Used Tesla market surges in UK, with listing increase in one year

Marketcheck UK, the most significant source of data on the UK used car market, has recorded a dramatic surge in Tesla listings, reflecting the evolving used EV market.

As of October 1st, 2024 - Tesla listings grew by 71%, with a significant increase from 1,263 on the same date in 2023 to 2,157 in 2024. The breakdown of Tesla models highlights notable growth in new sales of the Model 3 and Model Y categories in previous years - these cars are now coming through to the used market.

The Model 3, already the most popular Tesla, saw its listings nearly double, from 731 in 2023 to 1,340 by October 2024. The Model Y experienced exponential growth, jumping from just 64 listings in 2023 to 472 in 2024, a sevenfold increase.

This surge is accompanied by encouraging shifts in average market prices. While the total number of Tesla vehicles has increased, the average price of Teslas on the market has decreased by 11%, falling from £31,115 in 2023 to £27,991 in 2024.

This drop in pricing is particularly attractive, despite a small increase in average mileage from 36,618 miles to 37,740 miles year-on-year. Alastair Campbell, Marketcheck UK, commented: “These figures underline a growing availability of used electric vehicles, specifically Tesla with much higher new sales than in previous years."

“This combined with lower prices, partly due to Tesla's own price drops in April 2024, and cheap deals (Tesla ran 0% finance on M3 LR RWD for a long period), means more choice and better pricing for used buyers. Teslas were seen as the ‘gold’ standard of EVs, and these impressive growth numbers reflect the historical growth and speed of sales in new vehicles from 2019 onwards.

“I expect these numbers to get more interesting as we move into a period when more brands were available (VW, BYD, KIA, MG) in the past 3 years, which will lead to a swing towards these makes in the used EV market.”