The Tesla Model 3 Electrified Its Competition in the Used EV Market
The Tesla Model 3 is the cheapest electric vehicle (EV) in the marque’s lineup. Pair that with rabid Tesla fandom, and the little EV is in high demand. Unsurprisingly, used Model 3s boast serious popularity among some of the country’s favorite preowned EVs.
The Tesla Model 3 was much more popular than its segment rivals in the used car market
When it comes to used EVs in the one-to-five-year age range, the Tesla Model 3 takes the No. 1 spot. However, it’s not just a top spot; it’s a landslide win.
| EV model | Share of 1-5 year-old EV sales (2023) |
|---|---|
| Tesla Model 3 | 34.9% |
| Tesla Model Y | 11.9% |
| Chevrolet Bolt EV | 6.9% |
| Nissan LEAF | 6.2% |
| Tesla Model S | 5.6% |
According to the latest data from iSeeCars, the Model 3 makes up a staggering 34.9% of used EV sales in the United States. That figure covers models from the last one to five years. The Model Y, an EV SUV sibling to the marque’s smallest electric offering, made up 11.9% of the used market.
As a result, the Tesla Model 3 managed to outsell the Model Y by 23% in 2023. That would be an impressive segment share by itself. However, the Tesla duo outsold its closest competition from the legacy automakers by a sizable margin.
For instance, the Chevrolet Bolt EV and the Nissan LEAF, two of the most affordable electric models on the market, took 6.9% and 6.2% of the used EV market, respectively. That’s quite the gulf between the economy EVs and the entry-level Tesla models.
The Model 3 might not be the king of used EVs for long
Despite the Model 3’s segment popularity, it dropped in overall market share from 2022 to 2023. Specifically, the Model 3 had around 40.0% of used EV sales in 2022, 5.1% more than in 2023.
| EV model | Share of 1-5 year-old EV sales (2022) |
|---|---|
| Tesla Model 3 | 40.0% |
| Tesla Model Y | 10.3% |
| Chevrolet Bolt EV | 6.2% |
| Nissan LEAF | 6.7% |
| Tesla Model S | 9.8% |
The Model 3 will likely continue to hold a top spot among used EVs, barring increased competition in the affordable EV space. That, or the segment scuttlebutt pointing to a cheaper Tesla, a Model 2 or otherwise.
Source: iSeeCars
