[UK] used value of their Tesla cars plummeting?

[Jason71]

In terms of environmental responsibility we need to break the cycle of significant numbers of people buying new cars every 2-3-4 years.

8 years out, if the car is still 'fit for purpose' it will owe you very little, so why not keep running it until something big goes pop....it may well run happily for many more years. If it doesn't, it's time for a new one!

people get worried about repair costs when their car is out of warrantee.
90% of my car ownership has been outside of any type of warrantee. and It has barely cost me anything. But key to that was buying the right car. ppart from brand, that also meant buying cars near the end of their production cycle not the beginning. When a new model is launched it can take >3 years for some flaws to become apparent then a year or two more for new models to get design fixes / upgraded parts. When i was a high mileage cost conscious driver I tended to buy cars 3 years old and at least 4 years into their product cycle at the point of manufacturer to ensure the worst of the issues would have been designed out before mine was built.
Needless to say, on that basis, I did not fancy the idea owning my original 2019 Fremont M3 out of warrantee.....

 

[Durzel]

people get worried about repair costs when their car is out of warrantee.
90% of my car ownership has been outside of any type of warrantee. and It has barely cost me anything. But key to that was buying the right car. ppart from brand, that also meant buying cars near the end of their production cycle not the beginning. When a new model is launched it can take >3 years for some flaws to become apparent then a year or two more for new models to get design fixes / upgraded parts. When i was a high mileage cost conscious driver I tended to buy cars 3 years old and at least 4 years into their product cycle at the point of manufacturer to ensure the worst of the issues would have been designed out before mine was built.
Needless to say, on that basis, I did not fancy the idea owning my original 2019 Fremont M3 out of warrantee.....

So you bought a car that has only existed since 2020, and only in the UK / in RHD form since the end of last year?

Not sure how that squares with the "at least 4 years into their product cycle" logic

 

[CWT3LR]

people get worried about repair costs when their car is out of warrantee.
90% of my car ownership has been outside of any type of warrantee. and It has barely cost me anything. But key to that was buying the right car. ppart from brand, that also meant buying cars near the end of their production cycle not the beginning. When a new model is launched it can take >3 years for some flaws to become apparent then a year or two more for new models to get design fixes / upgraded parts. When i was a high mileage cost conscious driver I tended to buy cars 3 years old and at least 4 years into their product cycle at the point of manufacturer to ensure the worst of the issues would have been designed out before mine was built.
Needless to say, on that basis, I did not fancy the idea owning my original 2019 Fremont M3 out of warrantee.....

Up until the current Model Y - the first new car I have owned or leased in 25 years - I could do most basic repairs myself. Even to the point of replacing knackered suspension components, exhausts, head gaskets, that sort of thing. It helped enormously that I had a Spitfire in my early days of motoring, which - like Trigger's Broom or grandfather's axe - was the same car as when I bought it only in the sense it carried the same numberplate.

What will now happen is no-one will be able to do any home maintenance on EVs unless they are very brave or very foolish.

 

[ElectricPolice]

The way I see it and justify it to myself, is my M3P needs to be compared with other circa 500bhp cars, and I bet my left nut they are not doing 40mpg and would be paying > £75

To chime in on my circumstances...

Company director, owns M3LR bought personnally and not through business so I reimburse myself 45ppm. I very rarely top the 10,000 miles but 25ppm also pretty good.

Last week 280 mile trip edge of Cotswolds to near Huddersfield - 280 miles. Paid myself £126

Left home on 100% charge on Go at 5p (soon to double to 10p on IO) which was topped up over a couple of days so lets say max at 77kW cost £3.85.

Three days away, 2 overnight stays and a quick stop on the way home at Woodall for a £16.56 top up and £3.70 Flat white.

Total journey 'fuel' cost £20.41 for 280 miles. Didn't expense the coffee!!

Seems reasonable to me, I made over £100 profit which goes towards the cost of the car.

In fact what I now do is 280 x 5p = £14 and pay this to Octopus to top up my account balance.

It might not be the best option and someone will say I'm doing it completely wrong, but it's simple and effective for me, no tax complications and my accountant is happy with the simple maths

 

[Adopado]

I've had 3 replacement rear tail lights, due to condensation, for example.

You can repair them for the price of some glue if you need to. In fact more likely to solve the problem than putting in another leaky version.

 

[Durzel]

You can repair them for the price of some glue if you need to. In fact more likely to solve the problem than putting in another leaky version.

Yeah, I've watched that video. That's probably what I will do at some point. They only get cloudy now from time to time, which still looks crap, but not actual droplets.

 

[NickParks]

What did Motorway quote?
Wonder where they'll be in another year?

A bit better - £36k

 

[73henny]

Prices are all over the place. Some private adds on autotrader are at higher money than dealers are selling the equivalent car for. They can't be selling for the prices they're asking. WBAC clearly don't want them, Motorway better but not great either.
The next year might be very interesting or difficult depending on your point of view.

 

[73henny]

A bit better - £36k

Similar for me - £38k.
I need to decide what to do pretty sharpish. I'm doing way more business miles than I expected due to being very busy so might have to jump before my car's value is really trashed....

 

[NickParks]

Similar for me - £38k.
I need to decide what to do pretty sharpish. I'm doing way more business miles than I expected due to being very busy so might have to jump before my car's value is really trashed....

One of my fellow directors has an M3P the same age as mine, but with 55k on it and WBAC offered £25k! - we're not selling just checking prices out of interest really.....
When I put my cars details into Autotrader to value it, they're advising to put it up for £43.5k!

 

[Durzel]

In the interests of completeness WBAC are offering me £30k for my M3P (2020, 4.75k miles)

Motorway won't do an online valuation, presumably because of the weird mileage.

 

[Jason71]

So you bought a car that has only existed since 2020, and only in the UK / in RHD form since the end of last year?

Not sure how that squares with the "at least 4 years into their product cycle" logic

it doesn't at all. Complete reversal
it was my first ever new car in 30 years of car ownership and a complete break with my previous "strategy" but being new it had a warranty so repair cost not an issue
Breakdowns would still have been a problem on the basis that time is money but I decided to take that risk

 

[Durzel]

it doesn't at all. Complete reversal
it was my first ever new car in 30 years of car ownership and a complete break with my previous "strategy" but being new it had a warranty so repair cost not an issue
Breakdowns would still have been a problem on the basis that time is money but I decided to take that risk

Money comes and goes, time only goes

 

[Jason71]

Money comes and goes, time only goes

Very profound and if that is meant to suggest enjoying life rather than chasing money then but in the context of what I said the choices were being at work earning money VS sitting by the side of the road waiting for breakdown recovery so not sure it really applies.

 

[Jason71]

Up until the current Model Y - the first new car I have owned or leased in 25 years - I could do most basic repairs myself. Even to the point of replacing knackered suspension components, exhausts, head gaskets, that sort of thing. It helped enormously that I had a Spitfire in my early days of motoring, which - like Trigger's Broom or grandfather's axe - was the same car as when I bought it only in the sense it carried the same numberplate.

What will now happen is no-one will be able to do any home maintenance on EVs unless they are very brave or very foolish.

My Tesla was my first new car in 25 + years. When listing all the metal parts I replaced I almost used the exact same Trigger analogy the other day when we were talking spitfires . I also learned everything I know about car maintenance from owning one as well, it was kind of a requirement of ownership TBH
its like we are car twins

 

[Js1977]

What will now happen is no-one will be able to do any home maintenance on EVs unless they are very brave or very foolish.

Let me see... I won't be able to change the oil and oil filter, spark plugs, air filter, change the exhaust or/and catalytic converter, change/topup the antifreeze.... that leaves me with servicing the breaks, top up washer fluid, and change the pollen filter if I can be bothered

 

[Jason71]

Let me see... I won't be able to change the oil and oil filter, spark plugs, air filter, change the exhaust or/and catalytic converter, change/topup the antifreeze.... that leaves me with servicing the breaks, top up washer fluid, and change the pollen filter if I can be bothered

Well you know what they say "them's the brakes"

 

[73henny]

One of my fellow directors has an M3P the same age as mine, but with 55k on it and WBAC offered £25k! - we're not selling just checking prices out of interest really.....
When I put my cars details into Autotrader to value it, they're advising to put it up for £43.5k!

Interesting Autotrader price. Makes me think the prices people are asking for their cars are pie in the sky and nowhere near reality unfortunately.

 

[Sean.]

Let me see... I won't be able to change the oil and oil filter, spark plugs, air filter, change the exhaust or/and catalytic converter, change/topup the antifreeze.... that leaves me with servicing the breaks, top up washer fluid, and change the pollen filter if I can be bothered

Has anyone found /taken their Tesla to another indy EV specialist for post warranty work?

I mean Tesla service is OK (generally) but we're paying literally top of the market prices for hourly service tech. rates @ £198 per hour.

 

[Adopado]

Let me see... I won't be able to change the oil and oil filter, spark plugs, air filter, change the exhaust or/and catalytic converter, change/topup the antifreeze.... that leaves me with servicing the breaks, top up washer fluid, and change the pollen filter if I can be bothered

Funnily enough the Tesla has an oil filter that is identical to that found on an ICE. It has oil and an oil pump. I found out because I had an oil leak (seriously)! Fortunately oil/filter changes are not a normal service requirement. In terms of future home repairs there's also plenty of scope with respect to suspension, springs, shock absorbers, bearings in addition to brakes, wheels and tyres ... and repairing the bodywork and various internal parts e.g. LED bulbs, window mechanisms, hinges, seats. Though some of us got into actual engine work in yesteryear it would probably be the minority of owners and I suspect that much of what we will end up doing to keep our cars on the road would not be too dissimilar.