According to the latest report by Kelley Blue Book, which was shared by Teslarati, both the flagship Tesla Model S sedan and Model X SUV earned the awards for Best Resale Value in 2023. However, to be clear, the Tesla EVs weren’t winners overall for every vehicle, but rather, in their respective classes.
When you buy a new or used car, there are several things to consider. We could list them all here, though many are obvious, such as price, safety, fuel economy, seating space, technology, etc. Another major consideration should be resale value, but much like a car’s total cost of ownership, its resale value may often be overlooked by buyers.
Whether or not you buy a car with plans to turn around and sell it sooner rather than later, it’s important to know what it might be worth going forward. A car that retains its value better over the long term is clearly a better financial choice than one that loses its value more quickly.
As Teslarati points out, some sought-after and typically pricey EVs like the Rivian R1T, Ford F-150 Lightning, GMC Hummer EV, Lucid Air, and other comparable offerings may have actually served as “appreciating assets” for buyers of late. This was also true of Tesla EVs. If you can’t get your hands on a new one for a long time, then used models may attract a premium price.
While used values are now dropping, pre-owned EVs are now cheaper, and some Teslas are losing their value more quickly than rivals, the Model S and Model X appear to be exceptions when compared to their rivals. This isn’t true of the Model 3 and Model Y, which recently saw notable price reductions on the new-car market. It will be interesting to see how the more recent and significant price reductions to the Model S and X impact the study going forward.
At any rate, Kelley Blue Book (KBB) designated 28 cars as recipients of its “Best Resale Value” award for 2023. The award looks at each vehicle’s projected value after the first five years of ownership. The Tesla Model S took the top spot among luxury electric cars and the Model X was the leader in the luxury electric SUV space.
KBB predicts the Chevrolet Bolt EV will retain its value the best among non-luxury electric cars, with the Ford Mustang Mach-E taking the similar award for electric SUVs. The Ford F-150 Lightning is the leader among electric pickup trucks.
When compared to all vehicles, EVs didn’t fare as well. In fact, there were no electric models in KBB’s top 10 for 2023.
