The vast majority of Model Y vehicles for sale on multiple online used car trading platforms in China are priced above RMB 300,000 ($47,000).

While people generally avoid used new energy vehicles (NEVs) these days, that's not the case for premium brands, including Tesla.

The vast majority of Tesla Model Y vehicles for sale on multiple online used car trading platforms in China are priced above RMB 300,000 ($47,000), higher than what their owners paid for them in the first place, information seen by CnEVPost shows.

"The only used NEVs in our store right now are Tesla vehicles, and they are selling like hotcakes, basically selling one for every one that comes in," China Business Journal quoted a used car dealer as saying in a report Saturday.

While consumer perceptions of used NEVs vary, some high-end used cars, represented by Tesla, are popular, and there is even a price inverse for used and new cars, the report said.

"The price of a Tesla Model Y was about RMB 276,000 in September 2021, but because you now need to wait about half a year to get a new car delivered, the price of a used car has now gone up to slightly more than RMB 300,000," the report quoted a used car dealer in Shanghai as saying, adding that "We are getting used cars at a higher price than new cars."

CnEVPost saw a similar situation on used car trading platforms, including Guazi and Uxin.

Of the 40 used Model Y vehicles' displayed on Guazi, only six cars were offered for less than RMB 290,000, and they were 2021 standard range models with the lowest offer of RMB 283,000.

On Uxin, only one standard range Model Y was priced at RMB 289,800, while all others were priced above RMB 290,000.

The Model Y standard range version became available in China on July 8, 2021, when it is priced at RMB 276,000.

On November 12, 2021, Tesla updated the specifications of the entry-level Model Y in China, with the same price, but with a 0-100 km/h acceleration time of 6.9 seconds, up from 5.6 seconds.

Tesla also changed the naming of the Model Y at that time, naming the standard range version directly as "Model Y".

On November 24 last year, the price of the entry-level Model Y was raised to RMB 280,752. On December 31 last year, the price of the model was raised to RMB 301,840.

Tesla China price changes

DateModelPrev PriceChange (RMB)%Latest Price
Feb 17, 2023Model Y Performance359,900+2,0000.56%361,900
Feb 17, 2023Model Y Long Range309,900+2,0000.65%311,900
Feb 10, 2023Model Y259,900+2,0000.77%261,900
Jan 6, 2023Model X PlaidNewNANA1,039,900
Jan 6, 2023Model XNewNANA879,900
Jan 6, 2023Model S PlaidNewNANA1,009,900
Jan 6, 2023Model SNewNANA789,900
Jan 6, 2023Model Y Performance397,900-38,000-9.55%359,900
Jan 6, 2023Model Y Long Range357,900-48,000-13.41%309,900
Jan 6, 2023Model Y288,900-29,000-10.04%259,900
Jan 6, 2023Model 3 Performance349,900-20,000-5.72%329,900
Jan 6, 2023Model 3265,900-36,000-13.54%229,900
Oct 24, 2022Model Y Performance417,900-20,000-4.79%397,900
Oct 24, 2022Model Y Long Range394,900-37,000-9.37%357,900
Oct 24, 2022Model Y316,900-28,000-8.84%288,900
Oct 24, 2022Model 3 Performance367,900-18,000-4.89%349,900
Oct 24, 2022Model 3279,900-14,000-5.00%265,900
June 17, 2022Model Y Long Range375,900+19,0005.05%394,900
Mar 17, 2022Model Y301,840+15,0604.99%316,900
Mar 15, 2022Model Y Performance397,900+20,0005.03%417,900
Mar 15, 2022Model Y Long Range357,900+18,0005.03%375,900
Mar 15, 2022Model 3 Performance349,900+18,0005.14%367,900
Mar 15, 2022Model 3265,652+14,2485.36%279,900
Mar 10, 2022Model Y Performance387,900+10,0002.58%397,900
Mar 10, 2022Model Y Long Range347,900+10,0002.87%357,900
Mar 10, 2022Model 3 Performance339,900+10,0002.94%349,900
Dec 31, 2021Model Y280,752+21,0887.51%301,840
Dec 31, 2021Model 3255,652+10,0003.91%265,652
Nov 24, 2021Model Y276,000+4,7521.72%280,752
Nov 24, 2021Model 3250,900+4,7521.89%255,652
Nov 19, 2021Model 3235,900+15,0006.36%250,900
Oct 27, 2021Model S Long Range859,990+30,0003.49%889,990
Oct 27, 2021Model X Long Range909,990+30,0003.30%939,990
Sept 11, 2021Model Y Performance377,900+10,0002.65%387,900
Aug 4, 2021Model S Long Range829,990+30,0003.61%859,990
Aug 4, 2021Model X Long Range879,990+30,0003.41%909,990
Jul 30, 2021Model 3250,900-15,000-5.98%235,900
Jul 16, 2021Model S Long Range799,990+30,0003.75%829,990
Jul 16, 2021Model X Long Range849,990+30,0003.53%879,990
Jul 8, 2021Model YNANewNA276,000
May 8, 2021Model 3249,900+1,0000.40%250,900
Mar 24, 2021Model Y Long Range339,900+8,0002.35%347,900
Mar 24, 2021Model Y Performance369,900+8,0002.16%377,900
Jan 1, 2021Model Y Long RangeNewNANA339,900
Jan 1, 2021Model Y PerformanceNewNANA369,900
Jan 1, 2021Model 3 PerformanceNewNANA339,900
Oct 1, 2020Model 3271,600-21,700-7.99%249,900
Oct 1, 2020Model 3 Long Range344,050-34,150-9.93%309,900

The Model Y remains highly-priced on used car platforms due to the current high consumer demand for the model. Information on Tesla's website shows that consumers who pre-order the Model Y currently have to wait 10-14 weeks for delivery, which is as early as the end of April.

Consumers who buy a new Tesla car may have to wait three months for delivery, but it's easier to buy a used car, which is partly driving the development of the used car market, China Business Journal quoted Cui Dongshu, secretary-general of the China Passenger Car Association (CPCA), as saying.

Model Y sales in China were 16,358 units in January, up 896.8 percent from 1,641 units last January, according to data released by the CPCA earlier this month.

That makes the Model Y the second best-selling new energy SUV in China in January, behind the Song's 20,722 units.

The Model 3 is less popular than the Model Y on used car trading platforms, with pricing for the standard range version mainly in the RMB 220,000-240,000 range, offers on Uxin show.