Tesla Model Y Wins Compact & Large BEV Autovista Group Residual Value Award 2023
Tesla Model Y has won the Autovista Group Residual Value Award in the highly competitive compact and large battery electric vehicle (BEV) SUV category. The study confirms the greatness of the car.
Model Y is the leader in residual value in the EV SUV segment
Autovista Group conducted a study on the residual value of battery electric SUVs in the C, D, and E segments. The world’s best-selling vehicle in Q1 2023, Tesla Model Y, took first place. It competed with strong European rivals. However, a number of factors have helped make Model Y the residual value (RV) champion in the premium category.
Model Y is a favorite among consumers
Tesla Model Y remains a favorite among electric vehicle buyers looking for a reliable, comfortable, efficient, and safe vehicle. The car demonstrates consistently high sales results worldwide.
“SUVs dominate the BEV market, and there were many vehicles competing for the title of RV champion in the Compact and Large BEV SUV category. Autovista Group’s in-depth investigation found that 27 BEVs made it into the top five in at least one of the 17 countries under review,” said Christof Engelskirchen, chief economist at Autovista Group.
Second place in this category goes to Skoda Enyaq, which made the top five in nine of the 17 markets surveyed by the Autovista Group. The Audi Q4 e-Tron Sportback, Volvo EX90, and Volkswagen ID.4 also entered the top 5 at third, fourth, and fifth places respectively.
“These are diverse alternatives to Model Y and this segment will see further entrants in the coming year,” Engelskirchen added.
The victory is the result of constant work
“This Award confirms our internal data and what our partners across Europe are telling us: Model Y is a safe investment. Model Y was the best-selling car overall globally and in Europe during the first quarter of 2023,” a Tesla spokesperson told Autovista24.
“This outstanding sales performance and product desirability also continues well into the usable life of each vehicle giving it a remarkable resale value. Model Y was also awarded the highest overall score among all cars tested by Euro NCAP from 2020 to 2022,” the company added.
A Tesla spokesperson explained that Model Y’s strong value retention is the result of a continuous focus on product improvement. It does this through ingenuity and the company’s ability to enhance its fleet remotely. Tesla has been a pioneer in over-the-air updates to bring new and improved features to customers.
“Waking up to a car offering new or improved features is pretty common for a Tesla owner and gives used-car buyers the new-car buyer feeling,” the spokesperson added.
In addition, battery longevity had a strong impact on the RV. “We recently provided some interesting data points about battery degradation showing that on average, after about 320,000km our batteries lose just 12% of their original capacity,” Tesla’s spokesperson said.
The company highlighted Model Y’s product innovations, which help reduce the number of parts in the vehicle. Combined with a limited number of consumables, maintenance costs can be kept low, even for vehicles with higher mileage.
“The Model Y caters to the needs of consumers who are looking for long-lasting, convenient, efficient and safe vehicles,” the spokesperson concluded.
Methodology
Analysts from Autovista Group examined used-car market data from February to April 2023 with forecast trade RVs of 36-month-old cars at 60,000 km. Vehicles with extremely high or low horsepower and price points were excluded. This approach ensured a focus on mainstream models.
Autovista Group experts then identified the version of each model with the highest RV, expressed as a percentage of retained list price (%RV). By market, models were indexed by dividing their %RV by the average %RV in the specific category.
Autovista Group Residual Value Awards are based on the category average in the available countries. This was weighted by the volume of new car sales in each country, ensuring that outstanding performance in high-volume markets was represented in the results.
Model Y performed well in all markets
Tesla Model Y has shown high %RV rates in France, Italy, Portugal, and Hungary. There, SUV scored indexed indicators of at least 120%. The car also performed well in Poland, where its % RV-indexed rating reached 115%, followed by the Czech Republic, Switzerland, Germany, Slovakia, the Netherlands, and Spain.
