The Tesla Model Y is such a unique vehicle, it’s no wonder that people love it. Not only does it not look like any other SUV out there, it’s electric. It also has a sort of aura about it that makes people want to drive one. Yet brand new, the 2021 Tesla Model Y is kind of expensive. It starts at $39,990 for the standard range, and the price goes up with the range. If you’re looking for a better deal, you might look at used Tesla. So how much is a used Tesla Model Y?
How much is a used Tesla Model Y?
RELATED: The Most High-Tech 2021 SUVs
The price of used cars right now is a little unusual. The ongoing microchip shortage combined with supply chain disruptions have led to fewer vehicles being produced. It’s a problem affecting every car manufacturer, and it impacts everyone. With fewer SUVs available to purchase, the price for both new and used SUVs has gone up – way up. In fact, some used SUVs are selling for more than their new counterparts. The world is upside down.
If you want to know if you’re paying a fair price for a used Tesla Model Y, you can use a resource like Kelley Blue Book to determine what that price should be. For example, the 2020 Tesla Model Y standard range Long Range has a fair market price of $54,190, which is the same as its MSRP. The fair market range for the 2020 Tesla Model Y is $52,515 to $54,190. If you opt for the 2020 Tesla Model Y Performance, which is the highest-priced model, the fair purchase price is $62,190, and the range is anywhere between $60,268 and $62,190.
Is it cheaper to buy a new 2021 Tesla Model Y?
RELATED: Which SUVs Your Salary Can Buy
You might be wondering if it is cheaper to buy a new 2021 Tesla Model Y. After all, it’s not like you’re getting a great deal on a used one right now. And it just might be.
Kelley Blue Book says that a 2021 Tesla Model Y Long Range would cost about $52,490 right now. You could get a 2021 Tesla Model Y Performance SUV for $56,990. Considering those SUVs are brand new and have 0 miles on them, they’re likely a much better deal than the 2020 Tesla Model Y.
Why are used SUVs more expensive than new SUVs right now?
If you’re confused by the fact that you could buy a brand new 2021 Tesla Model Y for cheaper right now than you could a used one, you’re not alone. The price of used cars is so high right now, that they’re often outpricing new versions. Yet it comes down to something simple; supply. While the price of a new SUV might be cheaper than a used one, being able to find one is a different story.
The microchip shortage means fewer new cars are being produced, so a segment of the new-car buying population is shopping used instead. That’s reducing the number of used vehicles available, so dealers can charge even more for used cars. If you’re buying an SUV right now, you either have money to burn or you need one. In both those cases, you may be willing to pay whatever the dealer is asking just to be able to get something.
It’s going to be some time before things settle down and return to some semblance of normal. If you don’t have to buy an SUV or car right now, it might be a good idea to wait. Keep up-to-date on car pricing trends, and when more microchips will be available. Then you’ll be able to determine the best time to buy your new SUV.