How Much A 2022 Tesla Model Y Is Worth Today – TopSpeed

The Tesla Model Y might be many people’s first choice of an electric SUV to buy. This is likely because Tesla stands at the forefront of the electric automotive industry through its innovative technology and modern-day engineering. If you’re new to electric vehicles or trying to brush up on some details on Tesla “models,” it’s worth noting that the Model Y was one of the most popular SUVs in 2024 and the second best-selling one. This is impressive, and whether you’re for EVs or not, it’s an admirable feat that the Model Y went up against all SUV platforms (hybrids, plug-in hybrids, and non-electric vehicles) and managed to secure second place.

Electric vehicles (EVs) get a bad rep in some areas, with many myths and stereotypes being thrown their way, but many of these accusations or thoughts have been disproven. A prime example of this is that all-electric vehicles depreciate faster than the rest of the car platforms. While it’s true for some models, the same can be said across the board with gas-powered or gas-powered vehicles with some batteries. This leads to the question of how a used Tesla Model Y looks in 2025 and if it’s worth the purchase.

The Base 2022 Tesla Model Y Is Worth $27,295

The 2022 Tesla Model Y is roughly three years old and “some change”. There are various cases of Tesla models that show their high depreciation, but a used Model Y is known to hold its value pretty well. This might be because it is the most popular electric SUV, but typically, when brands mass-produce models, they’re likely to depreciate quicker over time. Tesla didn’t provide singular data for each of its models in terms of sales, but they did state that they produced 1,295,434 Model Y’s and Model 3’s in 2022. Before you run too far with that statistic, Tesla is stating in total, as in together, the Model Y and Model 3, there were over a million models, aka there weren’t 1,295,434 Models Y’s and 1,295,434 Models 3’s in 2022 rather there were 1,295,434 in total.

That may have become confusing for a second, but it’s worth mentioning the mass production that Tesla does with its vehicles. If you take limited edition vehicles, whether a 1-of-50 Lamborghini or a Heritage Edition Ford Bronco, limited runs, and lower-produced cars, they will typically hold their resale value over vehicles that were being handed out like candy. This all should be noted because the 2022 Tesla Model Y defeats the odds and retains its value over the years pretty well.

The 2022 Model Y Is Expected To Depreciate More Than 50 Percent After Five Years

The 2022 Tesla Model Y is expected to depreciate by 59 percent after five years. Okay, so you may be thinking about how the Model Y “holds its value well” when it loses more than half of its value after the first five years. This is a reasonable question, and if you don’t know the percentages and depreciation values of cars, it could seem contradictory.

For starters, you can expect to lose 20 percent of your car’s value in the first year. The depreciation continues to rise, with the third year typically ripping off another 10 percent of the value of the car. While 59 percent may seem like a lot, which it is, it should be noted that the Tesla Model Y barely sits under the average, where the average car loses 60 percent in the fifth year.

Tesla Model Y Depreciation And Resale Value

Taking a dive into the 2022 Tesla Model Y, it loses 41.5 percent of its value after three years. In terms of money, that comes out to $17,829, which is a hefty price. Fast-forward two years, and the 2022 Model Y bumps the depreciation to $25,368, retaining 41 percent of its value. The tenth year is the worst, which shouldn’t be that surprising because the older a car gets, the more it depreciates. You can expect the 2022 Model Y to depreciate by 76.6 percent after ten years, which has a dollar value of $32,952.

How It Stacks Up Against Other Cars

So, you know how much the 2022 Tesla Model Y depreciates, and the next area worth looking into is how it stacks up against SUVs that sit in its car class. Some may not know this, but the Tesla Model Y is considered a luxury electric SUV. The American car brand isn’t technically a luxury manufacturer but offers luxury vehicles. This might sound a bit confusing, but a good example is Toyota, which offers all types of vehicles, with some, like the Crown and Crown Signia, technically fitting into the luxury category and being offered in the upper market.

The 2022 Tesla Model Y does surprisingly well compared to its electric SUV competition. In the first three years, the average of all the luxury electric compact SUVs depreciated by 42.4 percent. This is nearly one percent more than the Model Y, which depreciates .9 percent less. It’s the five-year mark when you start to see some advantages, with the average of electric compact SUVs depreciating 10 percent more than the 2022 Model Y. For the seventh and tenth years, both areas start to come back together, with the tenth year only being a 1.2 percent difference. All SUVs, including every powertrain platform, see better results over the Model Y, with it depreciating way slower over the ten years.

Tesla Model Y Depreciation Comparison

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How Ownership Costs Look On The 2022 Tesla Model Y

Looking over a vehicle’s depreciation can be genuinely beneficial, but some other ownership costs are just as important to review. Some of these factors depend on the owner of the vehicle, with examples including insurance, financing, and taxes and fees. However, some areas relate to any owner, such as maintenance, repairs, fuel, and the overall true cost of owning.

Statistics and cars should always be taken with a grain of salt, and it’s likely to be different for everyone. Whether you were born with bad luck and you’re the unlucky one who got the 1 in 1,000,000 chance of a faulty battery, just know that these numbers are averages, and everyone who experiences ownership costs will vary.

2022 Tesla Model Y 3-Year Ownership Costs

* Note: Ownership Costs Taken From 2022 Tesla Model Y Long Range AWD

You Can Expect To Spend $5,085 On Maintenance And Repairs After Three Years

Arguably, the projected maintenance and repair costs are just as important as depreciation. For the 2022 Tesla Model Y, you can expect to pay $2,091 in maintenance and $2,994 in repairs over three years. Electric vehicle brands, especially Tesla, are branded with a stereotype that their models are unreliable and constantly breaking down. This has blown out of proportion over the years in and outside of the car world, and to put it straight, electric vehicles are just as reliable as the other platforms.

It’s also worth noting that Tesla is the number one car brand with the lowest maintenance and repair costs. There are two things to take away from this. The first is that Tesla didn’t just go up against other EV brands; rather, it went up against all the car brands. The second is that this means Tesla vehicles aren’t breaking down as everyone makes it out to be, or they wouldn’t have secured first place.

The 2022 Model Y Will Cost $27,502 To Own After Three Years

When you tie in all the three-year ownership costs, you can expect to pay around $27,503. On average, it will cost $76,809 to own a Tesla for five years. This may seem large, but it might look better when you compare it to other luxury SUV models. For a non-electric SUV, the BMW X3 is a solid choice and is very similar to the Model Y minus the electric powertrain. For a 2022 BMW X3 xDrive30i AWD, the lowest trim on the X3, you can expect to pay $36,376 after three years.

2022 Tesla Model Y Ownership Costs Vs Other Luxury SUV Platforms (Hybrid, Plug-In Hybird, Non-Electric)

For the models that utilize some sort of electricity, the 2022 Model Y seems to still keep costs lower. The Lexus NX 350h is another great candidate to compare to the Model Y, and it capitalizes in areas over the rest of the SUVs. It comes with the lowest three-year repair costs, which came out to $1,515, and depreciated by $9,350 over three years, which was the model to retain its value better. Lastly, for a plug-in SUV, the Audi Q5 PHEV represents that luxury aspect and is classified as a compact luxury SUV. Its ownership costs are close to the X3, with its larger three-year ownership costs and pricey maintenance and repairs.

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A Look At The Tesla Model Y Performance

If you’ve ever tried researching a new or used Tesla Model Y, you probably ran into a lack of information regarding the performance. This is because Tesla likes to present their lineup over a simplified overview and prevent listing out-of-date information since their models have received software updates over the years.

The Model Y is offered in the base rear-wheel drive setup, housing one electric motor. The rear-wheel drive trim produces 295 horsepower and 310 pound-feet of torque. The Long-Range all-wheel drive picks up in power with its second electric motor, making 425 horsepower and 475 pound-feet of torque. Lastly, the Performance AWD is centered around, as you could have guessed, “Performance”, and raises the power to 455 horsepower and 487 pound-feet of torque. Every trim utilizes a single-speed transmission.

2022 Tesla Model Y Performance Specifications

The 2022 Model Y Offers Up To 330 Miles

Over the years, Tesla has been one of the more competitive electric car brands in terms of range and efficiency. The base rear-wheel-drive model offers a full driving range of 244 miles and a combined fuel economy of 129 MPGe. The Long-Range Model Y is where you’ll get the best range with its 330 miles.

Perfomance-focused vehicles on most car platforms typically fall off when it comes to their efficiency, but the Model Y Performance says otherwise with its combined 111 MPGe and an overall driving range of 303 miles. While the 2022 Model Y is still relatively new in today’s world, it’s nice to know that a three-year-old model still competes with new gens for its range and fuel economy.

2022 Tesla Model Y Fuel Economy And Range

An Electric SUV That’s Great For Budget Buyers

The 2022 Tesla Model Y is great for first-time EV buyers or people looking for a budget-friendly electric SUV. With the 2022 Model Y depreciating by 41.5 percent in the last three years, it opens up a door for some discounted models. Today, you can pick a used one up for around $29,112 to $30,201. This looks much better on paper when considering that the average starting price for a new luxury electric SUV is $68,708. That seems right because the 2022 Model Y MSRP sat at around $64,000 to $69,000. Ironically, the 2022 Tesla Model Y was the most expensive year, but in 2025, it sits as an affordable electric SUV that has a lot to offer.