Is now a bad time to buy 2nd hand Model 3?

[craigpugsley]

Hello everyone!

I've been a long-term EV enthusiast, having had one of the original Renault Zoes in the UK way back when it was first released. I'm toying with the idea of a Model 3, and trying to make the numbers work. Just working out how far the Tesla Stretch will take me ;-)

With the Battery Day announcements coming up, and the generational shift that might bring to battery tech, coupled with the inevitable recession we're about to hit, do you think this might be just the wrong time to buy a second hand Model 3? What do you anticipate the effects on residual prices for Model 3s will be after the announcement?

I'm also debating the value of FSD - I've heard horror stories of Tesla disabling it after sale for 2nd hand Teslas, and I'm not 100% convinced it's worth nearly £6k for NOA changing lanes and self-parking. What do you think?

Thanks so much for your help - I hope I'm able to join this community very soon!

Craig

 

[Adopado]

Thanks so much for your help - I hope I'm able to join this community very soon!

Looks like you've already joined! Just being interested is enough in my book. But I can't really answer your question ... it really is crystal ball time. If you are desperate for FSD then you will justify the cost but I think even those who have paid for it up-front would admit that it's hard to justify on grounds of cost/benefit at present ... but the future may change that.

 

[Dilly]

It’s a hard call. I bought new in March. Sold my old EV The week before lockdown at a reasonable price. The following week, used car prices dropped dramatically and a week later you couldn’t give them away.
The popularity of Model 3’s may not reflect the slump.
FSD? I haven’t bought it. The EU/UK regs have hobbled it to the point where it is simply not worth buying at present. But that’s just my opinion.
Autosteer/TACC comes as standard and despite some disagreeable foibles, is quite usable. I’m sometimes concerned that it’s so discrete, I forget that I haven’t turned it on!

 

[Jeeves]

Nobody can predict the future, but Tesla would be bonkers to announce something that would trash resale values and make everyone pause on ordering new cars. I’m sure they have considered the impact of any announcement very carefully indeed. I suspect you might find the new batteries come in as a premium feature at first—that seems to be the consensus of speculation in various articles I’ve read. If it really does concern you, it isn’t long to wait until battery day.

Personally, I don’t think FSD is worth it, especially in the UK right now. Given my experience with Autopilot (which I think is most unsatisfactory in its current form), I am satisfied with my decision to not buy it. However, there are plenty here that love Autopilot and FSD. You can always add it later provided the model you choose has the right hardware.

 

[Jason71]

Where will you even get one? there seem to be very few on the market and most of them seem to be almost the same price as a new one? sometimes more. its like people think they can charge a premium so you don't have to wait but there are inventory cars available most of the time at 2 weeks delivery? one of my friends just bought an LR from inventory. ordered on the 8th June and collected yesterday

 

[Jason71]

Hello everyone!

I've been a long-term EV enthusiast, having had one of the original Renault Zoes in the UK way back when it was first released. I'm toying with the idea of a Model 3, and trying to make the numbers work. Just working out how far the Tesla Stretch will take me ;-)

With the Battery Day announcements coming up, and the generational shift that might bring to battery tech, coupled with the inevitable recession we're about to hit, do you think this might be just the wrong time to buy a second hand Model 3? What do you anticipate the effects on residual prices for Model 3s will be after the announcement?

I'm also debating the value of FSD - I've heard horror stories of Tesla disabling it after sale for 2nd hand Teslas, and I'm not 100% convinced it's worth nearly £6k for NOA changing lanes and self-parking. What do you think?

Thanks so much for your help - I hope I'm able to join this community very soon!

Craig

if you buy a second hand car privately with FSD Tesla will not take it away. they sometimes do that with cars that they re-sell but they sell without FSD advertised so that is fine. There are a few cases of FSD being enabled when it should not be then being disabled when Tesla realised after it was sold but that is like 1 or 2 cases ever and none in the UK or on an M3 that I know about.
As for whether it is worth it. In my opinion If you have plenty of money it's a fun toy. If you are doing the Tesla Stretch then don't even think about it. it adds very little functionality right now and adds very little to the value of the car when you sell it.

 

[Dasher]

Although car sales were obviously very low, the fact that the Model 3 was the best selling car in the UK in both April and May does hint that demand is not a huge problem. It is really difficult to get a valid estimate of second hand value yet, but I think that 6% depreciation in the first year is plausible. My 10 month old AWD LR may even be less than this, but I won't know until I come to sell it - and that's not in the next few years!

I didn't pay for FSD, and don't miss it. My driving does not include lots of motorway miles, but has a lot of country lanes. FSD is not going to help me until I'm in my dotage, if then.

Go for it; you won't regret it.

 

[Jason71]

Although car sales were obviously very low, the fact that the Model 3 was the best selling car in the UK in both April and May does hint that demand is not a huge problem. It is really difficult to get a valid estimate of second hand value yet, but I think that 6% depreciation in the first year is plausible. My 10 month old AWD LR may even be less than this, but I won't know until I come to sell it - and that's not in the next few years!

I didn't pay for FSD, and don't miss it. My driving does not include lots of motorway miles, but has a lot of country lanes. FSD is not going to help me until I'm in my dotage, if then.

Go for it; you won't regret it.

I wish I had gone for a P now. At the time I bought my LR they were about £6K cheaper than they are now thanks to price rises and grant. P's bought before the budget will have appreciated in value. grrr

 

[hcdavis3]

I wish I had gone for a P now. At the time I bought my LR they were about £6K cheaper than they are now thanks to price rises and grant. P's bought before the budget will have appreciated in value. grrr

If you’re able to buy the acceleration boost in the UK you’re almost at a P. I just got my 3 on Saturday and bought the boost yesterday and the performance is unbelievable. Net net it’s a few K less than a P.

 

[MrBadger]

Personally, I would start looking end June - end Sep next year. Thats when the first 2 year financed cars will start showing, unless someone defaulted early. Also, the Model Y effect may be known by then too. The rest, crystal ball glazing.

 

[AnthonyLR]

I bought mine new in March and added FSD recently to avoid the price rise. I intend to own my car for around a decade and I hope to send it out to work as a Robotaxi when I am finished with it! FSD is not worth it in its current form, but I believe Elon when he says Tesla can do it and do it soon. It is certainly getting smarter with each update from my point of view.

Regarding battery day, that could be an issue for existing owners resale values. If Tesla has new exciting batteries which are no longer capacity constrained and cheaper to make then they could cut the price of the M3 which will harm residuals. But I again figured I would own my car for ages so it's not an issue for me.

 

[craigpugsley]

Oh my - you are an active lot! That’s a lot of very good advice in a very short time.

This is my kind of community.

Thanks for everyone’s help! That’s all great to know.