Tesla’s Average Used EV Price Drops by 26% After Six Months

Tesla's used electric vehicle (EV) average price remarkably fell in the past months, making it way cheaper than it was six months ago.

Amid the price cuts on Elon Musk's brand new EV offering, the prices of its used vehicles are also seeing significant drops.

Tesla's Average Used EV Price Drop

According to a recent report by Inside EVs, the average price of used Tesla electric cars rapidly dropped in the past six months.

The online news outlet notes that the average pricing for used Tesla EVs is now down by roughly 26 percent compared to their costs last July 2022, which is six months away from now.

It turns out that the price decline for used Tesla vehicles expands to its whole lineup, including the Tesla Model 3, Model X, and Model S. These vehicles are now seeing a huge decline in their resale value.

A survey from Car Gurus showed that the average price of a used Tesla car now only sits around $49,967. It is a rapid decline from its pricing six months ago.

Inside EVs notes that the average used car price back in July 2022 is nearly $50,000.

So the latest average price revealed that the resale value of these Tesla EVs plummeted by around 26%.

New Average Prices of Tesla EVs

If you are looking to get your hands on a used Tesla EV, you might get a huge bargain now.

For instance, the Tesla Model 3 now starts at around $40,386. If you are eyeing a used Model Y, it costs around $54,930, while a second-hand Model S retails to the tune of $53,304.

Getting a used Model X is still quite expensive despite the significant price drop. A second-hand model should sell for approximately more than $71,000.

But if you are seriously looking to stick to a low budget, a high-mileage used Tesla EV is way cheaper.

The Model 3, which debuted in 2017, with more than 60,000 miles is now selling for only $25,000. If you want a lower mileage option, those below 60,000 miles are still worth looking into, retailing for around $30,000.

So at less than $40,000, you can get your hands on a used Tesla.

Tesla Price Cut

Amid the significant drop in the used Tesla EV pricing, the giant carmaker has been slashing the price tag of its brand-new vehicles.

Forbes notes in its report that the Elon Musk-owned EV maker recently dropped the pricing of its lineup by roughly 20 percent.

A brand new Model Y now starts at $52,990, while the Model 3 Performance retails for $53,990.