Tesla Model 3 And Cybertruck Top Used Car Listings—But At Opposite Price Extremes

The Tesla Model 3 and Cybertruck dominated used EV searches on Cars.com, a popular online marketplace for cars.

The Model 3 tops the most-searched list with an average used list price of $26,922 in May, followed by the Cybertruck with an eye-watering $143,796 average used price (see infographic below), according to Cars.com. It’s worth noting that the Cybertruck, which began delivery on November 30, only achieved a production level of 1,000 units per week in April and more recently hit 1,300 a week. The most recent figure was given by CEO Elon Musk when speaking during the 2024 Annual Stockholder Meeting on Thursday.

Used Cybertruck Asking Price High But That May Be Changing: Used Cybertrucks have flooded used car listings despite the limited availability of new CTs and the high asking price — often significantly higher than new Cybertruck prices on the Tesla website. But asking prices have come down in June with many priced below $120,000. Sellers’ asking prices are often high because of the long wait times for new CTs, which show delivery dates of 2025. (See this InsideEVs story about an owner selling his Cybertruck after only one month.)

“For used Teslas, excluding Cybertruck, retail prices on the Cars.com have declined every month since May 2023 from $46,809 to $31,799 in May 2024, a combination of both supply and model mix as more used Model 3s became available,” Rebecca Lindland, a Cars.com spokesperson, told me in an email.

Big Used Model 3 Price Drop Year to Year: A used Model 3 starts at around $25,000 on Tesla’s used Model 3 website for a 2021 rear wheel drive Standard Range Plus with an EPA rated range of 262 miles and an odometer of 36,435 miles. Lower prices can typically be found on Cars.com’s website and Hertz’s used Model 3 website.

Used Model 3 pricing is down 29.8% year to year to $26,922 from May 2023 to May 2024, Lindland said. Model Y pricing is down almost exactly the same (29.7%) to $35,331, she said. “Used EV supply has greatly increased as market share of new EVs increases and the vehicles themselves are in the market longer; early adopters are upgrading and used EVs are more plentiful now,” according to Lindland. “A used EV is a great way for consumers to move into the EV space at a lower price point,” she said, adding that used EVs are about 43% less than a new EV — $36,000 vs $63,000. And a used EV is 27% less than a new (non-EV) car — $36,000 vs $49,000.

Don’t forget $4,000 Used EV Tax Credit: some cars will qualify for the used EV tax credit, which in some cases is point-of-sale like the $7,500 new EV credit. But keep in mind that the used EV must be from a licensed dealer, the price must be $25,000 or less and must be a model year at least two years before the current calendar year, according to the IRS. For example, in 2024, only EVs from model year 2022 or older would be eligible.

More EV brands hit the market: Overall, searches for electric vehicles is up, Lindland said. “We’ve seen marked increases in searches and supplies for new and used EVs as more brands, models, and price points enter the market,” she said. “In 2023, there were 46 fully electric vehicles available in the US, more than double what was available just 2 years ago, and in just a year from now, we’ll see that number more than double again to over 100 EV models available in 2025,” according to Lindland.

But in both April and May, prices are stabilizing, retreating by less than $300 in April and less than $100 in May versus thousands every month in December-March, Lindland said.