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Used Tesla Model Y selling for more than initial purchase price in China

While people generally avoid used new energy vehicles (NEVs) these days, that’s not the case for premium brands, including Tesla.

The vast majority of Tesla Model Y vehicles for sale on multiple online used car trading platforms in China are priced above RMB 300,000 ($47,000), higher than what their owners paid for them in the first place, information seen by CnEVPost shows.

“The only used NEVs in our store right now are Tesla vehicles, and they are selling like hotcakes, basically selling one for every one that comes in,” China Business Journal quoted a used car dealer as saying in a report Saturday.

While consumer perceptions of used NEVs vary, some high-end used cars, represented by Tesla, are popular, and there is even a price inverse for used and new cars, the report said.

“The price of a Tesla Model Y was about RMB 276,000 in September 2021, but because you now need to wait about half a year to get a new car delivered, the price of a used car has now gone up to slightly more than RMB 300,000,” the report quoted a used car dealer in Shanghai as saying, adding that “We are getting used cars at a higher price than new cars.”

CnEVPost saw a similar situation on used car trading platforms, including Guazi and Uxin.

Of the 40 used Model Y vehicles’ displayed on Guazi, only six cars were offered for less than RMB 290,000, and they were 2021 standard range models with the lowest offer of RMB 283,000.

On Uxin, only one standard range Model Y was priced at RMB 289,800, while all others were priced above RMB 290,000.

The Model Y standard range version became available in China on July 8, 2021, when it is priced at RMB 276,000.

On November 12, 2021, Tesla updated the specifications of the entry-level Model Y in China, with the same price, but with a 0-100 km/h acceleration time of 6.9 seconds, up from 5.6 seconds.

Tesla also changed the naming of the Model Y at that time, naming the standard range version directly as “Model Y”.

On November 24 last year, the price of the entry-level Model Y was raised to RMB 280,752. On December 31 last year, the price of the model was raised to RMB 301,840.

Tesla China price changes

Date Model Change (in RMB) Latest Price

Dec 31, 2021 Model Y ↑ 21,088 301,840

Dec 31, 2021 Model 3 ↑ 10,000 265,652

Nov 24, 2021 Model Y ↑ 4,752 280,752

Nov 24, 2021 Model 3 ↑ 4,752 255,652

Nov 19, 2021 Model 3 ↑ 15,000 250,900

Oct 27, 2021 Model S Long Range ↑ 30,000 889,990

Oct 27, 2021 Model X Long Range ↑ 30,000 939,990

Sept 11, 2021 Model Y Performance ↑ 10,000 387,900

Aug 4, 2021 Model S Long Range ↑ 30,000 859,990

Aug 4, 2021 Model X Long Range ↑ 30,000 909,990

Jul 16, 2021 Model S Long Range ↑ 30,000 829,990

Jul 16, 2021 Model X Long Range ↑ 30,000 879,990

The Model Y remains highly-priced on used car platforms due to the current high consumer demand for the model. Information on Tesla’s website shows that consumers who pre-order the Model Y currently have to wait 10-14 weeks for delivery, which is as early as the end of April.

Consumers who buy a new Tesla car may have to wait three months for delivery, but it’s easier to buy a used car, which is partly driving the development of the used car market, China Business Journal quoted Cui Dongshu, secretary-general of the China Passenger Car Association (CPCA), as saying.

Model Y sales in China were 16,358 units in January, up 896.8 percent from 1,641 units last January, according to data released by the CPCA earlier this month.

That makes the Model Y the second best-selling new energy SUV in China in January, behind the BYD Song’s 20,722 units.

The Model 3 is less popular than the Model Y on used car trading platforms, with pricing for the standard range version mainly in the RMB 220,000-240,000 range, offers on Uxin show.

This article was first published by Phate Zhang on CnEVPost, a website focusing on new energy vehicle news from China.

CnEVPost is a website focused on the coverage of the new energy vehicle industry in China. As with our original intent for CnTechPost, there are a lot of interesting things happening in the Chinese EV industry every day, but they are not covered by the mainstream English language media. We're here to keep track of what's happening in the Chinese EV industry and strive to be the first to publish what we see in English.