The rise in availability has contributed to a further decline in pricing for used Tesla vehicles since the company sold roughly 3,000 Tesla Model 3s in Australia during the previous month.
As additional supply makes its way to our shores, the prices being asked for Tesla Model 3 electric vehicles are dropping to levels that have never been seen before.
According to recent research conducted by car loop, the number of used Tesla Model 3 postings has been steadily increasing, and there are now 651 EVs advertised for sale across a variety of classified websites.
It had reached an all-time high, exceeding the period when the majority of Tesla Model Y deliveries occurred, which caused existing Tesla Model 3 owners to put their preloved electric vehicles on the market for used cars.
The growing number of used electric vehicles (EVs) exerts downward pressure on pricing as supply increases. It is especially true for the Tesla Model 3, Australia’s best-selling electric vehicle (EV).
Used electric vehicles will continue to become more affordable throughout 2023 as more EVs hit the market at the beginning of the year.
It has already begun to affect some of the advertised automobiles, such as a car on car sale that is now sold for $46,000 despite having just over 103,000 kilometers on the odometer.
Even though the odometer reading is rather high, the pricing is relatively competitive compared to what a used Tesla would have sold for a year ago.
Used Tesla prices are falling due to many factors, including an increase in the availability of new Tesla inventory, a recent decrease in pricing, and increasing interest rates, especially for auto loans. These factors are all influencing one another.
It is not such a negative thing since it is beginning to make electric vehicles available to more people than ever before, which is terrific for the general adoption of electric cars in Australia.
Tesla Model 3 Is At Top Of The List Of Automobiles That Have Maintained Their Worth:
In a recent investigation into the factors that influence a vehicle’s ability to maintain its value over time, the all-electric Tesla Model 3 came out on top of a list of cars, including automobiles powered by internal combustion engines.
If you buy a new automobile, it is almost certain that you will lose several thousand dollars in value as soon as you drive it off the lot.
It is something that is taken for granted by most people who make the purchase.
For this reason, it is essential to pay attention to aspects such as resale value when purchasing a new automobile or to consider if you would obtain a greater return on your investment by buying a new car in the first place.
Read: Tesla: Everything is on sale
It is the basis of new research that Iseecars recently conducted, in which new and used sales data from 6 million vehicles in the United States were utilized to compare the cost of new cars to their worth after one year on the used car market.
When calculating the total cost of ownership, this measure, along with decreased “fuel” expenses and lower maintenance costs, is an essential one to consider.
Naturally, Elon Musk, CEO of Tesla, has speculated that the value of Tesla vehicles, especially those equipped with Full Self Driving, would improve due to the potential income prospects presented by “robo-taxis.”
The value of the typical automobile drops by ten percent during the first month of ownership and twenty percent within the first year.
Whereas the value of the Model 3 dropped by just a tiny fraction – around one-fourth of the value of the typical car – over the first twelve months of ownership.
According to the survey results, the Tesla Model 3 emerged victorious by about 6%, besting other vehicles such as the popular Honda Civic hatchback, the Chevrolet Traverse, and the utility truck favorite Ford Ranger.
The high resale value of the Model 3 rates it as a better deal on value than other high-value holders.
Based on a car that costs just under $US 46,000 ($A68,769 converted), the Model 3 has a resale value worth only 5.5% less, or $US2,529 ($A3,780) after a year of ownership.
The vehicle’s resale value has increased due to the exceptional demand for the Model 3. The electric car manufacturer, Tesla in California, got 325,000 preorders in its first week of availability.
The Tesla Model 3 has the most pre-orders of any automobile ever made, and the company’s backlog of orders further boosted the strong demand for the vehicle.
Because people are so happy with their Model 3s, there are also few on the secondhand market, and as a result, those that do sell can ask for a high price because there are few on the market.
Read: General Motors Outsells Toyota in the US
Tesla initially had trouble supplying that massive backlog of preorders, but it has since reached its output capacity goal. Despite this, people are so happy with their Model 3s, there are also few on the secondhand market.
The car fulfilled its production targets in July of 2018, and since it’s so new to the market and owner satisfaction is so high, there is a limited inventory of used versions of the vehicle.
The vehicle also failed to meet its manufacturing goals until July 2018. Because of this, purchasing a brand-new Model 3 could be a preferable option to buying a pre-owned one.
Consumers may avoid the risks associated with acquiring a used vehicle by acquiring the brand-new model of some automobiles for a price that is just a few thousand dollars more than the price of the used version of the exact vehicle.
When the slightly higher monthly payment is stretched over the life of the typical automobile loan, which is 5.5 years, it is possible for the car warranty and dealer incentives, such as rebates, to compensate for the difference.
Related: Ford Join Automotive Price War with Tesla GM
