*Post last updated on 5/4/2023 with Tesla’s most recent price increase information
The EV world was recently taken aback by Tesla’s historic price drop across their entire lineup…
And with price reductions as much as
17% 24% (Tesla is continually adjusting prices, but we’re on top of it!), many people who bought a Tesla (new or used) in 2022 are left seriously frustrated and wondering what to do next.
Anyone who’s been chatting with us at Find My Electric knows one thing—we saw this coming and have been telling customers to pay attention. But for those who haven’t been talking with us, this move may have come as a big surprise.
We’ve been getting a lot of questions lately, like:
- What’s my Tesla worth now after the price drop?
- How much have used Tesla values been impacted by the price cut?
- How can I sell my Tesla for the most amount of money now?
- Should I sell my Tesla now or later?
- Do you think new/used Tesla prices will move up in time?
As the #1 EV marketplace on the web, we’re here to help! No one knows the used EV landscape better than we do, so we wanted to take the time to create a guide to answer these questions (and more). Without further ado, let’s jump in!
How Much Did Tesla Prices Actually Drop?
Here’s a quick table we put together summarizing the details of the recent Tesla price drop:
|Model 3 Standard Range||$46,990||$40,240||($6,750)||-14%|
|Model 3 Long Range||$57,990||$47,240||($10,750)||-19%|
|Model 3 Performance||$62,990||$53,240||($9,750)||-15%|
|Model Y Long Range||$65,990||$50,240||($15,750)||-24%|
|Model Y Performance||$69,990||$54,240||($15,750)||-23%|
|Model S Plaid||$135,990||$107,490||($28,500)||-21%|
|Model X Plaid||$138,990||$107,490||($31,500)||-23%|
*Note that that Model Y Base AWD isn’t included in the above graph because it was released on 4/7/2023 and hasn’t had a price drop yet.
This is a substantial price cut, especially on Model Y (relative to its previous price)…
*Previously all Model 3/Y vehicles qualitied for the full tax credit, but that’s not true anymore. As of 4/18/2023, the Model 3 Standard Range is eligible for $3,750 in federal tax credits. The Model 3 Performance is eligible for the full $7,500 credit, and the entire Model Y lineup is eligible for the $7,500 tax credit.
OK, So What Is My Tesla Worth Now?
Before we can even begin to get into specific scenarios about used Tesla values, we need to establish a baseline for what new Teslas cost when you factor in the $7,500 federal tax credit.
We also need to factor in the fees that Tesla charges or is required to charge. And, for the sake of simplicity, we’ll use the default configuration (no upgraded wheels, paint, EAP/FSD, etc.).
With that said, here’s a table that breaks down the effective price of a new Tesla after the tax credit and fees:
|Model 3 Standard Range||$40,240||$1,390||$250||($3,750)||$38,130|
|Model 3 Long Range||$47,240||$1,390||$250||($3,750)||$45,130|
|Model 3 Performance||$53,240||$1,390||$250||($7,500)||$47,380|
|Model Y Base||$47,240||$1,390||$250||($7,500)||$41,380|
|Model Y Long Range||$50,240||$1,390||$250||($7,500)||$44,380|
|Model Y Performance||$54,240||$1,390||$250||($7,500)||$48,380|
|Model S Plaid||$107,490||$1,390||$250||n/a||$109,130|
|Model X Plaid||$107,490||$1,390||$250||n/a||$109,130|
As a seller, you need to pay close attention to the “Effective Price” column, because this is your competition number if you’re selling a late-model Tesla.
There is almost no incentive, with Tesla at fairly minimal production wait times, for most people to buy used Tesla for less than these amounts (assuming a base configuration, of course). We cannot stress this enough!
And although not everyone will qualify for the tax credit for various reasons, the demographic of Model 3/Y buyers tends to meet the income requirements more than that of Model S/X buyers (although this is not always the case, obviously).
What if I paid for EAP or FSD? What about upgraded wheels/colors/seating configurations?
The value of EAP/FSD is generally worth a fraction of it’s new price in the used market. We wrote a post about what FSD is worth on a used Tesla, so be sure to read that in full if that applies to you.
In terms of wheels/tires/paint, Tesla isn’t discounting these, so you can just consider those an add-on to the effective price.
Used Tesla Values—5 Examples
We’ve seen a wild ride in used Tesla values over the past 12 months, and to illustrate that trend, we’re going to look at the Model Y Long Range at four different points in time.
This was what may have been the height of Tesla flipping…
At this point, the Model Y Long Range had an MSRP (before options and fees) of $65,990.
It was not uncommon to see sellers ask (and get) $5,000 over MSRP, pushing the price north of $70,000 for what was technically a used Model Y (albeit in some cases with only a few hundred miles).
In November of 2022, a variety of factors came together (which we outlined in our Why EV Prices Are Dropping blog post) which saw values plummet (or normalize, depending on who you ask).
With the tax credit law passing in August (and many buyers waiting till January), interest rates high, Tesla production catching up, and the market saturated with 3/Y—it was common to see nearly new Model Y Long Range vehicles selling for slightly below MSRP, often in the $57,000 – $61,000-ish range (give or take a few thousand dollars).
December 2022 brought a massive paradigm shift, with Tesla first dropping the price of vehicles delivered in December by $3,750, and then by $7,500.
They knew demand was waning as people were waiting for the tax credit, and they created that December-only incentive to bolster demand as much as possible.
It wasn’t uncommon to see nearly new Model Y Long Range vehicles selling for $10,000 under MSRP.
On 1/12/23, Tesla made a massive reduction in prices. The tax credit also went into effect in 2023, and we are now seeing Model Y Long Range selling for a few thousand dollars under the current MSRP (which is dramatically reduced from the previous MSRP).
On 4/18/2023, Tesla lost some of the tax credit for the Model 3 Standard Range (which moved to $3,750), and the Model Y Long Range AWD completely. The Model 3 Performance still qualifies for the full $7,500 credit, as does all Model Y variants. Tesla also made another huge price drop to compensate for that, with Model 3 now starting under $40k, and Model Y starting at $46,990.
On 5/2/2023, Tesla made a minor adjustment to the Model 3/Y prices, increasing them by $250 (Model 3 now starting just over $40k, and Model Y Long Range starting at $50,240).
How Much Should I Ask For My Used Tesla?
So, this is the big question, and the answer is—it depends on what you’re selling, and a lot of other factors.
Here are some main points to consider:
- If you’re selling a late model Tesla (2021-2023), you need to be competitive with Tesla on price (which we broke down above), or you will largely be ignored by buyers
- Even if you’re selling an older Tesla (2016 Model S, for example), you have to realize that someone can get a new Tesla for a similar price point with a full warranty—so again, you need to be competitive with Tesla
- EAP and FSD are worth a fraction of what Tesla charges in the used market (read more about that here)
- If you don’t have a fair market asking price, EV buyers are much less likely to negotiate and will may skip your ad entirely
With those points in mind, Find My Electric has a built-in pricing research tool, where you can see the asking prices of other similar vehicles.
Just visit our Listings Page and check the box that says “Include Sold Listings” to begin your research.
Keep in mind though, that archived asking prices from spring 2022 around going to be substantially higher than they should be now, so recently sold listings and their asking prices will be more accurate.
Don’t Guess on Your Asking Price—Let Us Help!
One of the best things about Find My Electric is that we are absolute experts in the EV field, and love helping customers dial in competitive asking prices on their vehicles.
We constantly have our finger on the pulse of the EV market (which changes daily), so there’s no better way to know how much to sell your Tesla for than to check with us!
Here are the two most common ways we can help:
1) Featured Listing
We offer two ways to list your Tesla for sale on our platform: Free and Featured.
Free is totally free, but doesn’t come with our Expert Pricing Help. We are happy to list your car, but you’re on self-service in terms of pricing help or suggestions/tips beyond that. Free listings also get a lot less exposure on our platform and only allow 3 images—but they are totally free!
If you’re serious about selling your Tesla, and want access to our team of experts—do a Featured listing!
It’s a $49 one-time fee, and you get all sorts of perks like text/phone support, access to our team of EV experts for pricing help, a free vehicle history report + many other things.
Many customers tell us that the pricing help alone was worth the cost of the listing!
2) EV Cash Offer
If you’re looking to sell FAST and still get a fair price for your Tesla (especially in this crazy world of low prices), you might want to consider requesting an EV Cash Offer!
We built a network of EV dealers across the country who compete against each other to give you an excellent cash offer on your used Tesla!
And the best part? It’s 100% free to request a cash offer on your used Tesla, and there’s no obligation to accept!
And for those who are wondering—you can absolutely list for sale on our marketplace AND request a cash offer at the same time! Or, you can do one or the other—it’s totally up to you!
Get The Highest Price for Your Used Tesla
Don’t be left in the dark on pricing or fumbling around on generic classified ad sites where your high-tech Tesla is lost among ads for gas guzzlers!
And especially in this crazy time of low prices and massive price drops, you don’t want to be confused or left to figure things out on your own!
Instead, sell on Find My Electric—The Ultimate EV Marketplace!