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)Change (%)Latest Price
20231128Model Y Long Range304,4002,0000.66%306,400
20231121Model Y Long Range302,400 2,000 0.66%304,400
20231114Model 3259,900 1,500 0.58%261,400
20231114Model Y263,900 2,500 0.95%266,400
20231109Model 3 Long Range295,900 1,500 0.51%297,400
20231109Model Y Long Range299,900 2,500 0.83%302,400
20231027Model Y Performance349,900 14,000 4.00%363,900
20231019New Model 3NewNANA259,900
20231019New Model 3 Long RangeNewNANA295,900
20230814Model Y Long Range313,900 -14,000 -4.46%299,900
20230814Model Y Performance363,900 -14,000 -3.85%349,900
20230505Model S789,900 19,000 2.41%808,900
20230505Model S Plaid1,009,900 19,000 1.88%1,028,900
20230505Model X879,900 19,000 2.16%898,900
20230505Model X Plaid1,039,900 19,000 1.83%1,058,900
20230502Model 3229,900 2,000 0.87%231,900
20230502Model 3 Performance329,900 2,000 0.61%331,900
20230502Model Y261,900 2,000 0.76%263,900
20230502Model Y Long Range311,900 2,000 0.64%313,900
20230502Model Y Performance361,900 2,000 0.55%363,900
20230217Model Y Long Range309,900 2,000 0.65%311,900
20230217Model Y Performance359,900 2,000 0.56%361,900
20230210Model Y259,900 2,000 0.77%261,900
20230106Model 3265,900 -36,000 -13.54%229,900
20230106Model 3 Performance349,900 -20,000 -5.72%329,900
20230106Model Y288,900 -29,000 -10.04%259,900
20230106Model Y Long Range357,900 -48,000 -13.41%309,900
20230106Model Y Performance397,900 -38,000 -09.55%359,900
20230106Model SNewNANA789,900
20230106Model S PlaidNewNANA1,009,900
20230106Model XNewNANA879,900
20230106Model X PlaidNewNANA1,039,900
20221024Model 3279,900 -14,000 -5.00%265,900
20221024Model 3 Performance367,900 -18,000 -4.89%349,900
20221024Model Y316,900 -28,000 -8.84%288,900
20221024Model Y Long Range394,900 -37,000 -09.37%357,900
20221024Model Y Performance417,900 -20,000 -4.79%397,900
20220617Model Y301,840 15,060 4.99%316,900
20220617Model Y Long Range375,900 19,000 5.05%394,900
20220315Model 3265,652 14,248 5.36%279,900
20220315Model 3 Performance349,900 18,000 5.14%367,900
20220315Model Y Long Range357,900 18,000 5.03%375,900
20220315Model Y Performance397,900 20,000 5.03%417,900
20220310Model 3 Performance339,900 10,000 2.94%349,900
20220310Model Y Long Range347,900 10,000 2.87%357,900
20220310Model Y Performance387,900 10,000 2.58%397,900
20211231Model 3255,652 10,000 3.91%265,652
20211231Model Y280,752 21,088 7.51%301,840
20211124Model 3250,900 4,752 1.89%255,652
20211124Model Y276,000 4,752 1.72%280,752
20211119Model 3235,900 15,000 6.36%250,900
20211027Model S Long Range859,990 30,000 3.49%889,990
20211027Model X Long Range909,990 30,000 3.30%939,990
20210911Model Y Performance377,900 10,000 2.65%387,900
20210804Model S Long Range829,990 30,000 3.61%859,990
20210804Model X Long Range879,990 30,000 3.41%909,990
20210730Model 3250,900 -15,000 -5.98%235,900
20210716Model S Long Range799,990 30,000 3.75%829,990
20210716Model X Long Range849,990 30,000 3.53%879,990
20210708Model YNANewNA276,000
20210508Model 3249,900 1,000 0.40%250,900
20210324Model Y Long Range339,900 8,000 2.35%347,900
20210324Model Y Performance369,900 8,000 2.16%377,900
20210101Model 3 PerformanceNewNANA339,900
20210101Model Y Long RangeNewNANA339,900
20210101Model Y PerformanceNewNANA369,900
20201001Model 3271,600 -21,700 -7.99%249,900
20201001Model 3 Long Range344,050 -34,150 -09.93%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.