At this level, the Tesla Mannequin Y is nearly just like the iPhone of electrical vehicles. It looks like everybody has one, it nonetheless does a whole lot of issues higher than lots of its rivals and even when it isn’t the most recent or most fascinating factor in the marketplace, 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. whilst Tesla’s gross sales decelerate and extra rivals begin closing in. That the Mannequin Y can maintain its personal fairly properly is even true within the used market, in accordance with information from iSeeCars requested by InsideEVs.
Not too long ago, we checked out iSeeCars’ information for a number of used EV fashions and centered on the Tesla Mannequin 3. That was one of many quickest-depreciating vehicles over the previous 12 months or so: the common worth of a Tesla Mannequin 3 is now about $26,000, $8,500 lower than it was a 12 months earlier than. Different EVs which have seen big worth 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 automotive market,” as iSeeCars’ Govt Analyst Karl Brauer advised 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, gasoline vehicles and hybrids.
“It’s one in all solely two electrical vehicles 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 autos make up half of the 20 slowest-selling used vehicles, 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 oldsters at iSeeCars say that for one- to three-year-old vehicles in August 2023 and 2024, the Mannequin Y is the one tied for the most important year-over-year worth drop share. (Their record does exclude the Porsche Taycan as a result of its prices are a lot larger than common, so maintain that in thoughts.)
In accordance with their information, the common one- to three-year-old Mannequin Y value $44,979 in August 2023. However this previous month, the common 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 12 months 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 just a few extra Mannequin Ys on the used market than Audi E-Tron Sportbacks, so I believe that the Tesla takes the win right here.
This is iSeeCars’ full chart of used EV worth drops with these fashions added in:
| Rank Largest % Worth Drop | Mannequin | Avg Worth 1-3yo Aug 2023 | Avg Worth 1-3yo Aug 2024 | % Distinction YoY | $ Distinction YoY |
|
1 |
Tesla Mannequin Y | $44,979 | $33,310 | -25.9% | -$11,670 |
|
2 |
Audi E-Tron Sportback | $51,710 | $38,298 | -25.9% | -$13,412 |
|
3 |
Tesla Mannequin 3 | $35,700 | $26,656 | -25.3% | -$9,044 |
| 4 | Chevrolet Bolt EV | $23,487 | $18,685 | -20.4% | -$4,802 |
| 5 | Nissan LEAF | $20,862 | $16,852 | -19.2% | -$4,010 |
| 6 | Kia Niro EV | $27,900 | $22,740 | -18.5% | -$5,160 |
| 7 | Hyundai Kona Electrical | $26,500 | $21,653 | -18.3% | -$4,847 |
| 8 | Tesla Mannequin S | $70,398 | $58,571 | -16.8% | -$11,827 |
| 9 | MINI Hardtop 2 Door | $26,375 | $22,399 | -15.1% | -$3,976 |
| 10 | Tesla Mannequin X | $74,057 | $67,321 | -9.1% | -$6,737 |
| Common | $39,227 | $29,582 | -24.6% | -$9,645 |
So what does all this inform us? To me, it is just a few issues.
At first, we’re seeing how 2023’s rapid-fire worth 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 would 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 offered so many of those EVs that absolutely there are a lot in superb used and even near-new situation.
And even when a number of potential patrons and even present Tesla homeowners have been postpone currently by CEO Elon Musk’s public habits, the Mannequin Y continues to be an objectively good machine. With a great 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 affords Supercharger entry with an adapter. Basic 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 advised us final time, “at at the 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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