2020 Model 3 Tesla Trade In Values

[JustinO]

I’m curious what Model 3 trade in values from Tesla are coming in at now that the Y is coming out, and how they will change this year based on Model Y availability. If you have recently received a trade in quote from Tesla in 2020 please comment below the year, miles, configuration (SR, SR+, MR, LR, LRAWD, P3, etc.), exterior color, and factory options (wheels, white interior, FSD, etc.). Please keep in mind aftermarket additions like ceramic coating will have no impact on trade value, and some modifications may actually significantly decrease trade value (aftermarket suspension modifications or non factory wheels). Prior accident history will also decrease trade value. Thanks

 

[Knightshade]

I’m curious what Model 3 trade in values from Tesla are coming in at now that the Y is coming out, and how they will change this year based on Model Y availability.

Given neither is being produced in enough #s to meet demand (and SR versions of the Y aren't even coming out till next year) I don't see why there'd be any significant change.

 

[JustinO]

Given neither is being produced in enough #s to meet demand (and SR versions of the Y aren't even coming out till next year) I don't see why there'd be any significant change.

Based on previous posts I found trade values for low mile Model 3s were coming in low-mid $30k range from Tesla, well below third party offers while others were satisfied with their Tesla trade value. Now that the tax credits have ended, and Model Y production is sufficient to email Model Y reservation holders for delivery (started with Y performance but now includes LR AWD and even RWD reservation holders) I wanted to create a post where people could comment with their trade values from Tesla so that others would have an idea of their trade value if interested in the Model Y. I contacted Tesla for a trade value on my Model 3 weeks ago out of curiosity and never heard back. Personally I’ve decided to keep my 3 and wait for the Cybertruck instead of the Y, I think the 3 is sportier and looks better. So far to me the Y looks slightly like an eco hatchback and not aggressive enough for an SUV, but I withhold final judgment especially with those überturbine wheels .

 

[Knightshade]

Now that the tax credits have ended, and Model Y production is sufficient to email Model Y reservation holders for delivery (started with Y performance but now includes LR AWD and even RWD reservation holders)

I don't believe that's entirely accurate.

Well, the tax credits federally have ended, but the rest isn't quite right....


https://electrek.co/2020/02/27/tesla-model-y-rwd-buyers-prepare-for-delivery/

Currently P and AWD buyers can place new orders on the website- and (some small number of) those who preordered have gotten emails to confirm March 2020 delivery and select days they are available to accept said delivery (starting March 15)


RWD isn't even available to order online anymore (mirroring it being discontinued on the 3 as well) but some (again not all) folks who had pre-ordered one (who according to the story anyway) have not gotten any such email at all... but have seen their tesla account car page say "prepare for delivery"- with no specific date or anything though- and could well just be a web glitch.


In fact- the Model Y Ordering FAQ still states LR RWD isn't even scheduled for production right now.

Model Y Ordering FAQ

Based on previous posts I found trade values for low mile Model 3s were coming in low-mid $30k range from Tesla, well below third party offers while others were satisfied with their Tesla trade value.

I do apologize for not noticing you were ONLY interested in offers Tesla themselves were making.... I'd expect them to be low in general because Tesla doesn't really want to resell used cars at all (see also them ending the CPO program)

Model 3 in general has retained phenomenal resale value-by FAR the lowest 1 year depreciation of any vehicle on the market- because again demand remains higher tyhan supply even for new ones... So Model Y shouldn't really impact that... but you'd probably need to look somewhere other than Tesla themselves to find it.

Tesla Model 3 tops list of cars that hold their value | The Driven

 

[ElectricIAC]

Based on previous posts I found trade values for low mile Model 3s were coming in low-mid $30k range from Tesla, well below third party offers while others were satisfied with their Tesla trade value. Now that the tax credits have ended, and Model Y production is sufficient to email Model Y reservation holders for delivery (started with Y performance but now includes LR AWD and even RWD reservation holders) I wanted to create a post where people could comment with their trade values from Tesla so that others would have an idea of their trade value if interested in the Model Y. I contacted Tesla for a trade value on my Model 3 weeks ago out of curiosity and never heard back. Personally I’ve decided to keep my 3 and wait for the Cybertruck instead of the Y, I think the 3 is sportier and looks better. So far to me the Y looks slightly like an eco hatchback and not aggressive enough for an SUV, but I withhold final judgment especially with those überturbine wheels .

My 2018 P3D+ w FSD came in at 50,800 recently.. It may be less now since I’ve driven a few thousand more miles.

 

[HopeDrummer]

I don't believe that's entirely accurate.

Well, the tax credits federally have ended, but the rest isn't quite right....


Tesla tells Model Y RWD buyers to 'prepare for delivery' - Electrek

Currently P and AWD buyers can place new orders on the website- and (some small number of) those who preordered have gotten emails to confirm March 2020 delivery and select days they are available to accept said delivery (starting March 15)


RWD isn't even available to order online anymore (mirroring it being discontinued on the 3 as well) but some (again not all) folks who had pre-ordered one (who according to the story anyway) have not gotten any such email at all... but have seen their tesla account car page say "prepare for delivery"- with no specific date or anything though- and could well just be a web glitch.


In fact- the Model Y Ordering FAQ still states LR RWD isn't even scheduled for production right now.

Model Y Ordering FAQ





I do apologize for not noticing you were ONLY interested in offers Tesla themselves were making.... I'd expect them to be low in general because Tesla doesn't really want to resell used cars at all (see also them ending the CPO program)

Model 3 in general has retained phenomenal resale value-by FAR the lowest 1 year depreciation of any vehicle on the market- because again demand remains higher tyhan supply even for new ones... So Model Y shouldn't really impact that... but you'd probably need to look somewhere other than Tesla themselves to find it.

Tesla Model 3 tops list of cars that hold their value | The Driven

Now that the tax credits have ended, and Model Y production is sufficient to email Model Y reservation holders for delivery (started with Y performance but now includes LR AWD and even RWD reservation holders) I wanted to create a post where people could comment with their trade values from Tesla so that others would have an idea of their trade value if interested in the Model Y. I contacted Tesla for a trade value on my Model 3 weeks ago out of curiosity and never heard back.

 

[JustinO]

I do apologize for not noticing you were ONLY interested in offers Tesla themselves were making.... I'd expect them to be low in general because Tesla doesn't really want to resell used cars at all (see also them ending the CPO program)

Model 3 in general has retained phenomenal resale value-by FAR the lowest 1 year depreciation of any vehicle on the market- because again demand remains higher tyhan supply even for new ones... So Model Y shouldn't really impact that... but you'd probably need to look somewhere other than Tesla themselves to find it.

Tesla Model 3 tops list of cars that hold their value | The Driven

I really hope the Model 3 has amazing resale value, so far based on the Tesla trade in quotes I have been very disappointed with the 1 year depreciation as offered by Tesla. The Model 3 will certainly retain value better than other subpar electric cars (i.e. Nissan Leaf) where the value drops off a cliff.

Electric Vehicles With The Best Resale Values For 2019 | MYEV.com

This article suggests the Model 3 will retain 64% of its value after 3 years which is excellent but still trails Toyota trucks (66-69% value retention at 3 years).

https://www.kbb.com/new-cars/best-resale-value-awards/best-resale-top-10-cars/

I have to disagree with this article:
Tesla Model 3 leads industry in value retention, barely loses any value after a year

While it oddly lists the Ford Ranger, it is mostly dominated by cars which in general retain value far less than trucks and SUVs and lists no Toyota trucks or SUVs which dominate resale values. While it is only highlighting the price difference between new and used vehicles (not resale values) and the Model 3 certainly deserves to be there, vehicles like the Chevrolet Traverse and Ford Ranger are only on this list due to massive dealer discounts ~$10k+ on new models making new dealer transaction prices close to late model used versions, it is no indication of their 3 year resale value. I work in the auto industry and vehicles on this list like the Dodge Charger have abysmal resale value compared to Toyota Trucks which typically are never offered with large rebates or discounts of more than a few thousand dollars. The lack of discounts on Tesla’s when new will help resale, but I don’t expect my Model 3 to do nearly as well as my last Toyota 4Runner 4x4 which I purchased new in early 2017 for $38,000 and sold last fall wholesale to a dealer for $36,000 after nearly 3 years and 17,000 miles. My 2019 Model 3 SR+ was $42,000 new (when pearl white was $2000 extra) and now I’m looking at maybe $35,000 best case if I wanted to buy a Model Y, but some SR+ trade quotes from Tesla on this forum were only $28k or less putting the upgrade to Model Y cost at $20k-$30k minimum and it’s not worth it. If the Model 3 is going to hold its value so well and there is clearly demand for lower priced used Model 3s, Tesla should start offering better trade in values once Model Y production has fulfilled pre-orders. Tesla had this supply issue with the Model 3 in early 2019 when I purchased mine (factory to driveway in less than a week) when they introduced the SR+ version and lowered prices, but subsequent global demand lead to minor price increases over time.





https://www.kbb.com/new-cars/best-resale-value-awards/best-resale-top-10-cars/

Cars With Slowest Depreciation - Cars With Highest Resale Value

 

[fritzner]

Given neither is being produced in enough #s to meet demand (and SR versions of the Y aren't even coming out till next year) I don't see why there'd be any significant change.

The SR is available now. I took delivery on 12.30.19.
Just not on the website. You have to order an SR+ and call to have it downgraded.

 

[arghx7]

Why do you even care about Tesla trade in value? That’s not reflecting supply and demand. Tesla has little incentive to offer you much money. They are just hoping you will take a big hit vs private sale. It’s a way for them to make money on people who can’t be bothered with private sale.

 

[Knightshade]

The SR is available now. I took delivery on 12.30.19.
Just not on the website. You have to order an SR+ and call to have it downgraded.

Uh...no.

You took delivery of an SR 3.

My post was specifically talking about the SR Y

Which isn't being built at all till 2021

 

[Rojer Lockless]

My 2018 P3D+ w FSD came in at 50,800 recently.. It may be less now since I’ve driven a few thousand more miles.

I'd give you that for it unless there's crazy miles on it

 

[Lunares]

Wonder how much value I will actually lose for installing an after market racing suspension

 

[ElectricIAC]

I'd give you that for it unless there's crazy miles on it

That’s before tax credit though....

 

[JustinO]

Why do you even care about Tesla trade in value? That’s not reflecting supply and demand. Tesla has little incentive to offer you much money. They are just hoping you will take a big hit vs private sale. It’s a way for them to make money on people who can’t be bothered with private sale.

It is a pain in the ass to sell a vehicle private party, I would prefer not to have some stranger off Craigslist contacting me and test driving my car. Also there are sales tax benefits when trading at the dealership, and you can trade your old car in when you pick up your new car instead of selling your old car privately and then coordinating the order/delivery of your new Tesla with possibly a rental car in between. Most dealerships make a majority of their profit on used cars, service, and finance products. Tesla certainly makes money on their service prices, could make more money on finance products by offering service contracts again, but it doesn’t make sense for them to low ball Tesla trade in offers because they don’t want to deal with them. I can see them not wanting to make huge profit selling used gasoline cars like CarMax does, but not wanting to sell low mile used Tesla’s when their website is already set up with a nationwide used Tesla section doesn’t make sense. Tesla will need to do better on the trade in process and offers if they want to eventually attract more main stream buyers accustomed to not having to sell their current vehicle private party to get a decent price. 17 million new cars were sold in the USA last year, and less than 200,000 were Tesla’s, that needs to change and I’m hopeful it will soon.
Who knows, maybe Tesla offers decent trade values, honestly I’m only going by the low ball <$30k SR+ trade offers I can find on this site and that is why I started this post to get more accurate updated Model 3 trade information for people to have, but most people just want to argue instead of posting their actual trade values from Tesla.

 

[JustinO]

Wonder how much value I will actually lose for installing an after market racing suspension

I would deduct a minimum of $5000 from trade value for this type of Model 3 modification unless you had all the original OEM suspension parts for us to re-install. Any car with aftermarket suspension modifications we can’t resell and it goes right to auction and will likely get far less than normal. Same with riced out Honda Civics etc. can’t be certified pre owned and end up on trashy used car lots. Tesla worked hard on the Model 3 suspension and I think it’s great, if you want to change it for some reason keep all the original parts if you ever plan on selling it, most buyers don’t want non factory modifications. The one exception would be lifted 4x4 trucks, but that is another conversation and more risks to the dealership depending on who did the suspension work, but will typically decrease trade value as well.

 

[ElectricIAC]

Yeah: modded cars (even tastefully or purposeful) are generally money pits in ownership and disposal.

 

[Lunares]

No arguments here against it!

I autocross and track my model 3, moving to coilovers and better suspension parts to add camber/stiffness and reduce body roll.

Do plan on keeping the OEM parts for when I resell glitch though

 

[cmghoughton]

I just ran my Trade in last night toying with the idea to switch to a model Y. I picked it up in November for 56k, trade in at $42,700 if my image doesn't work. Is there anyway to negotiate, I've picked up quite a few accessories that would go with it and it's in perfect shape. But thinking about it, would highway miles hurt more than short trips? The opposite from ICE vehicles.

I'm just surprised a 2018 is worth more

 

[ElectricIAC]

Hey, that's my quote pre-rona....I have FSD and mine also is performance with upgrades package.

 

[cmghoughton]

I wouldn't mind the loss if they transferred the FSD credit to the new vehicle. I just don't have the performance set up.

Love the car, but just not a car person. Thinking the Y would hit that sweet spot.