Demand for pre-owned Tesla vehicles on the rise in the US: Report

A sales data firm shows demand for used Tesla Model 3 is quite high.The study also suggests entry-level Tesla cars may constitute around 50% of the US second-hand EV segment in the coming years.
By : HT Auto Desk
| Updated on: 04 Jun 2021, 04:02 PM
A Tesla Model 3 EV. (File photo)
A Tesla Model 3 EV. (File photo)
A Tesla Model 3 EV. (File photo)
A Tesla Model 3 EV. (File photo)

Despite recent controversies, the demand Tesla vehicles may not have dented and in the US, pre-owned Tesla vehicles may well be faring stronger than ever before. A report in the country reveals that Tesla is the brand of choice for most when it comes to pre-owned battery-powered vehicles.

According to a report by Recurrent, a data firm that tracks used electric car sales in the US, Tesla cars are dominating the market of used EVs. The firm analysed the number of vehicle sales that have been reported in the past 90 days for different electric vehicles, compared to their number in inventory.

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It has been noted that Tesla is currently turning over 4.5 EVs for every car listed. This gives an idea for the demand for premium electric cars in the used auto segment. As the prices of electric vehicles remain relatively high, many buyers are taking an interest in the second-hand car market to acquire an EV that fits their budget. And here, Tesla seems to be at the top.

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And of all Tesla vehicles, Model 3 is faring the best. “The used Tesla turnover rate of 5.5X current inventory in 90 days is actually inflated by Model 3 popularity. Used Model 3s sell even faster: 6.6X sales per vehicle in inventory. For all other used Teslas, it’s 4X and not as much of an outlier compared to other popular models from Chevy and BMW," said CEO of Recurrent, Scott Case.

A previous report by the firm also suggested that entry-level Tesla cars may eventually constitute 40-50% of the country’s second-hand electric vehicle segment in the coming years.

First Published Date: 04 Jun 2021, 04:02 PM IST
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