It is no secret that Tesla makes popular cars. With supply chain issued plaguing the industry, people are vying for new and used cars. But now it seems that the Tesla Model 3 electric vehicle is the most popular used car in the country, forget the new version.
Why is the Tesla Model 3 such a popular used car?
According to Observer, there are a few reasons that the Tesla Model 3 is so popular. Most notably, Tesla makes popular vehicles. With the semiconductor chip issues and supply chain issues, many automakers cannot produce cars fast enough. Tesla has been impacted by the chip shortage, which means vehicles are rolling off the production line a bit slower.
iSeeCars.com analyzed used car and new car sales and found that a used Tesla Model 3 took an average of 16 days to sell in September. The used Tesla options were between one and five years old. The average amount of time it took for all used cars to sell was 32.8 days. The Model 3 has been the fastest-selling used car for four months now.
Karl Brauer, iSeeCars’ executive analyst, said, “The Tesla Model 3 has remained popular since its highly anticipated debut, thanks to impressive technology and performance at a relatively affordable price compared to Tesla’s earlier vehicles.”
The Tesla Model 3 is popular as a used car and a new car
iSeeCars.com analyzed over 900,000 new and used cars for September. According to the analysis, a new car takes an average of 24.6 days to sell. The average used car takes 32.8 days to sell. These numbers are shorter than August, which saw 26 days for new vehicles and 34.6 for used vehicles.
Since Tesla has been focusing on vehicles like the Model S Plaid and the Cybertruck, the Model 3 is not a priority right now. At the same time, many buyers might have sold the Model 3 in preparation for a new Model S. The sales of used Model 3 EVs make sense given all the circumstances.
“Car buyers are willing to pay over MSRP for new cars and highly-elevated used car prices because they have embraced the reality that inventory shortages are here to stay for the next several months,” Brauer said.
The popular EV is sold out through the rest of the year
With popular cars such as the Tesla Model 3, used car prices are passing new. Even back in July, you could buy a used Model 3 with 15,000 miles for the same price as a new one. Since then, the prices have fluctuated, but people are willing to buy a used vehicle instead of waiting for a new one.
As it stands right now, the Model 3 Standard Range Plus is sold out through the rest of 2021. The Tesla Model X was ninth on the list of fastest-selling used cars. The Model X is sold out through the beginning of 2022, so the popularity of the used EV makes sense. Until the supply chain issues disappear and the semiconductor chip problems disappear, the used car prices probably won’t settle down.