As a general rule, the multi-body simulation models used by railway vehicle designers consider the wheelsets to be fully rigid, thus leading to possible errors when calculating the critical speed of the vehicle under study. This article suggests a wheelset model that takes into account wheelset flexibility for the study of dynamic stability. The model is simple to implement, easily parameterised, and can be applied to both conventional and variable gauge wheelsets. The parameters corresponding to wheelset flexibility that most influence the critical speed of high-speed and variable gauge vehicles are also analysed.