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Depreciation on 3 year old Model S 90d
- Thread starter evalst2018
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- depreciation
kosarfan
Member
I have a 2017 90D S as well, but with 98k miles. I plan on upgrading next year, but am taking solace in the fact that the new S is much less brand new ($30k less than what I paid in 2017....) so yes my car has depreciated, but what I am replacing it with (a new S) is also $30k cheaper.
IDag
Member
Agreed! People say Tesla retains value better then ICE cars but I agree the speed in technology advancement hurts Tesla even more due to being all Tech!
Totally agree, the depreciation hurts...but I think what is worse is Tesla saying it has the lowest depreciation of any vehicle, or things such as FSD will make it an appreciating asset. That would only be true, if Tesla stopped selling cars and moved to a 100% robo-taxi model. The fact that they have spent billions on GF1, GF2, GF3..I do not think they that will be the case.
PWlakewood
Active Member
DanCar
Active Member
That is pretty low, but a big factor is due to the major price reductions a year ago. Remember reports of people losing over $10K after a week? What used to be option packages is bundled as standard in a new S. Newer Teslas just flat out are a better value than older models due to the advances in tech and standard equipment. Not much different than a 2016 iPhone vs today's model. At least you got to enjoy Tesla life four years sooner than some of us new members.
If I upgrade to a new S, I’ll sell my old on onlyusedtesla.com. I noticed a 2016 S90D with around 36k miles sell for about 58k. But they paid 108 - tax credit. 43% depreciation. That’s probably about average.
Model S / 2016 / Silver Metallic - d83a0 | Only Used Tesla
trading in almost always gives a much lower price.
And as others have noted, I can now get a much better S for less than I paid for mine. So at least I’m only getting hit on the selling price of my old car vs both the selling AND the buying price. Granted, buying prices May continue to drop as well which is a good thing.
Better yet, always buy used.
Model S / 2016 / Silver Metallic - d83a0 | Only Used Tesla
trading in almost always gives a much lower price.
And as others have noted, I can now get a much better S for less than I paid for mine. So at least I’m only getting hit on the selling price of my old car vs both the selling AND the buying price. Granted, buying prices May continue to drop as well which is a good thing.
Better yet, always buy used.
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ICE collector
Have a nice day!
Tesla typically offers about $6-7 K below fair market value, given they need to plan for re-sale costs and profit. You will get a better price with private party sale if willing to manage the process.
geoffmanley
Member
This is exactly right. The OP paid about what you would pay for a performance model today with much more range. I sold a P90D about a year ago for $85k, now it would be worth $65k tops.
When Tesla lowered S/X prices significantly after the $7500 tax credits expired, that impacted the resale value of all vehicles.
Pricing of the same configurations for our 2017 S and 2018 X is now about $20K less than what we paid.
When estimating the current value of our S/X, I'm projecting we lost about 15% of our resale value.
Other than the one-time hit for the lower S/X prices, I'm estimating we're losing about 2% of value per month - which seems to track estimated resale value.
Pricing of the same configurations for our 2017 S and 2018 X is now about $20K less than what we paid.
When estimating the current value of our S/X, I'm projecting we lost about 15% of our resale value.
Other than the one-time hit for the lower S/X prices, I'm estimating we're losing about 2% of value per month - which seems to track estimated resale value.
DDD4EV
Member
It would be interesting to see what CarMax would offer for your Tesla. When you look for 2016 90D, they are often in the 45-55K range. I have sold several cars to CarMax with their offers being surprisingly good.
When I trade-in my 90D, the first place I am going will be CarMax.
When I trade-in my 90D, the first place I am going will be CarMax.
ahkahn
Active Member
funny how everyone has different experiences. CarMax offered me even below Tesla's trade-in offer. I guess that's a YMMV thing...
My guess would have been 40k +- 2k just based off the initial MSRP and mileage without considering the vehicle. Bummer it's on the low end of that range, but that's also pretty standard for a car of that cost.
What's stupid right now is used Model 3's. Pretty much all the dual motors are more expensive than a new version with tax credits and some are even more than new WITHOUT tax credits. I don't imagine that will hold for long tho.
What's stupid right now is used Model 3's. Pretty much all the dual motors are more expensive than a new version with tax credits and some are even more than new WITHOUT tax credits. I don't imagine that will hold for long tho.
ahkahn
Active Member
I just bought one for my wife, so I'm pretty aware of the market. I think you're exagerating a little bit, but you're not far off. I just got her a P3D with FSD for 55k @ 26k miles. There was another one for sale (on the market for 3 months) and they were asking 58k@8k miles, but did NOT have FSD, only AP (not EAP). That's a big thing you have to watch out for. I saw a handful (read 4-5) Dual LR within 750 miles of Chicago that were all in the upper 40's and lower 50k range, which is why I went a few extra dollars for a Performance model.
Most Dual Motor Long Range and Performance Model 3's last about 5-10 days on the market before they're sold, unless the seller is asking a stupid price.
My wife's Model 3 new equivalent would run new around 67k cash price, so it's still well below new pricing.
Either yours is really rough, or Tesla is getting back to "crazyland" with their used cars again.
Another factor: I'll guess you didn't buy the Tesla Extended Warranty? That's a must-do for a private-party sale as it removes massive amounts of risk for the buyer.
HIGHLY recommend cars.com as you can list there for free. (Insider tip: add a link for a few dozen pictures from your Google or Flikr account.)
Good luck.
The 58k for 8k mi is exactly what I'm referring. A new P3D+ with AP and all the options I'd want is 60.3k with all the fees. But would have come with a $1875 fed tax credit and $5k CO tax credit that a used car would not have. After tax credits, a dual motor would have been around $44k so I would expect those to go for high 30's to low 40's in CO, but they aren't. They are high 40's like you said. I don't want to buy new though because of the much higher registration costs. Hoping the Model Y fixes this with a flood of 3's hitting the market, but if not and there is another sizeable price drop, I might bite the bullet with my first new car purchase.
Luckily, my S is special and has therefore probably appreciated over the years 
Seriously though, yikes
Oh well,we 2016 buyers knew we were buying new tech which is always $$$
I remember a buddy who paid $7000 for one of the first 46 inch flat screen TVs
Years later, we bought one for $1500
Now you can get them for under $300
Seriously though, yikes
Oh well,we 2016 buyers knew we were buying new tech which is always $$$
I remember a buddy who paid $7000 for one of the first 46 inch flat screen TVs
Years later, we bought one for $1500
Now you can get them for under $300
