Ready to trade in your Model Y? Here’s how much you can expect to get for it
The Tesla brand has taken quite a hit lately. Though it still makes quality EVs, many people are eschewing Tesla, and some of those who have already purchased a Tesla are looking to trade it in to avoid side-eye glares.
Some are ready for an EV with more bells and whistles, while others may be ready to ditch electrification altogether. Whatever the case, if you’re a Tesla Model Y owner and are looking to trade yours in, we’ll help you know what a dealership will say when you offer yours as a trade-in on something new.
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What to know before you go to a dealership
Dealerships are sensitive to what buyers want. Since Tesla’s reputation is in trouble, many dealerships might find it challenging to sell a Tesla, even at auction, for a fair price. Expect an offer that might not be advantageous to you.
The typical depreciation for a Tesla is about 25 percent in the first year. Over the past few months, depreciation has increased to nearly 30 percent, according to CarEdge. This assumes average mileage (13,500) and Model Y no older than one model year.
Tesla
How much is a 2022 (or newer) Model Y worth as a trade-in?
A three-year-old Tesla has an average depreciation of 58 percent. Years one to three are when the Tesla Model Y sees its steepest drop-off in depreciation. A four-year-old Model Y (2021) by comparison, depreciates only 1.5 percent more than a 2022 model year Model Y, meaning your trade-in value is nearly identical.
If a dealership is willing to pay you a fair price, a 2022 Tesla Model Y is worth about $21,960 as a trade-in. A four-year-old Tesla Model Y is worth $21,192 as a trade-in. Unless you’re dead-set on getting a different car, waiting won’t hurt your trade-in value too much.
A two-year-old Tesla Model Y has a 27% depreciation rate and is worth approximately $32,366 as a trade-in. A one-year-old Tesla has a 30 percent depreciation and is worth $35,921 towards a new vehicle.
What a 2020 Tesla Model Y is worth as a trade-in
When the Model Y reaches its 3-year mark, depreciation tends to even out. Like the difference between a three and four-year-old Model Y, depreciation for a five-year-old Model Y is only 2.5 percent worse than a four-year-old vehicle. A 2020 Tesla Model Y is worth $20,424 as a trade-in, and has a depreciation of 60 percent.
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How much the 2018 Tesla Model Y is worth as a trade-in
At seven years old, the Model Y’s depreciation starts to level off in the long term. Between the ages of seven and 10, the Model Y only depreciates about three percent. Typically, there are massive depreciation declines every 2-3 model years.
A 2018 Tesla Model Y is worth $12,557 as a trade-in, and has a depreciation of about 75 percent. Much like a Tesla Model Y aged three to five years, holding onto a 2018 Tesla Model Y for a year or two won’t hurt your trade-in value much.
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Final thoughts
Tesla is considered a luxury brand, with the only other brands showing a worse overall trade-in being Alfa Romeo and Maserati. Even Land Rover, widely panned for its reliability, has a better trade-in value than Tesla.
The Model Y may be the automaker’s best-selling vehicle, but those considering a new Model Y purchase should make sure they’re simply enamored with it. We expect Tesla’s resale values to decline over time, so by the time you’re ready to trade in your 2025 Model Y, it may not be worth much to dealerships near you.