The number of used Tesla 3/Y available is staggering

[Hiline]

About two weeks ago I got a trade-in offer from a car dealership of 71.5k for my 2022 MYP with FSD and 14,000 miles. A week ago I was offered 66k from another dealership. Today I was offered 60k from third dealership and 51k from vroom. Something is happening.

I sold my M3LR last week. I checked car buying sites over Labor Day weekend and was shocked by how much the price had dropped in the past 3 months. My car had lost 11% value. I had contemplated keeping the car around in case my new Model Y might be faulty. After reading the news on used car prices I figured the market had just turned and used Tesla prices were going to drop like a rock. Sold the car on Tuesday and never looked back.

 

[drewfer]

A 2021 SR+ in California was around $45k in August or so, just checked and it's plummeted to $29k. This is with like 16,000 miles. I'm very shocked as to why, perhaps interest rates still going up, some uncertainty in car buying recently? Gas prices sure have creeped up recently. I was able to score $1,000 off MSRP on a new gas SUV last week, perhaps things are slowing down across the line so the used prices are also dropping? Then again, the VW Beetle convertible we traded in sure did fetch a good price still...

 

[Hiline]

A 2021 SR+ in California was around $45k in August or so, just checked and it's plummeted to $29k. This is with like 16,000 miles. I'm very shocked as to why, perhaps interest rates still going up, some uncertainty in car buying recently? Gas prices sure have creeped up recently. I was able to score $1,000 off MSRP on a new gas SUV last week, perhaps things are slowing down across the line so the used prices are also dropping? Then again, the VW Beetle convertible we traded in sure did fetch a good price still...

That car likely has a host of issues. A sub-30k Tesla that is functioning well and has never been in an accident would sell like hot cakes. Too good to be true.

 

[sleepydoc]

Remember a traditional car dealer can make money from selling a vehicle in about 3-5 different ways:

• Selling a customer a vehicle for more than they paid for it
• Buying a customers trade-in vehicle for less than true market value
• Financing the vehicle and juicing the loan (higher than market %APR)
• Selling unnecessary optional warranties & protection plans
• Including unnecessary forced add-ons (dealer fees, paint protection, 3M interior protection, VIN window etching, tint, etc)

you forgot servicing the car. Many dealers make more money on their service department than they do from sales. Especially Chrysler!

 

[voxel]

That car likely has a host of issues. A sub-30k Tesla that is functioning well and has never been in an accident would sell like hot cakes. Too good to be true.

Nah... I checked Carvana (a week ago) to see what I could get on a 2022 Y that I sold back in July for $69K... $55K.

The used Tesla car market is doldrums. I would not be surprised if Tesla lowers the price if the tax credit doesn't apply in 2023.

 

[240vPlug]

A 2021 SR+ in California was around $45k in August or so, just checked and it's plummeted to $29k. This is with like 16,000 miles. I'm very shocked as to why, perhaps interest rates still going up, some uncertainty in car buying recently? Gas prices sure have creeped up recently. I was able to score $1,000 off MSRP on a new gas SUV last week, perhaps things are slowing down across the line so the used prices are also dropping? Then again, the VW Beetle convertible we traded in sure did fetch a good price still...

Those vehicles are listed for about 35k here. 29k seems low but the market is saturated especially around here with M3.

Just for kicks I put my 2022 MYP with FSD and 9,000 mi in to GMTV and they offered 59k.

As far as why I would say because of repos banks are tightening lending. Then because of dropping prices and higher rates dealers are suffering from higher flooring costs.

If you know the car is losing 4-5% of its value monthly then you have to factor that in when you take in trades.

Plus we are coming into what is typically (except for 2021) the slow time (October - Jan).

 

[ohmman]

I just sold my 2014 Model S P85 privately for $41,500 without much hassle. Demand is still there.

 

[TSLY]

Tesla sales were up 40% year over year. So these interpretations, based on used car prices, and anecdotal and empirical.

Tesla said on Sunday that it sold 343,830 electric vehicles worldwide in the third quarter, more than the same period a year ago, when it delivered 241,391 vehicles. The company said it produced 365,923 cars, compared with a year-ago total of 237,823.

 

[240vPlug]

Tesla sales were up 40% year over year. So these interpretations, based on used car prices, and anecdotal and empirical.

Tesla said on Sunday that it sold 343,830 electric vehicles worldwide in the third quarter, more than the same period a year ago, when it delivered 241,391 vehicles. The company said it produced 365,923 cars, compared with a year-ago total of 237,823.

Things have changed over the last couple of months. Tesla has quite a few cars in inventory too. I’m not saying there is no demand im saying we are witnessing a significant change in demand for vehicles overall.

I don’t see how it’s anecdotal. Cars are sitting, prices are being lowered, Tesla has vehicles in inventory. Those are all facts. I don’t see how it could be argued nothing has changed but I guess one could argue how much things have changed.

 

[drewfer]

That car likely has a host of issues. A sub-30k Tesla that is functioning well and has never been in an accident would sell like hot cakes. Too good to be true.

I think you misunderstand. Those are numbers I ran on my own vehicle. I’m saying it dropped $15k+ in two months or so based on quotes I had then vs a quote now.

 

[sleepydoc]

Tesla sales were up 40% year over year. So these interpretations, based on used car prices, and anecdotal and empirical.

Tesla said on Sunday that it sold 343,830 electric vehicles worldwide in the third quarter, more than the same period a year ago, when it delivered 241,391 vehicles. The company said it produced 365,923 cars, compared with a year-ago total of 237,823.

Some of that was driven by the insane used market prompting people to sell and buy new. It's hard to say how much and i don't think one can argue it was a large portion of their sales. It was likely driven more by the huge explosion in the EV market as a whole. It felt like suddenly last year we saw EVs become mainstream and every EV on the market was sold out.

A colleague had her name on a Hyundai Ioniq but the delivery date kept getting pushed out so she ended up getting a Chevy Bolt instead. Without commenting on the wisdom of her choice, it shows what's been going on in the market.

 

[Tha_Ape]

Nah... I checked Carvana (a week ago) to see what I could get on a 2022 Y that I sold back in July for $69K... $55K.

The used Tesla car market is doldrums. I would not be surprised if Tesla lowers the price if the tax credit doesn't apply in 2023.

Doubtful, until they can't sell everything they make, they'll continue to keep their prices

I think some are forgetting that the increased value in their cars was an aberration due to limited supply. Generally cars lose value the second you take ownership. I know here in VA, my property tax actually went UP last year, which is unheard of for a 1yr old car.

Kinda regret not selling my Prius Prime a few months ago for more than I paid for it... but that's life

 

[Hiline]

I think you misunderstand. Those are numbers I ran on my own vehicle. I’m saying it dropped $15k+ in two months or so based on quotes I had then vs a quote now.

That makes sense. I assume you used Carvana? Carvana is quite unpredictable. They quoted 48k for my 3-month old Model 3LR. I ended up selling elsewhere for almost 10k more.

 

[saj070]

Those vehicles are listed for about 35k here. 29k seems low but the market is saturated especially around here with M3.

Just for kicks I put my 2022 MYP with FSD and 9,000 mi in to GMTV and they offered 59k.

As far as why I would say because of repos banks are tightening lending. Then because of dropping prices and higher rates dealers are suffering from higher flooring costs.

If you know the car is losing 4-5% of its value monthly then you have to factor that in when you take in trades.

Plus we are coming into what is typically (except for 2021) the slow time (October - Jan).

Exactly if you want I can give you more than $59k for your MYLR FSD $63k

Best indicator is Manheim last 76 days all the EV cars dropped 27% and going down

I was going to buy brand new MYLR 2022 P Model with 5k miles no fsd $73k

Today same car in Manheim $61k still open not sold

Yes get ready used car prices bomb for consumers is coming first wholesalers then dealers and then consumer

If you want to sell I highly recommend do it sooner than later

3 month from don't be surprised to see another 15%'drop

 

[240vPlug]

Exactly if you want I can give you more than $59k for your MYLR FSD $63k

Best indicator is Manheim last 76 days all the EV cars dropped 27% and going down

I was going to buy brand new MYLR 2022 P Model with 5k miles no fsd $73k

Today same car in Manheim $61k still open not sold

Yes get ready used car prices bomb for consumers is coming first wholesalers then dealers and then consumer

If you want to sell I highly recommend do it sooner than later

3 month from don't be surprised to see another 15%'drop

Agree. I think the banks are holding back too. If you think about it the banks aren’t going to unload all their repos on the auction at once unless they want to crash prices. They will trickle the cars out but I hear even the banks are rolling “no sale” week after week. Meanwhile the cars continue to lose value which will make deficiencies worse.

The banks and the dealers will be hit hard by this downturn. Very interesting to watch for sure.

 

[Zalick]

This was inevitable. People borrowing money they don’t have, to buy a car they can’t afford, with the hopes of flipping it in a year for profit. Bound to collapse.

 

[CDNMYP]

Prices are indeed falling and will continue to do so for the foreseeable future (IMO):

- Gas prices dropping back towards "normal"
- Rising borrowing costs (interest rates)
- Uncertainty in the stock market and economy overall (people generally aren't as keen to drop $$$ on cars when their investments are bleeding $$$).
- Prices reduction feedback loop. Those who wanted to "try out" EVs at little to no risk of losing money will be looking to sell if they're seeing prices drop, which will increase supply and further reduce prices. That's what happened to me, I traded in my MYP last month as I saw prices drop and availability rise.
- Giga Texas coming online, which will further increase availability. We're already seeing delivery lead time estimates dropping on new orders.
- I have a feeling that a fairly large percentage of orders on Tesla's books are from speculators who were looking to flip the cars on arrival. I know personally of a few people who bought spec cars, got the call for delivery much earlier than expected and cancelled their orders because there was no money to be made since the market has been dropping. A lot of dealers are also using acquaintances to order cars on their behalf for resale. There are hundreds of teslas with delivery mileage available for sale within a few hundred miles of me here in Canada. This problem will persist until all speculation orders are off the books in the next few months.

If you're thinking of getting out of your Tesla, do it now.

 

[Hamtaro7]

waited 8 months for my model y , my neighbor got his in a week. wtf

 

[saj070]

waited 8 months for my model y , my neighbor got his in a week. wtf

That is insane 1 week I know they reduce the wait time from 9 month to 6 weeks

But 1 week is insane that means flipping days are over and tesla prices ready to collapse back to reality

 

[Akakkar]

waited 8 months for my model y , my neighbor got his in a week. wtf

Assuming it was a performance model?