![]() ![]() The Tesla flippers flooded the market with gently used Teslas, the buyers vanished, and we’re left with plummeting prices for used Teslas. The LA Times featured once successful Tesla flippers in this fascinating story. Flippers would order a brand-new Tesla from the factory (often paying cash), with the intention of selling for a premium to an impatient buyer weeks if not days after taking delivery. Wait times were between two and six months for factory-ordered Tesla EVs. Tesla flippers made good money for a while. Tesla Flippers Out of LuckĪnd then there were the flippers. Nearly 40 percent have been listed for sale for over 90 days. It was a time of record gas prices, and electric mobility was very appealing.įast forward to the last days of 2022, and 69 percent of the 5,800 used Teslas on the market nationwide have been listed for greater than 38 days, the overall industry average. The Model 3 and Model X were #5 and #6 on the list, right behind the Toyota Prius hybrid and the all-electric Ford Mustang Mach-E. More noteworthy is how long used Teslas are remaining on the market.Īs recently as July 2022, analysts at iSeeCars found that the Tesla Model Y was the fastest-selling used car in the United States. In fact, roughly one third of ALL used Tesla listings are 2022 models. A third of these nationwide listings have less than 5,000 miles on the odometer. Tesla Inventory and Days to Sell RisingĪs we approach the new year, there are 1,085 used 2022 model year Teslas for sale on CarEdge Car Search. “You can’t sell your current Tesla for more money than you paid for it, which was true for a lot of the past two years,” said Karl Brauer, executive analyst at car sales website. Who would’ve guessed it? Tesla cars couldn’t remain appreciating assets forever. In November, used Teslas sat on dealer lots for 50 days before selling on average, compared with 38 days for all used cars. ![]() Used Teslas are sitting on dealer lots for much longer these days. ![]() It’s all about perspective here: the overall used car market dropped 4% at the retail level during the same period, and wholesale prices dropped much more, as you can see here. In July, the average price of a used Tesla was $67,297, but six months later the average price had fallen to $55,754. Here’s where things stand today, and where prices are headed in the near future.ħ Negotiate Used Tesla Prices in 2023 Used Tesla Prices PlummetĪccording to Edmunds data shared with Reuters, used Tesla prices were down 17% in December for the July peak. In 2023, used electric car prices are in for a rude awakening. Thousands of Tesla buyers flipped their new cars for a profit on the used car market just weeks to months after taking delivery. Long the best-selling EVs by raw numbers and market share ( more on that here), Tesla became the darling of auto market speculation in 2022. ![]() The picture is different for used Tesla prices heading into 2023. Generally, used electric car prices have been reluctant to drop, at least compared to the steep declines seen in other vehicle classes such as luxury SUVs, crossovers and compact cars. Used car prices have fallen over 25% in 2022, and have a lot further to fall. With these changes, in 2023, expect used Tesla prices to be at least 20% lower than they were in 2022. Lower new Tesla prices will immediately hit used Tesla prices hard. This means that not only are all Teslas cheaper now, but most Model 3 and Model Y spec options are now eligible for the $7,500 EV tax credit in the U.S., at least until March when more detailed eligibility requirements are to be released by the government. The top-selling Long Range Model Y dropped from $65,990 to $52,990. January 2023 Update: Tesla slashed prices for new models by up to 20% overnight. ![]()
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