Which Tesla Models Have Great Resale Value in 2023?
With more consumers now than ever before considering an electrified vehicle, many soon-to-be consumers are looking to Tesla for their first EV purchase. With Tesla being one of the original EV giants in the automotive marketplace, Teslas carries a solid amount of resale value in name alone.
However, not every Tesla vehicle is hitting a resale value homerun. Here is everything you need to know about the Tesla vehicles with the best and worst resale values.
The Tesla Model Y and Model S retain their value the most
When it comes to EVs that hold their value as they age, the Tesla Model Y and Model S retain their value the most out of the entire Tesla lineup. According to J.D. Power, the Tesla Model S and Model Y both have a “great” resale value score of 81 out of 100.
For the Model S, it is easy to see why it retains its value year after year. While some consumers are worried about battery integrity over time in economy EVs, the Model S is one of the original performance EVs. After making its debut with earth-shattering acceleration over ten years ago, it has been the gold standard of EV performance and range. It is the best of the Tesla lineup, and that is what helps this EV hold its resale value.
The Tesla Model Y, on the other hand, does have solid performance numbers, but those numbers aren’t the reason why consumers are lining up for a Model Y. This EV takes everything that consumers love about the affordable Model 3 and turns it into a larger, more practical crossover SUV.
This Model Y has become infinitely more popular than expected, with many sources reporting that the Model Y was the world’s best-selling vehicle during the first quarter of 2023. This unmatched popularity keeps value up on the used market. When educated consumers hit dealer lots, they want to follow sales trends, and there is no bigger trend than being the best-selling vehicle in the world.
The Tesla Model 3 and Model X hold their value the least
The Tesla Model 3 is one of the most important vehicles in the Tesla lineup. The Model 3 was a 180 degree turn in philosophy from the Model S. This Model 3 was built for the world market as an affordable and attainable EV with solid performance and a price tag that nearly everyone could afford.
Because of its huge availability, aging sedan body style, and stigma of being the “cheap” Tesla, resale value retention is only average at 77 out of 100 points according to J.D. Power’s consumer rating scale. The Tesla Model 3 is bound to have some success in the upcoming years, with a much-needed redesign hitting the streets later this year.
The Tesla Model X is a tough sell. While every Tesla is a luxury vehicle, the Model X is a polarizing, hulking full-size SUV with gullwing doors. Of course, quality and performance are fantastic, especially for a larger SUV, but the Model X falls into the depreciation trap that other ultra-luxury vehicles fall into.
With such a high starting price, there is a lot of value lost on the second-hand market, which gives this Model X only an average score of 78 out of 100 points, according to J.D. Power.