The Tesla Model Y has added yet another accolade to its growing list of achievements by winning the 2023 Residual Value Award in the compact and large battery electric vehicle SUV category. British automotive analytics firm Autovista Group bestowed the title upon the Model Y, further solidifying its position as a top contender in the electric vehicle market.
Ranking metrics
Residual Value (RV) represents a vehicle’s worth after a specific duration and mileage. In Autovista’s standard scenario, the RV analysis considered a timeframe of 36 months and 40,000 miles (60,000 kilometers).
The company calculated the results by dividing the RV percentage – relative to the retained list price – by the average RV percentage within the specific category.
The analysis excluded vehicles with “extremely high or low horsepower and price points,” using data from used cars from February to April 2023.
It is also worth noting that the Autovista Group’s experts examined data from 17 European nations, which revealed the Tesla Model Y’s dominance.
Model Y retains strong value across European markets
Autovista Group’s analysis showcased Model Y’s outstanding value retention across the region even after three years and 40,000 miles. Refer to the data below:
| European Nation | Residual Value after 3 years/40,000 m |
| UK | 55% |
| France | 67% |
| Germany | 64% |
| Hungary | 74% |
The automotive analytics firm attributed the Tesla Model Y’s remarkable value retention to its consistent engineering enhancements and its Over-The-Air (OTA) update feature, underscoring Tesla’s commitment to continually improve its EV products.
Furthermore, the Model Y’s exceptional performance in the Euro NCAP from 2020 to 2022 bolstered its appeal and desirability among consumers.
Another key contributor to Tesla’s strong value proposition lies in its battery technology. The Musk-led automaker claims that its batteries experience a minimal 12% degradation in capacity after approximately 200,000 miles (320,000 km). However, it is essential to acknowledge that battery degradation can vary depending on multiple factors, such as driving style, temperature conditions, and charging patterns.
“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.”
Jose Pontes, EV-volumes.com Data Director
Skoda Enyaq and Audi Q4 E-Tron Sportback follow closely in the rankings
The competition in the BEV market was fierce, with several vehicles vying for the top spot.
The Skoda Enyaq secured the second-best position in the rankings, closely followed by the Audi Q4 E-Tron Sportback, the Volvo EX90, and the VW ID.4.
The Skoda Enyaq further impressed by achieving a top-five ranking in nine out of the 17 markets explored.
Compact and Large BEV SUV category finalists
| Rankings | Make | Model |
| 1 | Tesla | Model Y |
| 2 | Skoda | Enyaq |
| 3 | Audi | Q4 e-Tron Sportback |
| 4 | Volvo | EX90 |
| 5 | Volkswagen | ID.4 |
“SUVs dominate the BEV market and there were many vehicles competing for the title.”
Christof Engelskirchen, Autovista Group Chief Economist
See Also:
- Tesla Model Y receives the “Best Car for Families 2023” award
- Australia: Tesla Model Y advances as the top-selling SUV in May
- Tesla Model Y advances as the world’s best-selling car in Q1 2023
- Tesla Model Y leads the Chinese all-electric SUV market in March
- Tesla Model Y persists in dominating China’s SUV market in Q1 2023
The Residual Value Award win for the Tesla Model Y underscores its enduring appeal, strong value retention, and widespread acceptance among European consumers.
As Tesla continues to lead the way in the electric vehicle revolution, the Model Y remains a front-runner, setting new standards for the electric SUV market and showcasing Tesla’s commitment to providing exceptional products that exceed expectations.
