It's the best-selling used car in America, and it's electric.

Electric vehicles are gaining popularity not only in the US, but throughout the world. This is demonstrated by Tesla, who managed to make one of his cars a bestseller in the used car market.

In recent years, buyers have gradually become accustomed to electric vehicles. The addition of extensive charging networks and long-range batteries makes driving an electric vehicle more practical. While it's still expensive to buy new electric vehicles, the depreciation brings the segment favorites closer to a reasonable price.

Enthusiasm for the Model 3 appears to be at an all-time high, as it is the best-selling used car in the US, and according to a report issued by iseeCars, it takes less than 30 days to sell a Tesla Model 3 used.

On average, it takes about 70 days to sell a used car, but the Tesla Model 3 cuts that time in half, often finding a buyer in less than 30 days.

The second best-selling used vehicle, although not electric, is the BMW X6, which takes more than 43 days to find a new home. Even top-selling models like the Honda Accord take an average of 50 days to sell.

It's not hard to see why the Tesla Model 3 is so popular. In terms of range, Model 3 is capable of up to 322 miles on the Long Range setting and 250 miles on the base Standard Range Plus model. Tesla's supercharging network allows the Model 3 to gain up to 180 miles of range in 15 minutes, making it reasonable for commuters. In addition to being practical, the Model 3's sleek exterior design gives it a futuristic look, setting it apart from other commuter cars.

In the interior, the traditional instrument panel layout is replaced by a 15-inch center display that controls the car's media. Even key data such as speed, battery life and warning lights are displayed on the central display. Given the Model 3's unique features and excellent range, the biggest factor holding consumers back from buying a new model is probably its price.

A used Model 3 sells for an average of $44,000.

Electric cars are the fastest depreciating vehicles on the market; however, the Tesla Model 3 seems completely unfazed. The Model 3 only loses 10.4% of its value in the first 3 years. In contrast, the most popular electric car in the US lost 60.2% of its value over the same time period. As a result, a used Model 3 sells for an average of $44,000.

How much does the new Model 3 cost?

An all-new base Model 3 with no options is $37,990. Add red paint, nicer wheels, and autopilot functionality, and the price quickly shoots up to $49,490. The Model 3 Long Range starts at $46,990 and quickly goes up to $58,490 with the same options selected. The top-of-the-line Model 3 Performance starts at $54,990 and tops out at $64,990 with similar options.

Cheaper Tesla will succeed

The high cost of entry is likely what drives consumers into the used car market. For example, purchasing a used Tesla Model 3 Long Range can result in over $10,000 in rebates, making it much more affordable for consumers. Data shows that enthusiasm for the Model 3 is at an all-time high. However, it appears that part of the affordable electric vehicle market is being left behind. If Tesla released a new electric car for less than a dollar, it wouldn't have to lose those EV sales to the used car market.

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