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If you’re thinking about buying therefreshed Tesla Model Y, you might want to wait a while longer. Buying a brand-new car is exciting, but there is more than just the list price to consider before making a purchase. The Model Y is anelectric car that depreciates most in a year, losing over half its value after three years.
2022 Tesla Model Y
The Tesla Model Y is a luxurious electric SUV for families. It is backed by an impressive Supercharger network with rapid charging, packs loads of technology as standard, and can travel over 300 miles on a single charge.
In this story, we’ll look at how much a 2022 Tesla Model Y costs today, the total cost over three years, and how it compares to other electric SUVs to find out if it’s worth your money.
In order to give you the most up-to-date and accurate information possible, the data used to compile this article was sourced from Tesla and other authoritative sources, including Kelley Blue Book and Edmunds. For clarity, used values relate to models in great condition.
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The Tesla Model Y loses $39,387 in three years
When new, a 2022 Model Y would have cost $66,793. Today, according to Kelley Blue Book’s fair purchase price, you can find a used example in great condition for $27,406. That’s a whopping 59% depreciation in a relatively short time.
Fortunately for used car buyers, a three-year-old one is a luxury SUV bargain.
Second-year depreciation is worse
If you’re really impatient, you’ll be pleased to learn that the Model Y dropped to $50,413 in the first year. If the refreshed version is similar, then you could save money by waiting a few months for a lightly-used one. However, if you’re not in a rush, atwo-year-old Tesla is great value. For the 2022 model, over 51% of its value was gone by the end of its second year.
2022 Tesla Model Y price now
If you bought a new Model Y back then, this might be a tough read for you. Fortunately for used car buyers, a three-year-old one is a luxury SUV bargain. Now priced at just $27,406, according to Kelley Blue Book, you could get a spacious electric family car packed with tech, access to Tesla’s Supercharger network, and an impressiveelectric battery rangeof over 300 miles.
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Model Y depreciation compared to others
If this has changed your mind about buying a new Tesla Model Y, you might be wondering if another electric SUV will cost less over three years. Well, it’s a similar story across the board. Interestingly, the Kia EV6 maintained its value in the first year, before decreasing 54% after three years. An Audi Q4 sees a 58% decrease, just like the Model Y.
These numbers paint a clear picture of the EV market. It should be noted that some sports cars lose over 50% of their value in the first year, so this isn’t unique to electric cars. Unless you qualify for some government discount, or are planning to lease, buying used might be the most financially responsible choice for now.
Tesla Model Y
Audi Q4 e-tron
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Total ownership costs over three years
Depreciation isn’t the only cost owners should worry about. Insurance, maintenance, and general running costs need to be considered when buying a car. Over time, these can be substantial and may become unaffordable. Going by these figures, maintenance costs for years two and five are the most expensive, making a three-year-old vehicle more appealing.
Maintenance
Source: Edmunds
Tesla Model Y reliability
The 2022 Tesla Model Y received a5-star safety rating from NHTSA, and performed well in IHSS crash testing, as demonstrated in the video above. That said, there are 18 recalls on the SUV, 10 investigations, and over 700 complaints.
Some recalls are minor, like tire pressure monitor lights not staying on, whereas some suggestTesla’s full self-driving techissues may cause a crash. Serious open investigations include sudden unintended acceleration, and crashes during Smart Summon sessions.
Tesla Model Y warranty
All Teslas have a comprehensive warranty from new; even a 2022 Model Y should still have some warranty cover. Older models may not be covered for certain things, but a certified used Tesla still gets a decent level of protection directly from the manufacturer, giving you peace of mind.
