Tesla Is Dominating The Used EV Market

Tesla has been keeping us waiting for its new Model S Plaid for some time, with yet another delay announced last week. The company has also made some questionable updates to the safety systems of its two most popular vehicles. Last week, we also learned why the company constantly increases the prices of its products. Basically, Tesla is always in the news, and there's often a bit of controversy surrounding whatever story the company is involved in. But despite all these factors, people continue to be attracted to the brand and its vehicles, and this is especially true in the used car market, where secondhand Teslas are in extreme demand.

According to a report from Recurrent, a firm that tracks used electric car sales in America to assess volume trends, used Teslas sell faster than any other EV on the secondhand market. The report focused on vehicle sales of various EVs in the past 90 days versus their number in inventory, giving the firm "a relative proxy of used car turnover in the country." If one company sells more vehicles than it has for sale, then it means that turnover of inventory is happening quickly. In Tesla's case, the data says that the EV manufacturer is turning over 4.5 cars for every one listed.

Recurrent CEO Scott Chase says that the Tesla Model 3 is especially popular, with a rate of "6.6X sales per vehicle in inventory." The same company has previously reported that it expects Tesla to command 40-50 percent of America's used EV segment in the coming years. That's good news for early adopters who will be looking to upgrade to a newer model in the future, but with legacy automakers seeing far less demand for their EVs, is there any way to stop Tesla's dominance? Only time will tell, but for now, it seems that buying a Model 3 is the smart financial choice when considering a new EV.