Considering selling my Model 3.. surely there won’t be a better time than now?

[JSJohal]

Hi all,

Here’s my situation: I love my Model 3, but I really don’t need a car right now.

It’s a 2021 long range, with 20k on the clock.

I don’t particularly need the money, but it’d be nice to have. I’ve loved having the car, but recently it’s just sitting around on the drive and i’ve been fine with that because of the way the value has held up.
But with the cost of living biting, recession on it’s way (or already arrived depending on who you ask), I kind of feel like it’s not worth keeping it as the value won’t hold much longer.

I think I could get around the ~£48k mark for it based on what I’ve seen. I’m assuming as even middle class families are seeing their costs go up considerably, demand will start to go down sharply soon.
Would love to hear peoples views.

 

[melduk]

I’ve thought the same. I also have a 2021 but I’ve done a lot less miles than you, only 7k.

I love the car though. I don’t think I’m going to sell it tbh.

 

[Overworked]

Put the money into shares in Tesla to “keep it warm” until you need one again. It will keep your spirits up, if nothing else!

 

[cosmoman]

For what it's worth: I sold my 2018 Model 3 LR DM 43100mls today. Lowest quote: Carvana @ $29,839 and Carmax @$36,000, highest local Dodge/Jeep @ $41,500 and BMW dealer @ $44,000.
I had an ad on Autotrader and Ebay, no leads at all for in one week.

 

[gangzoom]

How many of us here had financial responsibility during black Wednesday? Feels like we are all about to experience it for real.

£50k is going to be pocket change if you got a mortgage and haven't fixed it for a decent amount of time.

Yes people are going to have less money to spend, but the £ is also going to be worth less than the $ very soon. Owing an asset now looks more favourable than having cash in the bank (mortgage offsetting aside).

If you are lucky enough to not need £50k in the bank, I would count your self lucky, and watch from the sidelines as we head an into economic train crash, rather than lying awake at night wondering if your house will be repossessed.......

 

[gangzoom]

Oh I just realised its Wednesday today and we are still in September.......Strap in everyone, probability of carnage is high .

 

[pgkevet]

Personal circs vary. If you have access to other cars then fine but otherwise one pays for the convenience and allowance of the unexpected. One thing to consider if no genuine need for a car is whether it's worth buying a cheap old banger just to keep one's NCB running.

 

[Js1977]

Personal circs vary. If you have access to other cars then fine but otherwise one pays for the convenience and allowance of the unexpected. One thing to consider if no genuine need for a car is whether it's worth buying a cheap old banger just to keep one's NCB running.

Swings and roundabouts..... NCB are good for up to two years before most will not deem them as acceptable and a cheap ice old banger laying about with todays fuel going stale will involve extra running/up keeping costs and further devaluation.

It is as you say dependant of each individuals circumstances. Personally, I dont think prices will plummet anytime soon due to lead times on new cars, ramping up to the the ban of ice and the fact that most people have their vehicles on either lease or pcp and there are decisions to be made at the end of the agreements. IMHO, just buy something like a good example of an older nissan leaf etc if you want to free up some cash and invest the rest (maybe with interest rates going up, we might see high interest back accounts return). However, if you dont need the money, some things/conforts in life are priceless.

 

[Mrklaw]

you can imagine a combination of increased production and lowered demand to provide some level of correction to new prices (and by extension, used prices) but its all a gamble right now. My car was bought at £51k and a new one is £58.5k for the same spec, so quite some way to go before I could buy another one at a similar price. Also the loan APR is rapidly approaching double what I’m paying so even if there is price parity it’ll be way more to pay unless I have cash lying around.

I’d say if you can live without one for 5 years maybe that works, but requires a lot of assumptions and risks

 

[DrJFoster]

Hi all,

Here’s my situation: I love my Model 3, but I really don’t need a car right now.

It’s a 2021 long range, with 20k on the clock.

I don’t particularly need the money, but it’d be nice to have. I’ve loved having the car, but recently it’s just sitting around on the drive and i’ve been fine with that because of the way the value has held up.
But with the cost of living biting, recession on it’s way (or already arrived depending on who you ask), I kind of feel like it’s not worth keeping it as the value won’t hold much longer.

I think I could get around the ~£48k mark for it based on what I’ve seen. I’m assuming as even middle class families are seeing their costs go up considerably, demand will start to go down sharply soon.
Would love to hear peoples views.

£48k seems about right, you can see the trend in the UK, and they're coming off their highs' and the number available has climbed rapidly

Pound falling has in the past led to Tesla putting up the prices, and higher new prices will support used prices. But economy struggling and you can imagine demand will shrink. Electric prices aren't making the switch that favourable either unless you can charge at home and can get a fancy off peak rate - so two reasons why demand might fall, and only 1 to suggest prices might hold good.

A friend in Switzerland has said Tesla sales are down 60% this year, they have no idea why, but sentiment towards a brand can seemingly change very quickly

 

[MashinBenzin]

@gangzoom Only flap if you need to flap (E.g. have a fixed rate mortgage about to expire, about to lose your job etc. ). And certainly stop spreading doom and gloom and helping to create the reality.

There’s no need for anyone to be making major lifestyle decisions (I’ll count a £50k decision as a major one) on the back of a relatively transient event that the media and financial markets are blowing up majorly - as they are both always wont to do.

To the OP, I’d say that there is an argument that your car may increase in value. Two reasons -

1. the exchange rate situation increases the likelihood of a stiff price increase for new Teslas and pretty much every other EV.

2. The middle class families you’re referring to may see that a decent belt tightening exercise might be to swap one £50k car with high running costs for another with low running costs.

Just a couple of thoughts, definitely not advice. But calm heads have prevailed and made hay in pretty much every financial crisis, be that tulips, housing, banking, war, virus or crypto. Those screaming “we are all doomed” are often not so successful in spotting opportunities.

 

[MashinBenzin]

£48k seems about right, you can see the trend in the UK, and they're coming off their highs' and the number available has climbed rapidly

Pound falling has in the past led to Tesla putting up the prices, and higher new prices will support used prices. But economy struggling and you can imagine demand will shrink. Electric prices aren't making the switch that favourable either unless you can charge at home and can get a fancy off peak rate - so two reasons why demand might fall, and only 1 to suggest prices might hold good.

A friend in Switzerland has said Tesla sales are down 60% this year, they have no idea why, but sentiment towards a brand can seemingly change very quickly


View attachment 857687

That’s a nice bit of info

 

[browellm]

I suggest swap for one of these while you duke it out with Mel Gibson and the cannibal gangs