Tesla Inc. (NASDAQ:TSLA) has consistently led the U.S. EV sales charts with the Model Y, which first hit the roads in 2020 and has since emerged as one of the Elon Musk-led automaker’s best-selling vehicles.
However, an analysis by EpicVIN, a vehicle history provider, compiled a dataset of 296 million vehicles based on sales listings and auction records from providers like Copart and IAAI, and points to the high rates of junk titles for Tesla vehicles.
A salvage or junk title is a state title brand generally associated with vehicles that have been declared a total loss. Depending on state rules and the extent of damage, some salvage vehicles can be repaired and returned to the road. With that said, let’s take a closer look.
Tesla Salvage Rates Far Exceed Other EVs in EpicVIN Dataset
Of the 296 million vehicles, the data analyzed 70 models that were purely electric, meaning that it had no Plug-In Hybrids (PHEVs), Hybrid Vehicles, or Extended Range Electric Vehicles (EREVs), EpicVIN said.
The dataset comprised 2,807,799 EVs, of which Tesla vehicles made up 751,766. The dataset also did not include models that had fewer than 1,000 vehicles and omitted models with the same name for both internal combustion engines (ICE) and electrified vehicles.
The Tesla line-up, including the Model Y, Model S, Model X, Model 3 and the Cybertruck, comprised 138,839 salvage titles out of 751,766 vehicles, representing an 18.5% salvage rate.
The model-wise breakdown for Tesla vehicles that held junk titles included 64,749 units of 341,078 Tesla Model 3 vehicles, comprising 19%, while 42,900 of 225,106 of Tesla Model Y vehicles held junk titles, comprising 19.1% of vehicles.
For the Tesla Model S vehicles, 21,539 units held junk titles, according to the data, from a total of 114,449 units, making up 18.8% of the model. 9,035 units out of 64,759 Model X vehicles held junk titles, making up 14.0%. The Tesla Cybertruck, which is the newest and most expensive member of the Tesla line-up, was the lowest, with 616 units holding junk titles out of 6,374 vehicles, making up nearly 10%.
It’s worth noting that because Tesla exclusively builds battery-electric vehicles (BEVs) and maintains higher cumulative EV sales volumes than traditional automakers, Tesla models may make up over a quarter of all fully electric vehicles in the dataset.
Importantly, the figures do not represent the salvage rate of Tesla vehicles on U.S. roads. EpicVIN’s data comes from auction and sales-listing records, including Copart and IAAI, rather than state title registries, meaning the percentages reflect vehicles appearing in those records.
How Legacy Automakers Compare
For reference, the 10 largest non-Tesla EV volume models from Legacy automakers show salvage rates ranging from 1.0% to 9.5% across model lines, each exceeding 60,000 units in the dataset, EpicVIN said.
The data consisted of the Nissan Motor Co. Ltd.‘s (OTC:NSANY) Leaf, where 9.5% or 17,443 of 183,095 units held junk titles. The data also showed that from 138,593 of the General Motors Co. (NYSE:GM) Chevrolet Bolt EV vehicles, 7,920 had salvage or junk titles, which equaled 5.7%. 737 units, or 1.1% of 68,163 Cadillac Lyriq vehicles, had salvage titles, whereas 761 units out of 76,861 Chevrolet Equinox EV vehicles were up for the scrapyard, equivalent to 1% of the total.
For South Korean automakers, out of 67,273 Kia EV6 vehicles, 2,434 have salvage or junk titles, making up 3.6% of the total. On the other hand, out of 159,202 Hyundai Ioniq 5 vehicles, 3,843 were deemed a total loss, equaling 2.4%. 81,657 Honda Motor Company, Ltd. (NYSE:HMC) Prologue vehicles were also analyzed in the data, out of which 1.4% or 1,111 had salvage or junk titles.
The Volkswagen ID.4, with 3,272 salvage titles from a total of 101,308 units, made up 3.2%. Of the 73,084 total BMW i4 vehicles in the dataset, 1,997 held salvage or junk titles, which equals 2.7%. EpicVIN also analyzed 195,448 units of the Ford Motor Co. (NYSE:F) Mustang Mach-E vehicle, out of which 2.6% or 5,150 units had salvage titles.
The Volume & Age Divergence
Because salvage rates typically scale with age, the dataset factors in vehicle maturity. Tesla’s high sales volume over a longer timeline gives its vehicles an average age of 5.4 years in this dataset, compared to 3.0 years for the 65 non-Tesla models, EpicVIN data showed.
When comparing vehicles of similar age, non-Tesla EV salvage rates increase as cars mature, whereas Tesla’s salvage rates remain static near 18% across all age groups, the data showed. FOr
Tesla models, like the Model Y and the Cybertruck, when compared with data from non-Tesla models aged under 5 years, also showcase nearly 19% junk title data. 18.8% or 43,516 vehicles of 231,480 Cybertrucks and Model Ys held junk titles.
While 2.3% or 36,829 of 1,625,624 from non-Tesla makers comprising over 50 models held junk titles, the data said. When comparing models older than five years and up to eight years, Tesla vehicles remain above 18%.
18.2% or 73,784 of 405,837 Tesla Model 3 and Model X vehicles held salvage titles. On the other hand, 5.8% or 10,095 of 174,542 vehicles aged five to eight years from non-Tesla makers held junk titles.
The story remains similar when accounting for vehicles aged eight to 11 Years, with 18.8% or 21,539 of 114,449 Model S vehicles being total losses, compared with 9.5% or 23,711 of 249,631 vehicles from traditional automakers.
Even after grouping vehicles by average age, the EpicVIN dataset shows Tesla’s salvage-title rate remaining around 18%-19%, while the comparable non-Tesla groups show lower rates.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by a Benzinga editor.
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