Tesla Model Y wins the Compact and Large BEV SUV Autovista Group Residual Value Award 2023
27 June 2023
The Tesla Model Y has won the Autovista Group Residual Value Award in the highly contested Compact and Large Battery-Electric Vehicle (BEV) SUV category.
The best-selling BEV competed against strong European rivals in the top five shortlist. A number of factors helped propel the Model Y as a residual value (RV) champion in its award category, which considered all-electric SUVs in the C, D and E-segments.
Clean looks and minimalistic design aside, the BEV features a more coupé-like silhouette. This helps ensure an efficient ride, with the car capable of driving ranges beyond 400km. After tackling range anxiety, Tesla’s well-established supercharger network helps combat charging concerns.
Strong brand recognition
Tesla’s Model Y remains a firm favourite among BEV customers looking for a durable, convenient, efficient, and safe vehicle. Across Europe, the all-electric car performs consistently, clearly benefiting from both brand recognition and a strong reputation when it comes to electric-vehicle (EV) value retention.
‘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.
Runners-up in the category include the Skoda Enyaq, which achieved a top-five positioning in nine out of the 17 markets Autovista Group examined. Other notable contenders were the Audi Q4 e-Tron Sportback, the Volvo EX90, and the Volkswagen ID.4, all of which boasted a strong RV performance. ‘These are diverse alternatives to Model Y and this segment will see further entrants in the coming year,’ Engelskirchen added.
‘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,’ they said.
The spokesperson explained that Model Y’s strong value retention is the result of constant focus on product improvement through original engineering and its ability to enhance its fleet remotely. Tesla pioneered over-the-air updates to offer customers new and improved features.
‘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.
Battery durability is also worth mentioning as it has a strong impact on RVs. ‘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 the 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 mileages.
The BEV is one of the most efficient SUVs on the market, meaning more savings and shorter charging sessions. ‘The Model Y caters to the needs of consumers who are looking for long-lasting, convenient, efficient and safe vehicles,’ the spokesperson concluded.
Analysts from Autovista Group examined used-car market data from February to April 2023 with forecast trade RVs of 36-month-old cars at 60,000km. 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.
The Autovista Group Residual Value Awards are based on a category’s average index across available countries. This was weighted against each country’s new-car sales volumes, ensuring that outstanding results from high-volume markets were represented in the results.
The Tesla Model Y showed a strong %RV performance in France, Italy, Portugal, and Hungary, scoring an indexed performance of at least 120% in these markets. The BEV did also well in Poland, where its indexed %RV rating hit 115%, followed closely by the Czech Republic, Switzerland, Germany, Slovakia, the Netherlands, and Spain.
José Pontes, data director at EV-volumes.com, described Tesla’s BEV SUV as a default choice in its segment. ‘A bit like the VW Golf in previous decades, you cannot go wrong with the Model Y,’ he said.
‘It may not be as eye-catching as the Model 3 or as comfortable as the Model S, and its interior might be considered spartan given its price, but it provides the usual Tesla qualities of efficiency, range, and dependability. It adds a practical side not always present in the brand’s products, making a great all-rounder,’ said Pontes.
The RV awards emphasise real-world value retention, relying on the vast amounts of data available to Autovista Group. This data-defined approach will draw interest across the automotive industry, from carmakers to leasing companies and from fleet operators to insurers.
Autovista24 will reveal two more RV champions this week, from the Large Car and Large SUV categories. Each exclusive data-driven article will feature unique industry insights. To get the latest updates on the Autovista Group Residual Value Awards 2023, subscribe to the Autovista24 daily email and follow the Autovista24 page on LinkedIn.