The used electric vehicle market in 2023 was dominated by the Tesla Model 3 and Model Y, accounting for nearly half of all pre-owned electric car sales. These two models have consistently been popular choices among buyers due to their strong resale value and continuous updates through Over-the-Air technology, keeping them modern and appealing to consumers.
According to a recent report from iSeeCars, the Model 3 maintained its top position as the most popular used EV in the United States for the second consecutive year, while the Model Y closely followed in second place. The Model 3 made up 34.9% of all 1-to-5-year-old used EV sales, with the Model Y accounting for 11.9% of the market share.
Following closely behind the Tesla models was the Chevrolet Bolt, known for its affordability both as a new and used EV. While Tesla vehicles held the top four spots in 2022, the Model S and Model X slipped slightly in 2023, with the Model S ranking fifth and the Model X in sixth place.
Karl Brauer, iSeeCars’ executive analyst, noted that most of the top-ranking electric cars are showing their age, with only the Model Y being relatively new to the market. He suggested that without major updates to Tesla’s more expensive vehicles, their popularity may continue to decline.
Despite the growing popularity of electric vehicles, gas-powered cars still remain the preferred choice for many consumers, likely due to their wider availability in the market. In every U.S. state and major city, an electric vehicle failed to top the list of most popular used cars, with the Honda Civic being the preferred choice in California, Los Angeles, and San Francisco.
Overall, the dominance of the Tesla Model 3 and Model Y in the used EV market highlights the continued appeal of these models among buyers. As the EV market continues to evolve, it will be interesting to see how newer models and advancements in technology impact the popularity of these pre-owned electric vehicles.