Tesla Model Y: Panic on the used car market?

The decrease from 3,000 to 5,000 euros of the Tesla Model Y on January 17, 2024, will crush the value of used units.

It’s one of the first complaints expressed by Tesla owners: the significant loss of residual value of their used cars. This is the downside of a vehicle that is breaking sales records in Europe. Over time, supply and demand are completely unbalanced. And when, on top of that, the manufacturer implements steep price cuts, like this January 17, 2024, with a Model Y now available from 37,990 euros minus the bonus, what’s the point of buying used?

A quick browse on the leading site, La Centrale, reveals that the storm hasn’t swept everything away just yet. Owners are watching each other. Who will be the first to act?

The other big surprise is the unfamiliarity of Tesla owners with their cars. Private listings are almost systematically poorly described. For example, you find a Model Y “Standard” – should we interpret this as Propulsion? – with 300 hp (okay) but with a 75 kWh battery. This battery belongs to the Long Range version, which is no longer propulsion but Dual Motor all-wheel drive. Let’s move on.

In any case, take the time to thoroughly investigate the vehicle you’re interested in. Like this 2023 Model Y Propulsion with 11,824 km on the odometer, sold for 32,990 euros! This represents a massive depreciation in just a few months, for a car that had a list price of 45,990 euros in 2023. With the 5,000 euro bonus, the total cost was 40,990 euros. For owners, this means a loss of 8,000 euros.

And if, as the owner suspects, it’s a Long Range Model Y (the VIN displayed might indicate that), then its price was 53,990 euros in 2023, and the bonus didn’t apply to it. Hard to imagine a loss in value of nearly 20,000 euros in such a short period.

Huge Savings Coming

That said, it is clear that the current norm is that a Model Y Propulsion with less than 20,000 km on the clock sells for about 36,000 euros… before negotiation.

An equivalent phenomenon occurred when the new Tesla Model 3 was released in September 2023. Within a few weeks, used prices plummeted by 10,000 euros.

Therefore, a tip if you’re planning to buy a used Tesla Model Y: wait a few weeks or use this critical point in negotiations immediately to scare off the seller. In any case, there are substantial savings to be made!