The Fastest-Selling Used Car in the U.S. Is Electric
Buyers have slowly warmed up to electric vehicles over the last few years. The addition of vast charging networks and long-range battery packs means that driving an EV can be practical. While EVs remain expensive to buy new, depreciation brings segment favorites like the Tesla Model 3 closer to a reasonable price. Enthusiasm for the Model 3 seems to be at an all-time high, with it being the fastest-selling used car in the U.S., as reported by iSeeCars.
It takes less than 30 days to sell a used Tesla Model 3
On average, it takes around 70 days to sell a used car. The Tesla Model 3 cuts that time in half, often finding a buyer in less than 30 days. The next best-selling used vehicle, the BMW X6, takes over 43 days to find a new home. Even best-selling models like the Honda Accord take an average of 50 days to sell. Weirdly enough, the Tesla Model 3 is nowhere on iSeeCars’ list of fastest-selling new cars.
It is not difficult to see why the Tesla Model 3 is so popular. In terms of range, the Model 3 is capable of up to 322 miles in Long Range trim and 250 miles in the Standard Range Plus base model. Tesla’s Supercharging network allows the Model 3 to gain up to 180 miles of range in 15 minutes, making it reasonable for commuters. On top of being practical, the Model 3’s sleek exterior design gives it a futuristic look, separating it from other commuter cars.
The interior ditches the traditional dashboard layout in exchange for a 15-inch center display that controls the car’s media. Even the main data, like speed, battery range, and warning lights, are all displayed through the central screen. Given the Model 3’s unique features and excellent range capabilities, the main factor keeping consumers away from buying them new is likely its price.
A used Model 3 sells for $44,000 on average
EVs are the fastest depreciating cars on the market; however, the Tesla Model 3 seems completely unfazed. According to iSeeCars, the Model 3 loses just 10.4 percent of its value in the first 3 years. In contrast, the most popular EV in the U.S., the Nissan LEAF, loses 60.2 percent of its value during the same time period. As a result, a used Model 3 sells for $44,000 on average.
To put this into context, let’s see just how close the used price is to the new. A brand-new base Model 3 with no options costs $37,990. Throw in red paint, nicer wheels, and autopilot functionality, and the price quickly skyrockets to $49,490. The Model 3 Long Range starts at $46,990 and quickly climbs to $58,490 with the same options selected. The range-topping Model 3 Performance starts at $54,990 and tops out at about $64,990 with similar options.
A cheaper Tesla would be a hit
The high cost of entry is likely what is driving consumers to the used market. Buying a used Tesla Model 3 Long Range, for example, could result in discounts of over $10,000, making it far more accessible for consumers. The data shows that enthusiasm for the Model 3 is at an all-time high. However, Tesla seems to be leaving a portion of the affordable EV market unattended. If Tesla produced a brand-new EV below $35,000, it wouldn’t have to lose out on these EV sales to the used market.