace, there’s nonetheless a ton of issues it does exceptionally nicely. 

No surprise, then, that the Mannequin Y continues to be the top-selling EV within the U.S. whilst Tesla’s gross sales decelerate and extra rivals begin closing in. That the Mannequin Y can maintain its personal fairly nicely is even true within the used market, in line with knowledge from iSeeCars requested by InsideEVs.

Lately, we checked out iSeeCars’ knowledge 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 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 “reveals sturdy 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 one among solely two electrical automobiles within the prime 20, confirming the Mannequin Y’s ongoing attraction whilst used EVs are dropping worth and promoting slower,” Brauer mentioned. “In contrast, electrical automobiles make up half of the 20 slowest-selling used automobiles, 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 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 proportion. (Their checklist does exclude the Porsche Taycan as a result of its prices are a lot increased than common, so preserve that in thoughts.)

Based on their knowledge, 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 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 feel that the Tesla takes the win right here. 

This 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 your complete EV pricing market. (I can let you know I really feel fairly unhealthy 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 currently too, anybody contemplating a Mannequin Y actually ought to examine round for first rate 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 number of potential patrons and even present Tesla house owners have been postpone currently by CEO Elon Musk’s public conduct, the Mannequin Y continues to be an objectively good machine. With an excellent 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 buy. 

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 gives Supercharger entry with an adapter. Common Motors’ EVs are anticipated to affix that social gathering within the coming months and even weeks. The competitors is getting higher and higher. 

However for now, as Brauer instructed us final time, “at at present’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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