Thinking of selling....Oh My

[hmgolds]

Tesla Model 3 resale value is over five times better than industry average: study

That may be true, but it's completely immaterial. First, the article you referenced compared depreciation of Teslas vs other EVs. Unless the OP was considering buying another expensive EV (MX and MS depreciate much faster than the M3 according to the article). Second, depreciation of the M3 has been low because there is still no competition - from Tesla or others. This will change slightly as MY delivery ramps up. Finally, the OP appears to be concerned about the overall outlay relative to the value he/she receives. A significantly less expensive car can have less depreciation than the Tesla in absolute terms, even if not in percentage.

Something else to consider is the potential for another EV Tax Credit that applies to Tesla. Not going to get into a political debate but it is a real possibility. If so, used M3 values will decline.

BTW, I'm retired and drive 0 miles to work. I'm quite happy keeping my M3 (unless I sell to buy a Y) - but everyone's situation is different.

 

[whydontwe]

What a great forum! What do you guys think of used Audi A3 plug-in hybrid? I see some for sub $20k, so I am thinking of unloading the M3 and finance the A3 over 48 months, then give it to my kids when they can drive.

 

[CapeOne]

Tesla Model 3 resale value is over five times better than industry average: study

From the article, "...the Model 3 only loses 10.2% of its value over a three year period."

Doesn't seem realistic given that there have been plenty of even 2020 M3s listed for sale for more than 10.2% below MSRP (and probably actually sell for less).....and they're not even ONE year old yet.

 

[cucubits]

From the article, "...the Model 3 only loses 10.2% of its value over a three year period."

Doesn't seem realistic given that there have been plenty of even 2020 M3s listed for sale for more than 10.2% below MSRP (and probably actually sell for less).....and they're not even ONE year old yet.

Of course it's not. That article is more like wishful thinking. It's a car, it loses value just like all other cars. It doesn't matter if it runs on gasoline or orange peels. Sure, there are fluctuations, there may be periods of supply shortage which pushes used prices a bit up but other than this, it looses value just like any other car out there.

 

[Urbancowboy]

Then we're selling the 911 and getting another Aston Martin roadster. More fun and still VERY affordable.

Say more…?

 

[Target]

What a great forum! What do you guys think of used Audi A3 plug-in hybrid? I see some for sub $20k, so I am thinking of unloading the M3 and finance the A3 over 48 months, then give it to my kids when they can drive.

It all comes down to what you want to spend and what functionality you are looking for. Sub 20K isn't bad, but that is used Bolt territory too
Used 2017 Chevrolet Bolt EV LT For Sale in Lake Elsinore CA P4202 | 1G1FW6S06H4133674
Go take a Bolt for a spin, you might be surprised! My wife loves her's and I drive it routinely and it is pretty good. It offers a useful range as good as my 2013 P85. It is WAY cheaper to maintain and it has roughly zero vampire drain. I would be confident leaving the Bolt at the airport for a month, the Tesla would have me worried. In the end the Bolt is pretty good, take one for a spin, you might be surprised.

 

[Dan203]

It's hard to be fiscally responsible when driving that car, no doubt, but it IS wise to be frugal. You can bank the $ and buy an even newer one when you need it in the future. Just imagine what will be out there when you have the need to shop for your future ride!

As mentioned above I'm leasing, so no option to sell even if I wanted to.

 

[Stratman]

Sell the car get rid of the debt, use a Tesla Uber for transport and buy the Camry.
Then immediately take the Camry it to the scrap metal yard. You now can sleep peacefully and content at night having reduced your debt and because you have done the world and EV drivers a big favor. One less ICE

 

[SMAlset]

My job is now 100% remote. I have a 2018 M3 midrange with EAP. I probably spent another $3,000 on things like tint, front wrap, powder coat, etc.

I financed pretty much the entire amount, probably have about $43k left. It has 25k miles.

Before COVID-19, I was driving 50 miles RT for work, and of course, using EAP. Now, I rarely drive the car and so I am paying close to $900 per month including insurance and payment.

I thought about renting it out on Turo so that I can at least keep it and drive it around on the weekends. But the thought of cleaning, taxes, and meeting random folks seems stressful.

If I do sell the car, I'll probably get a low-mileage lease car for about $400 per month, including insurance (e.g, Civic, Camry).

I know this is my own personal decision, but I would leave your perspectives.

I heard many insurance companies were reducing the premiums during covid since the cars weren't being driven as often. Just thought I'd mention.

I don't know if banks, with mortgage rates at an all time low, are doing home equity lines (or even if you own your home) but depending on what your car loan rate is might be worth looking into. Our MS loan rate was pretty cheap back in 2017 but understand the rates are even lower now so you might already have a really low rate.

Personally even though we aren't driving much since March and good chance my husband won't be going to the office this year but WFH, neither one of us would give up our Teslas. First can't imagine settling for something else to drive, and second still love driving my car if it's only to Starbucks, grocery, post office right now.

 

[kingtizzy007]

My job is now 100% remote. I have a 2018 M3 midrange with EAP. I probably spent another $3,000 on things like tint, front wrap, powder coat, etc.

I financed pretty much the entire amount, probably have about $43k left. It has 25k miles.

Before COVID-19, I was driving 50 miles RT for work, and of course, using EAP. Now, I rarely drive the car and so I am paying close to $900 per month including insurance and payment.

I thought about renting it out on Turo so that I can at least keep it and drive it around on the weekends. But the thought of cleaning, taxes, and meeting random folks seems stressful.

If I do sell the car, I'll probably get a low-mileage lease car for about $400 per month, including insurance (e.g, Civic, Camry).

I know this is my own personal decision, but I would leave your perspectives.

That is a huge payment & in your shoes I’d probably sell it. I wasn’t too far behind at just under $700/month for my P3D. Thank goodness mine is paid in full now. I’ve been remote for 4 months and will likely be until the end of the year atleast. I take it out and drive it on the weekends.