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With a fully optioned Model S coming in at well over six figures, you might consider Tesla a luxury brand. But used EV prices are plummeting right now. If you are buying an electric vehicle, the price of certain used Teslas might represent one of the best values on the current market.

Aren’t used EVs expensive?

Brand new EVS cost 38% more than comparable traditional vehicles. But according to the iSeeCars website, used EVs are currently losing value 10 times faster than the average car. Used EVs were once expensive, but as of summer 2023, they are getting cheap in a hurry.

A Chevy Bolt electric vehicle parked at a Tesla Supercharger utilizing the Tesla Magic Dock
The Tesla Magic Dock charging a non-Tesla EV | Philip Pacheco/Bloomberg via Getty Images

Currently, the average price of a new EV is holding above $60k. Your options range from a $28,040 Nissan LEAF to a $108,490 Model S Plaid. But the average EV–from a budget car to a supercar–costs one third-again what a similar internal combustion car does. Why? Automakers are still paying down research and development that went into EVs, and the lithium-ion batteries they use are expensive to build.

But with 1 in five early EV adopters returning to gas vehicles, many EVs are hitting the used vehicle market. With such a high supply and dwindling demand, used Tesla and other EV prices are dropping. While the average used car is currently losing about 3% of its value a month, the average EV is losing nearly 30%.

How much is a used Tesla’s price now?

With long waiting lists for brand-new Teslas, the price of a used Tesla has been high for a long time. But in 2023, Tesla cut prices for its new vehicles. In addition, 20% of EV buyers go back to gas vehicles for their next purchase. The result is that the price of certain used Teslas is down 30% from last year.

The window sticker in a used Tesla Model 3 electric car for sale on a dealer lot.
Tesla Model 3 | Mario Tama via Getty Images

The average used Tesla Model S has a resale price of $64,938. That’s 19% (or $15,212) less than this time last year. A used Tesla Model X is going for an average of $70,158. So the crossover’s value is down 21.3% ($18,980). Finally, the Tesla Model 3 is reselling for $37,023 on average, which is 30.5% ($16,258) less than last year.

Teslas aren’t the only used EVs with prices plummeting. The Nissan LEAF is down 19.2%. Hybrids such as the BMW 5 Series PHEV (-15.5%), Jaguar E-PACE (-16.2%), and the Hyundai Ioniq Hybrid (-16.2%).

Some used Teslas even come with free charging–for life

Used vehicle buyers tend to pay more for recent model years. For this reason, an early used Tesla’s price may represent one of the best deals on the used EV market.

A Tesla Model S used electric car parked in a showroom garage.
Tesla Model S | Jasper Juinen/Bloomberg via Getty Images

Tesla rarely changes the styling of its models. So an older Tesla looks at home on today’s roads. But in addition, Tesla offered early model years of most models with free supercharging–for life. This perk is even transferrable when you buy one of these vehicles used.

With the price of electricity on the rise, a Tesla with free supercharging could be an excellent investment. This might hold true even if you have to replace its lithium-ion battery. You could take the opportunity to upgrade the range on certain vehicles.

Read more about free supercharging and what makes a used Tesla a great investment, or learn the cost of an aftermarket Tesla battery in the video below:

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Staff Writer

Henry Cesari

Henry Cesari joined MotorBiscuit in 2021 and brings his deep interest in vintage cars, trucks, and motorcycles to the site. Having restored his first classic car at just 16 years old, Henry has wrenched on everything from overland campers to Japanese motorcycles and even pre-war Bugattis. Henry is also an avid attendee at local car shows and genuinely enjoys connecting with fellow auto enthusiasts.

Henry earned a Bachelor’s in Anthropology and English from the University of Vermont. He has since incorporated his love of the written word with his admiration of classic cars. While Henry is interested in vintage cars, he believes the golden age of cars is yet to come. He is confident journalists will play an important role in this revolution by exposing the industry as it is now and envisioning its possible future.