Trade in value

[Kenners]

On the positive side the first two Tesla’s lost zero over three and a bit years so the fact that the final one has cratered just brings me back to scratch. And I am really looking forward to my £15k Highland in 2025!

Now if I had paid full price for a 18month old 3 with 15k on the clock I would really be crying into my porridge.

 

[GeorgeSymonds]

I think this chart says it all - up until autumn last year depreciation was glacial, I even sold my 2020 M3 LR back to Tesla after a year for more than I paid for it, no leasing company would match that, since then it’s been a horror story with seemingly no end in sight.

2020 Model 3 Long Range AWD Depreciation in UK

2020 Tesla Model 3 Long Range AWD values based on real depreciation curves in UK

tesla-info.com

Leasing v outright purchase comes down to who carries the depreciation risk - if the car does better than forecast, whoever carries the risk wins, if it’s worse, they lose. It’s not magic with Tesla as Tesla don’t discount. If you want a Ford where the lease company can buy cheaper than you can it’s could be a different story.

 

[milesr3]

When I bought my M3P in March 2022, for £61k, I looked at the Guaranteed Future Value on finance and thought it could never be worth as little as £21k!

I got a trade-in offer the other day. Under 2 years old with 22k miles, valued at £28,100. Just looked at what's for sale in certified used, and there's a 2023 M3P just like mine with 1k miles for £44k. If they're selling essentially new vehicles this cheap, then there's no hope for residuals. Fortunately, I have no plans to change.

 

[DoricJim]

Again with this…

 

[Rustybkts]

Make sure she runs the insurance numbers before accepting this potentially poison chalice.

I told her to check the insurance first and it came at around £900 for a 28 year old. Zoe was around £450!
Probably helps that its an SR+.

 

[SR-Plus]

Have a watch of this, I’m sure these model S cars were 30k-40k around 12-24 months ago, now struggling to make 15k in a recent BCA auction excluding fees.

Tesla’s in BCA auction

I assume these are falling in value faster as they approach 8 years old on the warranty

 

[Js1977]

I assume these are falling in value faster as they approach 8 years old on the warranty

Thanks for this. I had posted it in another thread but didn't want to "litter' this place.

Excellent value for money imho.... here is my reply to one of the posts in there. you would have to find it to bring it within context...

The way I see it is these are performance cars that are stupid cheap to run. Anything going bad on an older equivalent ice performance car is going to hurt big time but it might not matter to some since you are only replacing a gearbox here, an engine there, a sensor here and a DPF/catalytic converter there instead of spending a big amount in one go.

 

[Durzel]

I like my car, but the fact you could end up looking at a £18k bill for a replacement refurbished HV battery after 8 years does not fill me with confidence, even if it is rare.

Those kinds of bills aren’t comparable to ICE cars, where you seldom have to replace an entire engine, and can source them from third parties easily enough, as well as have them fitted by a selection of garages.

I’ve been told that there are a couple of places that might be able to repair HV batteries, but they don’t seem to be well known.

 

[Js1977]

I like my car, but the fact you could end up looking at a £18k bill for a replacement refurbished HV battery after 8 years does not fill me with confidence, even if it is rare.

Those kinds of bills aren’t comparable to ICE cars, where you seldom have to replace an entire engine, and can source them from third parties easily enough, as well as have them fitted by a selection of garages.

I’ve been told that there are a couple of places that might be able to repair HV batteries, but they don’t seem to be well known.

People spend 18k+ in ICE cars to get to the level of performance in your car with less warranty or reliability. Yet again people spend more than that to convert ICE car to EV's for reliability.

If you forever want a car with warranty (which sometimes is not what you think it is btw) then you have to pay for the privilege of not wanting to hold the hot potato.

 

[Durzel]

People spend 18k+ in ICE cars to get to the level of performance in your car with less warranty or reliability. Yet again people spend more than that to convert ICE car to EV's for reliability.

If you forever want a car with warranty (which sometimes is not what you think it is btw) then you have to pay for the privilege of not wanting to hold the hot potato.

I’m not sure what your point is here to be honest. Is it that I should be accepting of potentially having to pay another £18k in the future on top of what I have already paid to buy the car to maintain the performance advantage over ICE cars?

I’m not really talking about warranty, my point was that £18k bills are not something you realistically face in a “normal” ICE car. It’s not a sum of money that the majority of people will be able to find readily, and is not commensurate with the original price of the car (e.g. £18k bills might me more tolerable on a supercar costing several hundred thousand pounds)

 

[Js1977]

I’m not sure what your point is here to be honest. Is it that I should be accepting of potentially having to pay another £18k in the future on top of what I have already paid to buy the car to maintain the performance advantage over ICE cars?

I’m not really talking about warranty, my point was that £18k bills are not something you realistically face in a “normal” ICE car. It’s not a sum of money that the majority of people will be able to find readily, and is not commensurate with the original price of the car (e.g. £18k bills might me more tolerable on a supercar costing several hundred thousand pounds)

No point to be made. Just trying to ease your mind and throw a different perspective.

There are plenty of high mileage teslas out there that have not needed high maintenance costs. On the other hand, if you had bought a c63 AMG or an RS6 they dont come with a 8 year drive train warranty and its not like these are bullet proof either.

It doesn't really matter what you buy, it eventually becomes a hot potato out of warranty.

 

[Whyone]

I think the problem I would have with running a 6-7-8 year+ Tesla ATM is the build quality of these earlier cars.

I have had 4-6 year old S and X's as loan cars and all felt extremely tired...rattly, baggy and 'loose'. Maybe they haven't had the easiest lives as loaners, but they really felt quite shonky.

 

[WannabeOwner]

the fact you could end up looking at a £18k bill for a replacement refurbished HV battery after 8 years does not fill me with confidence, even if it is rare.

I'm changing my thinking on forever car ...

I would like a PLAID MS ... but its LHD. So I'm left with my current Raven, and slim chance that Tesla are going to continue DEV on MS / MX halo cars (and I'm not, currently, seeing an alternative I like) - blistering supercar performance, acres of passenger / cargo space, does a great job as a Grand Tourer)

If I bought a new car (or even a second hand one, but less so) there would be depreciation. If I spend equivalent of the depreciation on my keeper I'm evens.

And if I had to buy a new battery (unfortunate ...) I'd have a much improved car. Possibly a car with bigger kWh battery weighing less ...

But I'm in a financial position where, although I'd be annoyed to be "unfortunate", I could still put food on the table which of course isn't "everyone".

 

[PITA]

I was lusting after a Model S Plaid... but then had the cold bucket of water thrown over me, with Left Hand Drive only.

I was then lusting after a Highland Model 3 Ludicrous... but then had the cold bucket of depreciation thrown over me, and no indicator stalks.

Then I found a wet fish... and slapped myself unconscious with it.

Waking up to reality that a 2021 Tesla Model 3 Performance isn't such a bad place after all...

 

[Whyone]

Probably a generational thing, but I just can't see EV's as objects of desire, just reasonably efficient tools for getting from A-B.

My 'forever' car will always be a something analogue, light, with at least 6 cylinders and fueled by petrol.

 

[WannabeOwner]

My 'forever' car will always be a something analogue, light, with at least 6 cylinders and fueled by petrol.

Had one of those - a Hooligan (Lotus-7 thingie with 300BHP V8). Thought I'd keep it long term for High Days and Holidays ... Never drove it after getting the first MS P90D (2015). The MS was faster, carried more than 2 people, and more than a toothbrush, and waterproof too, and I didn't have drumming in my ears for hours after I arrived, nor the cost of petrol when the carburettor was using the "bucket" method of measuring the fuel mixture !

 

[PITA]

Had one of those - a Hooligan (Lotus-7 thingie with 300BHP V8). Thought I'd keep it long term for High Days and Holidays ... Never drove it after getting the first MS P90D (2015). The MS was faster, carried more than 2 people, and more than a toothbrush, and waterproof too, and I didn't have drumming in my ears for hours after I arrived, nor the cost of petrol when the carburettor was using the "bucket" method of measuring the fuel mixture !

Same...

My hooligan car was a track prepared V6 Dual Turbo with Nitrous Oxide wet system. 410 BHP and 650nm torque.

Or my 210 BHP Kawasaki ZZR1400 Performance Sport with quickshifter.

But I gave up all those mechanical headaches for my Tesla M3P and never looked back.

 

[Whyone]

Same...

My hooligan car was a track prepared V6 Dual Turbo with Nitrous Oxide wet system. 410 BHP and 650nm torque.

But I gave up all those mechanical headaches for my Tesla M3P and never looked back.

Maybe I'm slower in growing up!!!

Whilst undoubtedly quicker (at least in straight lines) I just don't actively enjoy driving EV's....we have 4 in the family and I have driven most of the options on the market in the UK.

Whilst of no consequence to me (though it does help justify the garage space to SWMBO) my current petrol car is worth roughly 4x what I paid for it.

The same, sadly, cannot be said for the (Tesla, Fiat and Peugeot) EV's.

 

[PITA]

Maybe I'm slower in growing up!!!

Whilst undoubtedly quicker (at least in straight lines) I just don't actively enjoy driving EV's....we have 3 in the family and I have driven most of the options on the market in the UK.

I've had a very active Petrol Head life... cars & motorcycles

I'm honestly glad now for the peace and quiet...

Haha

 

[Whyone]

I've had a very active Petrol Head life... cars & motorcycles

I'm honestly glad now for the peace and quiet...

Haha

I definitely 'get' the whole 'peace and quiet' / pleasant driving environment thing.

It's object of desire / belief that EV's provide a rewarding/entertaining driving experience that I struggle with.