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Model 3 used prices compared to total market?

Discussion in 'Model 3' started by popperdopper, Jan 16, 2021.

  1. popperdopper

    popperdopper Member

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    As we all probably know, the used car market is doing better than it perhaps ever has. Are the used Model 3 prices seeing this inflation as the rest of the market is? I am looking to buy used, but willing to wait a few months if the prices are going to settle back down.
     
  2. jjrandorin

    jjrandorin Moderator, Model 3, Tesla Energy Forums

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    Tesla model 3s have had pretty low depreciation and currently continue to do so. So much so, in fact, sometimes the used ones are priced very close to the price of a new one.

    So there has not been some spike in model 3 used prices like some other brands, depreciation is just pretty mild. Every couple weeks or so, someone posts on these boards something to the effect of "what is wrong with these model 3 used prices?!?!?!?!?" because they expect to be able to buy one used for a great deal, and those are few and far between.

    TL ; DR ... if you are looking to "score a deal" you can try keeping your eyes open, but should plan on waiting, and you may be waiting for quite some time unless you get lucky finding one being sold by someone who doesnt know the market on them (or the market changes significantly).
     
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  3. vickh

    vickh Active Member

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    Yeah, most of the used pricing spikes have been in cheaper cars. Not yet on my old 2011 sonata, I planned on keeping it for my 14 y.o, but he wants the 3 ;)
     
  4. lolder

    lolder Member

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    Tesla has depressed prices of used luxury ICE cars like Porshe, BMW, Mercedes, etc.
     
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  5. Bubbatech

    Bubbatech Member

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    If you can find one, Used Tesla prices tend to be insane. In my locale, they are so high (sometimes *more* than a new one - I am not making this up), it makes no sense to buy a used one.
     
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  6. vickh

    vickh Active Member

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    Same here in AZ, IF you figure in tax credits, which are gone now and Tesla stopped lowering prices
     
  7. Jeff Davlt

    Jeff Davlt Member

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    Used model 3 prices are the reason I’m buying new. They make no sense at all.
     
  8. lawmangr

    lawmangr Member

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    I think part of the cause for the used Model 3 market oddity is that Tesla has actually *lowered* the price of a new Model 3 over time. That is something you rarely see in the larger automotive market. Most auto manufacturers tend to raise the price and just handle lack of demand with rebates and the like. That's unfortunate for those who purchased a Model 3 prior to a price drop. Like one of the posters above, I've seen used going for as much or more than new. I think part (or all?) of that is the seller basing the sale price off of depreciation from what he/she paid for it, completely disregarding what new ones cost now similarly equipped. What REALLY shocks me, is that some people pay those ridiculous used prices when they could have it new. I really do not understand that.
     
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  9. wethenorth

    wethenorth Member

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    same. In Ontario you'll see SR+ used for $49000 with 32000km when you can buy a brand new one for $52000-$5000 incentive ($47000). My only logic is, 1) people cant wait 4-8 weeks delivery 2) people need "special" financing from the dealership 3) looking for more on a trade in.
     
  10. XLR82XS

    XLR82XS D M C

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    When I started looking to purchase Model 3 I found used ones to be only a few grand less than new. I bought new and stayed away from early production cars.

    I checked last week and the KBB value was $47K on my 2020. with 22K miles.
     
  11. subieworx

    subieworx Member

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    I also bought new instead of used due to pricing. I was looking at a Model 3 performance and in general the used pricing was only about 5k less than new.
     
  12. Peteski

    Peteski Active Member

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    Same story here in UK. Used M3 doesn’t make sense. Just buy a new one!
     
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  13. Uncle Paul

    Uncle Paul Well-Known Member

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    In automobiles, there are really two marketplaces. Those that mostly only buy new, and those who have been conditioned to shop used to save on the initial depreciation.

    The Tesla market is different. Much less initial depreciation for current model cars. They hold their value much more than ICE competitors. You still see posts that people are not happy with wholesale trade in pricing they are offered for relatively new cars, but at the retail level the pricings are relatively close.

    What disuaded many from buying used is that the pace of improvemtents for Tesla is rapid. Often even a car only 6 months or so old may lack many recent upgraded that makes buying them at a slight discount less appealing.
     
  14. CapeOne

    CapeOne Member

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    It's not so much that Teslas have good resale values, it's that Tesla new prices have dropped a fair amount over the years ESPECIALLY with the MS and MX. So, comparing against what a new one is going for today may look like they hold their value well but when you compare against what the car had originally sold for new, it can be a different story.

    However, there are still some decent values out there e.g., 2019 M3 Performance with 39k miles, FSD, extended warranty, clean history for $47,900 at Tesla (2019 Model 3 | Tesla). A comparable new one today is over $18k higher.
     
  15. vickh

    vickh Active Member

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    Good points, the new car drops seem to have stabilized (don't tempt Elon ;) )

    Options do tend to depreciate the most like any other car. I wonder what TSLA will value my 19 SR w/ AP @. Any way to find out w/o ordering a new car yet?
     
  16. HelixSpiral

    HelixSpiral Member

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    Yep. Trade-in | Tesla
     
    • Informative x 1
  17. Buddy

    Buddy Member

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    I literally laughed our loud. That site quotes my 2016 Model S 75kW at $18,000.

    Kbb gave me a cash offer for $34,000.

    New price was $72,000.

    I guess I'll never sell.
     
  18. CapeOne

    CapeOne Member

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    You can get a trade-in "estimate" before ordering BUT it's just an estimate and may be higher than what turns out to be Tesla’s actual final offer e.g., Tesla could give you an estimate of $30k but after ordering and providing more information, it may drop to $27k.
     
  19. vickh

    vickh Active Member

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    #19 vickh, Jan 18, 2021
    Last edited: Jan 18, 2021
    TSLA has one advantage here in AZ, sales tax is paid on the difference so as long as they're within 9% of other offers I might go with them for convenience.

    I've seen that they have really low offers for their own cars though ?
     
  20. vickh

    vickh Active Member

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    Estimated Value

    $25,600

    Trade-In Details

    2019 Tesla Model 3 SR 15k miles. Not bad if you factor in tax credit.
     

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