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*Submit final up to date on 6/7/2023 with Tesla’s most up-to-date worth improve info
The EV world was not too long ago greatly surprised by Tesla’s historic worth drop throughout their total lineup…
And with worth reductions as a lot as 17% 24% (Tesla is frequently adjusting costs, however we’re on prime of it!), many individuals who purchased a Tesla (new or used) in 2022 are left severely pissed off and questioning what to do subsequent.
Anybody who’s been chatting with us at Discover My Electrical is aware of one factor—we noticed this coming and have been telling prospects to concentrate. However for individuals who haven’t been speaking with us, this transfer might have come as a giant shock.
We’ve been getting a number of questions currently, like:
- What’s my Tesla value now after the value drop?
- How a lot have used Tesla values been impacted by the value reduce?
- How can I promote my Tesla for essentially the most sum of money now?
- Ought to I promote my Tesla now or later?
- Do you suppose new/used Tesla costs will transfer up in time?
Because the #1 EV market on the internet, we’re right here to assist! Nobody is aware of the used EV panorama higher than we do, so we needed to take the time to create a information to reply these questions (and extra). With out additional ado, let’s soar in!
How A lot Did Tesla Costs Truly Drop?
Right here’s a fast desk we put collectively summarizing the main points of the latest Tesla worth drop:
Tesla Mannequin |
Previous Worth |
New Worth |
Distinction ({Dollars}) |
% Change |
|---|---|---|---|---|
| Mannequin 3 Customary Vary | $46,990 | $40,240 | ($6,750) | -14% |
| Mannequin 3 Lengthy Vary | $57,990 | $47,240 | ($10,750) | -19% |
| Mannequin 3 Efficiency | $62,990 | $53,240 | ($9,750) | -15% |
| Mannequin Y Lengthy Vary | $65,990 | $50,240 | ($15,750) | -24% |
| Mannequin Y Efficiency | $69,990 | $54,240 | ($15,750) | -23% |
| Mannequin S | $104,990 | $87,490 | ($17,500) | -17% |
| Mannequin S Plaid | $135,990 | $107,490 | ($28,500) | -21% |
| Mannequin X | $120,990 | $97,490 | ($23,500) | -19% |
| Mannequin X Plaid | $138,990 | $107,490 | ($31,500) | -23% |
*Word that that Mannequin Y Base AWD isn’t included within the above graph as a result of it was launched on 4/7/2023 and hasn’t had a worth drop but.
This can be a substantial worth reduce, particularly on Mannequin Y (relative to its earlier worth)…
OK, So What Is My Tesla Price Now?
Earlier than we will even start to get into particular situations about used Tesla values, we have to set up a baseline for what new Teslas price whenever you issue within the $7,500 federal tax credit score.
We additionally have to issue within the charges that Tesla costs or is required to cost. And, for the sake of simplicity, we’ll use the default configuration (no upgraded wheels, paint, EAP/FSD, and many others.).
With that mentioned, right here’s a desk that breaks down the efficient worth of a brand new Tesla after the tax credit score and charges:
Tesla Mannequin |
MSRP |
Vacation spot Payment |
Order Payment |
Tax Credit score |
Efficient Worth |
|---|---|---|---|---|---|
| Mannequin 3 Customary Vary | $40,240 | $1,390 | $250 | ($7,500) | $34,380 |
| Mannequin 3 Lengthy Vary | $47,240 | $1,390 | $250 | ($7,500) | $41,380 |
| Mannequin 3 Efficiency | $53,240 | $1,390 | $250 | ($7,500) | $47,380 |
| Mannequin Y Base | $47,240 | $1,390 | $250 | ($7,500) | $41,380 |
| Mannequin Y Lengthy Vary | $50,240 | $1,390 | $250 | ($7,500) | $44,380 |
| Mannequin Y Efficiency | $54,240 | $1,390 | $250 | ($7,500) | $48,380 |
| Mannequin S | $87,490 | $1,390 | $250 | n/a | $89,130 |
| Mannequin S Plaid | $107,490 | $1,390 | $250 | n/a | $109,130 |
| Mannequin X | $97,490 | $1,390 | $250 | n/a | $99,130 |
| Mannequin X Plaid | $107,490 | $1,390 | $250 | n/a | $109,130 |
*As of June 2023, all Mannequin 3/Y autos qualify for the total $7,500 tax credit score once more.
As a vendor, it’s essential pay shut consideration to the “Efficient Worth” column, as a result of that is your competitors quantity in the event you’re promoting a late-model Tesla.
There’s virtually no incentive, with Tesla at pretty minimal manufacturing wait occasions, for most individuals to purchase used Tesla for lower than these quantities (assuming a base configuration, in fact). We can not stress this sufficient!
And though not everybody will qualify for the tax credit score for varied causes, the demographic of Mannequin 3/Y consumers tends to fulfill the earnings necessities greater than that of Mannequin S/X consumers (though this isn’t at all times the case, clearly).
What if I paid for EAP or FSD? What about upgraded wheels/colours/seating configurations?
The worth of EAP/FSD is usually value a fraction of it’s new worth within the used market. We wrote a submit about what FSD is value on a used Tesla, so make sure you learn that in full if that applies to you.
When it comes to wheels/tires/paint, Tesla isn’t discounting these, so you possibly can simply contemplate these an add-on to the efficient worth.
Used Tesla Values—5 Examples
We’ve seen a wild experience in used Tesla values over the previous 12 months, and as an instance that pattern, we’re going to have a look at the Mannequin Y Lengthy Vary at 4 totally different time limits.
Might 2022
This was what might have been the peak of Tesla flipping…
At this level, the Mannequin Y Lengthy Vary had an MSRP (earlier than choices and charges) of $65,990.
It was not unusual to see sellers ask (and get) $5,000 over MSRP, pushing the value north of $70,000 for what was technically a used Mannequin Y (albeit in some circumstances with just a few hundred miles).
November 2022
In November of 2022, a wide range of elements got here collectively (which we outlined in our Why EV Costs Are Dropping weblog submit) which noticed values plummet (or normalize, relying on who you ask).
With the tax credit score regulation passing in August (and lots of consumers ready until January), rates of interest excessive, Tesla manufacturing catching up, and the market saturated with 3/Y—it was frequent to see practically new Mannequin Y Lengthy Vary autos promoting for barely beneath MSRP, typically within the $57,000 – $61,000-ish vary (give or take a couple of thousand {dollars}).
December 2022
December 2022 introduced a large paradigm shift, with Tesla first dropping the value of autos delivered in December by $3,750, after which by $7,500.
They knew demand was waning as folks had been ready for the tax credit score, and so they created that December-only incentive to bolster demand as a lot as potential.
It wasn’t unusual to see practically new Mannequin Y Lengthy Vary autos promoting for $10,000 beneath MSRP.
January 2023
On 1/12/23, Tesla made a large discount in costs. The tax credit score additionally went into impact in 2023, and we at the moment are seeing Mannequin Y Lengthy Vary promoting for a couple of thousand {dollars} beneath the present MSRP (which is dramatically lowered from the earlier MSRP).
April 2023
On 4/18/2023, Tesla misplaced a number of the tax credit score for the Mannequin 3 Customary Vary (which moved to $3,750), and the Mannequin Y Lengthy Vary AWD utterly. The Mannequin 3 Efficiency nonetheless qualifies for the total $7,500 credit score, as does all Mannequin Y variants. Tesla additionally made one other big worth drop to compensate for that, with Mannequin 3 now beginning beneath $40k, and Mannequin Y beginning at $46,990.
Word: as if these adjustments weren’t sufficient of a rollercoaster, there have been two extra adjustments since April 2023, one minor and one main (although principally for the Mannequin 3, not the Mannequin Y).
Might 2023
On 5/2/2023, Tesla made a minor adjustment to the Mannequin 3/Y costs, growing them by $250 (Mannequin 3 now beginning simply over $40k, and Mannequin Y Lengthy Vary beginning at $50,240).
June 2023
On 6/3/2023, Tesla introduced that each one Mannequin 3 variants (RWD, Lengthy Vary, and Efficiency) at the moment are eligible for the total $7,500 Federal Clear Automobile Credit score.
How A lot Ought to I Ask For My Used Tesla?
So, that is the large query, and the reply is—it is determined by what you’re promoting, and a number of different elements.
Listed below are some details to think about:
- Should you’re promoting a late mannequin Tesla (2021-2023), you want to be aggressive with Tesla on worth (which we broke down above), or you’ll largely be ignored by consumers
- Even in the event you’re promoting an older Tesla (2016 Mannequin S, for instance), it’s a must to understand that somebody can get a brand new Tesla for the same worth level with a full guarantee—so once more, it’s essential be aggressive with Tesla
- EAP and FSD are value a fraction of what Tesla costs within the used market (learn extra about that right here)
- Should you don’t have a good market asking worth, EV consumers are a lot much less prone to negotiate and can might skip your advert totally
With these factors in thoughts, Discover My Electrical has a built-in pricing analysis instrument, the place you possibly can see the asking costs of different comparable autos.
Simply go to our Listings Web page and verify the field that claims “Embody Bought Listings” to start your analysis.
Have in mind although, that archived asking costs from spring 2022 round going to be considerably greater than they need to be now, so not too long ago bought listings and their asking costs will probably be extra correct.
Don’t Guess on Your Asking Worth—Let Us Assist!
Among the best issues about Discover My Electrical is that we’re absolute consultants within the EV discipline, and love serving to prospects dial in aggressive asking costs on their autos.
We always have our finger on the heartbeat of the EV market (which adjustments every day), so there’s no higher option to understand how a lot to promote your Tesla for than to verify with us!
Listed below are the 2 most typical methods we will help:
1) Featured Itemizing
We provide two methods to checklist your Tesla on the market on our platform: Free and Featured.
Free is completely free, however doesn’t include our Skilled Pricing Assist. We’re completely happy to checklist your automotive, however you’re on self-service when it comes to pricing assist or ideas/suggestions past that. Free listings additionally get loads much less publicity on our platform and solely enable 3 photos—however they’re completely free!
Should you’re severe about promoting your Tesla, and wish entry to our workforce of consultants—do a Featured itemizing!
It’s a $49 one-time payment, and also you get all types of perks like textual content/telephone help, entry to our workforce of EV consultants for pricing assist, a free car historical past report + many different issues.
Many shoppers inform us that the pricing assist alone was value the price of the itemizing!
2) EV Money Provide
Should you’re seeking to promote FAST and nonetheless get a good worth to your Tesla (particularly on this loopy world of low costs), you would possibly wish to contemplate requesting an EV Money Provide!
We constructed a community of EV sellers throughout the nation who compete towards one another to present you a wonderful money provide in your used Tesla!
And the perfect half? It’s 100% free to request a money provide in your used Tesla, and there’s no obligation to simply accept!
And for individuals who are questioning—you possibly can completely checklist on the market on our market AND request a money provide on the identical time! Or, you are able to do one or the opposite—it’s completely as much as you!
Get The Highest Worth for Your Used Tesla
Don’t be left at nighttime on pricing or fumbling round on generic categorized advert websites the place your high-tech Tesla is misplaced amongst advertisements for fuel guzzlers!
And particularly on this loopy time of low costs and large worth drops, you don’t wish to be confused or left to determine issues out by yourself!
As an alternative, promote on Discover My Electrical—The Final EV Market!
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