Here’s How Much A 3-Year-Old Tesla Is Worth Today
Few brands have reshaped the automotive landscape quite like Tesla. What started as a bold bet on battery-powered transport has grown into a full lineup that spans affordable sedans, family crossovers, and six-figure performance flagships — and the ripple effects have pushed every legacy automaker, American, German, and Japanese alike, to accelerate their own EV programs. Today, with the Model 3, Model Y, Model S, Model X, and the polarizing Cybertruck all on the road, Tesla offers a unique blend of performance, practicality, technology, and sustainability that few rivals can match end-to-end.
The case for electric vehicles is well established: zero tailpipe emissions, lower running costs, and fewer mechanical parts to maintain compared to a gasoline-powered car. That said, reliability concerns have tempered enthusiasm in some corners of the segment, contributing to notable depreciation for certain EV brands. Tesla, however, has proven more resilient than most when it comes to holding its value.
New Teslas carry a premium that reflects the complexity of their powertrains and the brand’s relentless pace of development. But that same dynamic creates a compelling opportunity in the used market. A three-year-old Tesla delivers most of what makes the brand special — at a significantly reduced price. Here’s a clear-eyed look at what each 2023 Tesla model is worth today, and whether one might be the right buy for you.
2023 Tesla Model 3
KBB Fair Purchase Price: $26,000-$32,300
Even years after its debut, the Tesla Model 3 remains the most accessible car in the manufacturer’s lineup. The Model 3 has long proven itself as an ideal entry-level electric car, blending performance and affordability in a package that competitors have only recently begun to challenge. The 2023 model was offered in multiple trim levels, including Standard Plus, Long Range, and Performance.
According to Kelley Blue Book (KBB), the fair price for a used 2023 Tesla Model 3 in its base guise starts from as low as $26,000 and can go up to $32,300 depending on the trim and condition of the vehicle. While it doesn’t feel quite as fresh as the latest Model 3, the 2023 version still offers strong value for money.
Here’s How Much The Tesla Model 3 Depreciates After 3 Years
According to CarEdge, a three-year-old Tesla Model 3 will depreciate around 45%, which compares favorably to what many other electric cars experience in far less time.
Pros
- Great performance at accessible prices.
- High on technology.
- High on safety.
Cons
- Build quality isn’t the best.
- Less usable range on the highway.
- Misses out on some basic features like a blind spot monitor.
2023 Tesla Model Y
KBB Fair Purchase Price: $32,100-$34,000
The Tesla Model Y is the most accessible crossover/SUV in Tesla’s lineup. It shares about 75 percent of its components with the Tesla Model 3 but offers greater ground clearance and a higher seating position compared to its low-slung sibling. It also brings better practicality and interior space, with a seven-seater option available. The mid-size crossover was offered in two trims: Long Range and Performance.
Despite being Tesla’s more affordable SUV offering in 2023, the Model Y sees a more significant drop in used pricing compared to the Model 3 sedan of the same model year. According to Kelley Blue Book (KBB), a used 2023 Tesla Model Y can be had for between $28,410 and $29,627, with the lower figure representing the Long Range trim and the higher one the Performance trim.
As expected, the 2023 Model Y isn’t quite as sprightly as the smaller Model 3, but it still manages to outpace countless brand-new SUVs, particularly in Performance trim. Both trims come with all-wheel drive as standard, making the sub-$30,000 asking price all the more attractive.
Here’s How Much The Tesla Model Y Depreciates After 3 Years
A 2023 Model Y can be purchased for about $32,100. One of the standout qualities of the Model Y — still evident in brand-new examples — is how well it holds its value relative to other vehicles in its class.
Pros
- Brisk performance for a mid-size crossover
- Plenty of room in the first two rows
- Plenty of range
Cons
- Optional third-row seats are not very usable
- Stiff ride on the Performance model
- Misses out on Android Auto and Apple CarPlay
2023 Tesla Model S
KBB Fair Purchase Price: $49,600-$68,800
Stepping up to the two high-end models that Tesla continues to offer, the Model S is the brand’s flagship sedan and has been on sale since 2012. Over the years, it has gone from underdog to benchmark-setter for the segment. Its sleek, understated design gives little hint of the performance lurking beneath — especially in Plaid guise. The 2023 Tesla Model S was offered in a Long Range trim alongside the performance-oriented Plaid.
The 2023 Model S wasn’t the most expensive Tesla that year — that distinction belongs to the Model X — but it wasn’t far behind. The base Long Range trim carried a starting MSRP of $101,190 when new. Today, you can expect to pay around $49,600 for a used 2023 example. The Plaid trim started at $137,190 new, and the current average used pricing for that variant is $68,600.
When the Plaid trim arrived, it immediately set a new benchmark for electric performance sedans — one that has since been surpassed by Lucid Motors. The 2023 Model S Plaid refined the formula with a 0–60 mph time of just 1.99 seconds, a figure that remains unchanged in the current model.
Here’s How Much The Tesla Model S Depreciates After 3 Years
According to CarEdge, the Tesla Model S depreciates at a rate of around 37 percent over three years — one of the stronger value-retention figures in the EV segment, and a testament to Tesla’s reputation for holding its worth better than most rivals.
Pros
- Neck-snapping performance.
- Excellent range.
- Good amount of cargo space.
Cons
- Not as luxurious as similarly priced sedans.
- Yoke-styled steering takes time getting used to.
- Build quality isn’t the best.
2023 Tesla Model X
KBB Fair Purchase Price: $55,500-$72,700
At the top of Tesla’s SUV range, the luxury-focused Model X builds on the Model Y in essentially every way. It remains a genuinely distinctive offering: a seven-seat configuration, a wealth of technology, serious performance credentials, and the signature falcon-wing rear doors that still turn heads. In 2023, the Tesla Model X was available in two trims — Long Range and the performance-oriented Plaid.
With a starting price of $116,190 when new, the 2023 Model X was never an entry-level proposition. Three years on, however, you can expect to pay about $55,500 for a used Long Range example, or $72,700 for the Plaid trim.
Thanks to its tri-motor setup, the Plaid’s 0–60 mph acceleration figures are extraordinary for a seven-seat electric SUV. The 2.5-second sprint time is still quicker than many dedicated performance cars on sale today.
Here’s How Much The Tesla Model X Depreciates After 3 Years
The Tesla Model X has held its value reasonably well relative to other electric SUVs. According to CarEdge, the 2023 Model X has depreciated by around 50 percent, meaning buyers can access a genuinely capable luxury SUV at roughly half the original sticker price.
Pros
- Impressive performance for an SUV of its size.
- Plenty of usable range.
- Quite practical with space for seven occupants and plenty of storage area.
Cons
- Immense glass area lets more sun and heat into the cabin.
- Misses out on Android Auto and Apple CarPlay smartphone integration.
- Not as luxurious as other luxury SUVs in the segment.
Sources: iSeeCars, KBB, CarEdge, and Edmunds
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