The stats at a glance that we have collected are as follows in terms of the depreciation or drop in the value of used Tesla Vehicles:
| Tesla Model 3 Standard Range Plus | 21% drop in value since the peak in June 2022 |
| Tesla Model 3 Long Range | 22% ….. |
| Tesla Model 3 Performance | 19% ….. |
| Tesla Model S Long Range | 16%…… |
| Tesla Model X Performance | 21%…… |
Tesla overall market evaluation:
In June 2022 the estimated lead time for a new Tesla Model 3 or Model Y was on average 6 months from the time of order. In December 2022, the same cars have a lead time of just 3-6 weeks from the time of order. Additionally, in June 2022 Tesla had zero Inventory cars available on their website in the UK, however, on 9th December 2022 – 300 vehicles across their range were available for immediate delivery.
The microchip shortage levelling out as well as Tesla’s commitment to increasing production will have had an impact on the ability to meet lead times in terms of production. The electric vehicle sector of the automotive market is becoming more and more popular and this is likely to increase demand in both the used and new vehicle markets. The question is will this balance out prices or cause a further increase in production?
Our Insights as to Why Vehicle Values Have Changed
This will have coincided with the overall cost of living crisis and the increased production capacity now coming out of Giga Shanghai and Giga Berlin. Elon Musk set a very clear precedent in 2022 that there were to be no new Tesla vehicles released in any of the ranges with the manufacturer looking to ramp up new production most notably the Cybertruck in 2023. This meant that the manufacturer was set on meeting manufacturing and delivering targets – which Tesla still missed by 20,000 vehicles in the 4th quarter of 2022.
Vehicle owner habits will also likely affect the popularity of Tesla vehicles. With the cold snap experienced in the UK at the beginning of December, there was media coverage of the seemingly unknown issues that can occur with charge distances in extreme weather conditions relating to the cold. It will be interesting to observe trends with purchasing and Tesla vehicle valuations moving into the first quarter of 2023.
Tesla Model Y Statistics in 2022
The Tesla Model Y has reached 2nd place in the UK for new car registrations in 2022 YTD, however, it is a similar story in terms of current valuations. Despite a rare period where many used Model Y’s were listed for sale over list price due to the extended waiting time on new and the demand for this eagerly awaited model, there are now many inventory cars available for immediate delivery with Tesla direct and a host of used cars to chose from. We have seen up to 15% price adjustment off the valuation of used Model Y’s despite the fact they have only just arrived in the UK in 2022.
2023 Potential Insights
Continuing to observe trends in the value of the Tesla Model Y may be key to being able to predict Tesla valuation trends in the first quarter of 2023 and beyond. With the overall shift of new vehicles being delivered in 2023 by Tesla and the recent debacles regarding Elon Musk’s priorities being shifted with his ownership of Twitter – it will be interesting to see if these factors affect vehicle pricing and valuations going into 2023.