Model 3 decision time: used now vs new later

[EVRoadTrip]

So I'm in the market for an M3, and I've got eyes on a 2018 Model 3 long range with about 72k miles on it, available for $30k. I've run the VIN through Edmunds and that seems to be about right given condition (this is a single owner vehicle that's in outstanding condition). No FSD but it does have lifetime 4G enhanced connectivity. 3 years and 48k miles left on the battery and drive-unit warranty.

After tax credit and with destination charge, a new 2023 M3 LR would be about $11k more. I don't have that at present, and it's unlikely I will until 2024 when the $7.5k tax credit may no longer be available to me. If it does, it pushes the price difference to $19k.

I'm leaning towards the M3 I can afford now. I put about 22k on my vehicle per year, so in 5 years I'll have about 180k on this vehicle; from what I'm reading it's reasonable to expect it to last that long. It's going to save me about $2k per year in fuel along the way.

Thought I would bounce this scenario off this group here. Would love to hear your thoughts!

 

[one2many]

You have done the research and know what you want to do as they
say just do it. My entry EV was a used leaf, saved a lot with it.

 

[Patches]

Does the used car have usable pack size or range shown anywhere?

$30k seems like a reasonable price. An alternative is a new RWD. With battery degradation, you may see similar range and have the entire warranty available.

 

[Miata Head]

At this point, unless you are hard up for Tesla, I'd wait on both new and used. Wait until Highland comes out and evaluate this again. That way, you can see if you can save enough to buy a Highland new, or see if there is better pricing on used Model 3s at that time. Used prices may soften.

 

[whydontwe]

+1 on the Highland to buy used. Also, the newer RWD has LFP, so you can charge to a 100%, I believe. So, it comes out to the same range?

 

[Hiline]

I'd get a used LR over a new SR/RWD. Nice interior and audio, and the battery degradation has already plateaued. 5 years with 72k miles is relatively new for a Model 3 LR which is expected to last 500k miles on the original battery and a million miles in total, according to the CEO anyway.

I have a suspicion that Highland is more about cost advantage for Tesla than about functionalities for users.

 

[whydontwe]

I'd get a used LR over a new SR/RWD. Nice interior and audio, and the battery degradation has already plateaued. 5 years with 72k miles is relatively new for a Model 3 LR which is expected to last 500k miles on the original battery and a million miles in total, according to the CEO anyway.

I have a suspicion that Highland is more about cost advantage for Tesla than about functionalities for users.

What about the interior is nicer on a 2018 LR versus a new M3 RWD? I get the audio, but need some help on the interior.

 

[Hiline]

What about the interior is nicer on a 2018 LR versus a new M3 RWD? I get the audio, but need some help on the interior.

Here you go: Tesla Partial Premium Interior vs. Premium Interior Explained

 

[EVRoadTrip]

What are the differences between the 2018 M3 LR and the 2022+ M3 LR? I have been reading something about the heating system being different between the two model years?

 

[Hiline]

What are the differences between the 2018 M3 LR and the 2022+ M3 LR? I have been reading something about the heating system being different between the two model years?

This is a good start: Differences between 2019 and 2022 Model 3 Long Range AWD

 

[Birdsfan]

Agree with Miata Head, Highland may have some features you would want. Before I bought my M3P I knew there was a refresh coming in 2021 and I had a good idea of what those changes were and to me they made sense to wait. Highland maybe the same thing for you or conversely Highland may depress the used M3's and you would win if you bought used after Highland comes out.

 

[UsernamesRHard]

Can you write out your breakdown of costs here for us? I only ask because I just recently purchased my Model 3 Long Range and my pricing was much closer to that $30,000. Just like to see what you're taking advantage of and if you're missing anything. Do you have a trade-in? Here is mine (You also get $500 with a referral link I'd be happy to provide one if you need one.)

MSRP: $47,240
Fed Tax Credit: -7,500
State Tax Credit: -3,500
Referral Bonus: -500
Destination Fee: +1,390
Total Price: $37,130

However, the tax credits don't come until I file taxes next year, so I financed the care over 72 months for now and I'll refinance over a lower term when I get the money from the tax credits next year. Here is how it broke down for me.

MSRP: $47,240
Trade in: -25,500
Destination Fee: +1,390
Sales Tax: +1,500
Total Financed: $24,630

Monthly Payment: $448. (over 72 months - will refinance next year after the $11,000 in tax rebates comes in)

Total Financed: $24,630
~ 1 year principle: -$4,000
Tax incentives: -11,000
Outstanding balance: $9,630

Est. New Monthly Payment after refinance in 1 year: $248 (over 36 months - totally finance period is roughly 48 months)

I'm not really sure what it interest rates will look like next year though, so I'll have to play it by ear then. Hopefully my breakdown of costs was helpful for you.

Other costs:
Tesla Wall Connector: $425
EV Charger install: $600 (Family friend discount)
EV charger rebate: -$600
All-weather floor mats: $150
Other accessories: $80
Vehicle Registration: $60
Vehicle Inspection: $35

 

[UsernamesRHard]

Can you write out your breakdown of costs here for us? I only ask because I just recently purchased my Model 3 Long Range and my pricing was much closer to that $30,000. Just like to see what you're taking advantage of and if you're missing anything. Do you have a trade-in? Here is mine (You also get $500 with a referral link I'd be happy to provide one if you need one.)

MSRP: $47,240
Fed Tax Credit: -7,500
State Tax Credit: -3,500
Referral Bonus: -500
Destination Fee: +1,390
Total Price: $37,130

However, the tax credits don't come until I file taxes next year, so I financed the care over 72 months for now and I'll refinance over a lower term when I get the money from the tax credits next year. Here is how it broke down for me.

MSRP: $47,240
Trade in: -25,500
Destination Fee: +1,390
Sales Tax: +1,500
Total Financed: $24,630

Monthly Payment: $448. (over 72 months - will refinance next year after the $11,000 in tax rebates comes in)

Total Financed: $24,630
~ 1 year principle: -$4,000
Tax incentives: -11,000
Outstanding balance: $9,630

Est. New Monthly Payment after refinance in 1 year: $248 (over 36 months - totally finance period is roughly 48 months)

I'm not really sure what it interest rates will look like next year though, so I'll have to play it by ear then. Hopefully my breakdown of costs was helpful for you.

Other costs:
Tesla Wall Connector: $425
EV Charger install: $600 (Family friend discount)
EV charger rebate: -$600
All-weather floor mats: $150
Other accessories: $80
Vehicle Registration: $60
Vehicle Inspection: $35

I'm realizing now that the main differences is probably my state tax credit, referral bonus, and trade in value (traded in a 2020 Honda Insight Hybrid). I just can't figure out how to edit my post to reflect that.

 

[EVRoadTrip]

$47,240 Model 3 LR MSRP
+$1390 destination fee
-$500 referral credit
-$7500 Federal Tax Credit
----------------------------
$40,630 after tax credit ($48,130 cash required at purchase)

There is no state tax credit in my location. I can knock another $500 with a referral fee, but that's only a nominal.

I don't have a vehicle I'll be trading in.

 

[one2many]

In some states we steel cars for trade in
and other we do not. This guy has a great handle on
this, go for it.

 

[UsernamesRHard]

$47,240 Model 3 LR MSRP
+$1390 destination fee
-$500 referral credit
-$7500 Federal Tax Credit
----------------------------
$40,630 after tax credit ($48,130 cash required at purchase)

There is no state tax credit in my location. I can knock another $500 with a referral fee, but that's only a nominal.

I don't have a vehicle I'll be trading in.

Oh darn. That's disappointing. Certainly a tricky decision for sure.

I'm at a point in my life where I value the full manufacture's warranty more than the price difference between the used and new car. Mainly because I don't have the time, knowledge, or equipment to do any potential repairs myself. So I would personally wait until I could afford the new car, or I would buy an existing inventory rear-wheel drive model new.

$41,810 Model 4 RW MSPR
+$1390 destination fee
-$500 referral credit
-$7500 Federal Tax Credit
----------------------------
$35,200 after tax credit ($42,700 cash required at purchase)

That being said, I don't think the used car is a bad deal.

 

[EVRoadTrip]

I'm thinking about pivoting to this MY:

https://www.21centuryautogroup.com/used.cfm/vehicle/2020-tesla-model-y-long-range-awd-5YJYGDEE6LF049008/

I'ma it's got 40,000 fewer miles, it's 2 years newer, and it's $6,000 more. I prefer the model Y over the model 3 because I could use the extra storage space, but I could honestly work with either.

I wish it were a color besides white, but I've got a budget to work with and I have to just accept whatever color I can find

I ran the VIN through Edmonds and it seems like this car is underpriced. Am I missing something? I called the dealer this morning and they still had it. At least until I posted it here, not sure what's going to happen now. Somebody from Tesla motors club is going to snatch it up probably

 

[whydontwe]

It's a 2020, so it has the older console.

 

[Hiline]

I'm thinking about pivoting to this MY:

https://www.21centuryautogroup.com/used.cfm/vehicle/2020-tesla-model-y-long-range-awd-5YJYGDEE6LF049008/

I'ma it's got 40,000 fewer miles, it's 2 years newer, and it's $6,000 more. I prefer the model Y over the model 3 because I could use the extra storage space, but I could honestly work with either.

I wish it were a color besides white, but I've got a budget to work with and I have to just accept whatever color I can find

I ran the VIN through Edmonds and it seems like this car is underpriced. Am I missing something? I called the dealer this morning and they still had it. At least until I posted it here, not sure what's going to happen now. Somebody from Tesla motors club is going to snatch it up probably

Why would you not jump on this? A $35k Model Y is unheard of, let alone a Long Range unit with 30k miles.

 

[EVRoadTrip]

It's a 2020, so it has the older console.

What's the difference? And I think I'd be fine with older console.