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Tanked Model 3 values?

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Just to further reiterate what others are saying and add some detail, yes selling on HP is pretty normal these days, you just need to make sure you're up front about the fact it has finance on it, and that you have a plan in place to deal with that with a buyer. Not disclosing up front is not an option because vehicle checks will come back as showing uncleared finance, and it will reduce your potential pool of buyers, but someone will be fine with it.

Most finance companies will provide near instant confirmation to you and the new buyer that the finance is clear - good practice is to do it all on the phone on speaker with them present. Sort both payments, clear the payment(s)/transfers in advance with your bank, and don't move to the next step until things are cleared. I've done it in the past, it's a little more stressful, but perfectly doable, and as Mr H says - get a finance settlement in advance of the sale, and share it with the new buyer on the day of sale or just before so they can ensure everything stacks up.

With regards the value of your vehicle - this isn't meant as a slight, so don't take it as such, but where is your expectation that this car is worth more than 30k coming from? Did you read about the inflated values months ago and think that would last, or that the market was going to stay that way indefinitely? You bought a depreciating asset, and the market for vehicles has been through an unprecedented period.
 
Just to further reiterate what others are saying and add some detail, yes selling on HP is pretty normal these days, you just need to make sure you're up front about the fact it has finance on it, and that you have a plan in place to deal with that with a buyer. Not disclosing up front is not an option because vehicle checks will come back as showing uncleared finance, and it will reduce your potential pool of buyers, but someone will be fine with it.

Most finance companies will provide near instant confirmation to you and the new buyer that the finance is clear - good practice is to do it all on the phone on speaker with them present. Sort both payments, clear the payment(s)/transfers in advance with your bank, and don't move to the next step until things are cleared. I've done it in the past, it's a little more stressful, but perfectly doable, and as Mr H says - get a finance settlement in advance of the sale, and share it with the new buyer on the day of sale or just before so they can ensure everything stacks up.

With regards the value of your vehicle - this isn't meant as a slight, so don't take it as such, but where is your expectation that this car is worth more than 30k coming from? Did you read about the inflated values months ago and think that would last, or that the market was going to stay that way indefinitely? You bought a depreciating asset, and the market for vehicles has been through an unprecedented period.
I'm a bit confused by that too, to be honest.

How much was a SR+ in early 2020? £40,490 from what I can find online, and that presumably was before the Plug in Car Grant.

Is an expectation that one could sell the car for barely less than what one paid after 3 years unrealistic? I'd suggest it is, particularly where finance is involved (contrary to expectations and experiences last year, you're not supposed to end up better off or equal to paying in cash when buying on finance).
 
At the risk of stating the obvious trade offers are going to be less than private, substantially so depending on market dynamics, because of the spread they're looking to make across the car.

I'd suggest selling an immaculate car to the trade is broadly a waste of time because there is no premium for it being immaculate. The trade expect "good" cars and price in a fixed amount of rectification work in the offer. That you baby the car is just a incidental benefit to both the trade (less prep work needed) and eventual next owner.

On the other hand selling a £30k+ car privately fills me with dread, even if I have been on the other side before with no issues.

Model 3 prices have dropped precipitously in recent months because a) 2019 leases are ending en masse and b) the trade in prices we were seeing eariler in the year were completely artificial, used cars with trade in offers for as much as if not more than new, etc. It just seems like a big crash because the factors that led to that unique situation have eased off.
Not worth the effort or risk of selling orig st I don’t think
 
At the risk of stating the obvious trade offers are going to be less than private, substantially so depending on market dynamics, because of the spread they're looking to make across the car.
that is the conventional wisdom but its pretty clear Tesla use tradein as a demand lever and in the last year have , at times, offered what seem very high trade in values. At one point last year they offered me £7000 more than WBAC on a 2019 M3 when delivery was down to 6 weeks in March pre Shanghai Covid.
Given there seems plenty of supply right now I could see Tesla doing the same again in preference to price cuts.
 
that is the conventional wisdom but its pretty clear Tesla use tradein as a demand lever and in the last year have , at times, offered what seem very high trade in values. At one point last year they offered me £7000 more than WBAC on a 2019 M3 when delivery was down to 6 weeks in March pre Shanghai Covid.
Given there seems plenty of supply right now I could see Tesla doing the same again in preference to price cuts.
Yup, less obvious to investors etc among other things than price cuts

They will still be making money or breaking even on the cars at worst.
 
Any chance you can link it?
I tried to search but found US/Australian posts so not relevant..

 
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Yup, less obvious to investors etc among other things than price cuts

They will still be making money or breaking even on the cars at worst.
I am pretty sure they are still making money.
They have a pretty good margin and my M3 (with EAP added to it of course) disappeared off the used car pages after a month or so while listed for quite a bit more than they paid me for it.....
 
They have a pretty good margin and my M3 (with EAP added to it of course) disappeared off the used car pages after a month or so while listed for quite a bit more than then paid me for it.....

Of course that’s what I said they will be making money but they can leverage it more and only need to break even
 
Is an expectation that one could sell the car for barely less than what one paid after 3 years unrealistic? I'd suggest it is, particularly where finance is involved (contrary to expectations and experiences last year, you're not supposed to end up better off or equal to paying in cash when buying on finance).
Long term, when the used market is in a period of relative normalcy? 100% agree it's entirely unrealistic too. It's bonkers in fact. These are not super rare collectors items, the used value party was / is bound to end, especially when Tesla themselves have increased competition on the used market.

I suspect there are a number of people who mistook the hype around used values at the peak of the craziness from a few months back as something other than a bizarre market, and are now getting a nasty shock because they did some dodgy maths around inflated used values and negligible depreciation.

I do believe Teslas have historically held their value better than other cars, but clearly they are not entirely untethered from the reality of supply vs demand and new vs old.
 
Indeed. Tesla are making as many of these cars as fast as they can. In simple terms, there's a lot more of them on the road than there was 3 years ago.

Teslas have an aspirational boost in depreciation terms, as you say, but there is no shortage of other Teslas on the market as well. Logically the drop in used prices has more to do with how many are on the market than direct competition with other brands.
 
Long term, when the used market is in a period of relative normalcy? 100% agree it's entirely unrealistic too. It's bonkers in fact. These are not super rare collectors items, the used value party was / is bound to end, especially when Tesla themselves have increased competition on the used market.

I suspect there are a number of people who mistook the hype around used values at the peak of the craziness from a few months back as something other than a bizarre market, and are now getting a nasty shock because they did some dodgy maths around inflated used values and negligible depreciation.

I do believe Teslas have historically held their value better than other cars, but clearly they are not entirely untethered from the reality of supply vs demand and new vs old.
if the progression from ICE to BEVs is not derailed by energy cost or lack or chargers etc then for the next few years we will see the % of new cars that are EV continue to go up but the % of used cars that are EVs is going to lag hugely.
New EV sales were about 17% last year I think but % of used cars that are EV's is only about 5% so I can see the possibility that lack of used EV's vs used ICE will see the relative depreciation of BEVs in the used market being better than ICE for the foreseeable future.
That is not to say I am making any predictions about how low the depreciation on BEV's will be, or that it will return to 2021/2 levels, just that I can see it being better than ICE.
Unless of course the promised reduction in BEV prices finally materialises then all bets are off. Not seem much sign so far. When they said price parity by 2025 I thought BEVS were going to come down not that ICE would go up to match BEV prices! :)
 
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So I was planning on selling or trading in my white 2020 SR+ model 3 (all standard) for LR MY.

For some reason trade in quotes have disappeared from the UK site?

Tried WBAC, Motorway and Cazoo and some of the prices are ridiculous? 😳


WBAC and Cazoo are offerring £24,500-£25,000 and Motorway £30,000.

The car has 17,500miles and it’s literally brand new as I baby it. It only has dents on alloys, but will repair with insurance.

Have I missed something about re-sell values or am I stuffed?
Given the average car has a residual of 40% after 3 years, I'd say an expected valuation of double that, would perhaps be a little optimistic.

Many people got cloudy eyed when residuals on Tesla's were abnormally high.

The ridiculousness was believing portions of the second hand market would retain high residuals and not become more normalised over a longer period.
 
Hard to know. I never bought a car for anything other than 50,000 miles or three years whichever comes first. I assume the depreciation curve will flatten as time passes. I am delighted with my March 22 M3 RWD. It is efficient, smooth and plenty quick for my needs. One thing I have never on my other cars is people pointing at it and saying ’wow look at that - a Tesla!’ and yes there aren’t many about this part of rural Ireland!
 
Hard to know. I never bought a car for anything other than 50,000 miles or three years whichever comes first. I assume the depreciation curve will flatten as time passes. I am delighted with my March 22 M3 RWD. It is efficient, smooth and plenty quick for my needs. One thing I have never on my other cars is people pointing at it and saying ’wow look at that - a Tesla!’ and yes there aren’t many about this part of rural Ireland!
Just be careful they don't burn you as a witch.
 
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Model 3 prices have dropped precipitously in recent months because a) 2019 leases are ending en masse and b) the trade in prices we were seeing eariler in the year were completely artificial, used cars with trade in offers for as much as if not more than new, etc. It just seems like a big crash because the factors that led to that unique situation have eased off.
and, maybe, (c) because people are crapping themselves about electricity prices while dinosaur juice is normalising (if slowly)
 
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Yeh noticed it’s cheaper for petrol than supercharger atm

Only for those like me who charge mostly at home is it cheaper now.
Supercharger prices are best compared with motorway petrol prices rather than your local Tesco or whatever. If you can complete your journey with one 'tank' then there is no need to use the most expensive option. There are plenty of non-SuC chargers that are cheaper. I only use public chargers and it's cheaper than charging at home. Yo me, SuCs are for convenience on long journeys, same as motorway petrol stations.
 
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