In May 2023, the average price for a used Tesla was £41,022.50 - in May 2024, it stands at £32,293.75.
Average days on market has fallen from over 147 a year ago, to just 106 in the latest month recorded - another record low.
Sold volume each month has doubled, going from 812 in May 2023, to 1641 in May 2024.
Stock has dramatically increased, almost by 100 percent. In May 2023, it was 1706 moving to 3376 in May 2024.
“Anyone on British roads will have noticed the surge in use of Teslas, and many of those were company cars or sold under the EV SalarySacrifice employee schemes” said Alastair Campbell of Marketcheck UK. “As these cars are coming off these deals and entering the used market, the combination of increasing volumes, Tesla’s own price cuts and higher interest rates are driving the sale price of these cars down in the used markets. They’re more affordable and private buyers are now starting to pick up some amazing bargains which is leading to the average days on the market starting to fall. We have seen 2020 Tesla Model 3s with as few as 65k miles on sale for £16k. Considering the performance and technology in these vehicles and the fact that they can be charged for as little as £5 per night this is extremely good value for money. There has never been a better time to buy a used Tesla in the UK market.”
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