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Used Model 3 market
- Thread starter aarons23
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- Model 3 used used model 3
I would assume that that would be completely up to the financial institution that you financed through and the terms of your loan.
Are you considering turning your lease in and transferring it to a Model 3 later?
No. I was thinking of going ahead with financing a 3 and then if I change my mind, maybe just transfer it over to someone. No buyer's remorse or regret if we can unload at breakeven with incentives disappearing in a year or two’s time.
I think in Canada, there are only two major banks that handle financing for Tesla.
I'm a first time Tesla owner with my M3 and if I would have known how much I was going to love it I would've held out for the Performance version. I put $5.5k into it getting a clear PPF full wrap and ceramic coating as well. Does anyone have any recommendations for the easiest (and lowest expense) way to sell the car?
dgpcolorado
high altitude member
I would start with a detailed listing, with pictures, right here on TMC. Don't expect to get all the cost of the extras, although one never knows.
Glamisduner
Active Member
I thought allot about getting an older P85 (2013-2014), with stereo and AP, but if I wanted warranty the cheapest I could find them was around 60k delivered.
Some other things that prevented me from getting it.
Cost of repairs (I assume part prices are much higher for a near out of warranty S,than they will be for the 3).
Efficiency (matters some although I opted for 19's on the model 3 anyways).
Spending allot of money for a 6 year old car.
Insurance premium.
Old S bodystyle, (the new one is so much nicer, but the old one isn't ugly).
I wanted AP2, but I'm less sure these days that I really care.
No Tax Credits (10k here).
So the used 60k P85 RWD is really competing with a 70k new model 3. Or basically used older P85 vs new P3. Even a loaded M3 non performance costs less still than a P85. Thats with AWD, FSD, and Brand new warranty.
All that said, a 43k P85 is a crazy deal if it's lower miles and under a warranty.
Some other things that prevented me from getting it.
Cost of repairs (I assume part prices are much higher for a near out of warranty S,than they will be for the 3).
Efficiency (matters some although I opted for 19's on the model 3 anyways).
Spending allot of money for a 6 year old car.
Insurance premium.
Old S bodystyle, (the new one is so much nicer, but the old one isn't ugly).
I wanted AP2, but I'm less sure these days that I really care.
No Tax Credits (10k here).
So the used 60k P85 RWD is really competing with a 70k new model 3. Or basically used older P85 vs new P3. Even a loaded M3 non performance costs less still than a P85. Thats with AWD, FSD, and Brand new warranty.
All that said, a 43k P85 is a crazy deal if it's lower miles and under a warranty.
Soda Popinski
Member
Elon Musk mentioned they'll start offering Leasing for the Model 3 in 6-9 months (Elon time). So besides Leasing being a more affordable option, that means 3 years after that, you'll start seeing CPO Model 3s on the market.
The fact is preowned Tesla prices are too high. I think this high resale will continue with the Model 3's. I would not buy a preowned Tesla because I think new ones are better deals; like really financially better to buy new. This is true for many Porsches as well.
There are brands where buying used (for most of their models) doesn't make sense and Tesla is one such brand. Except the highest performance models, you don't actually save much money by buying a 2-3 year old Tesla vs. new if you hold for 5 years. Whatever "savings" is simply due to the fact you would by driving an older car. The difference is just not worth it for me.
This goes for most Porsches as well. Pre-owned 911s, Panameras or even many Cayennes are just too expensive such that the depreciation + maintenance cost of a 3 year old version isn't really materially better than new.
Such weird situations are due to the fact that these cars are soo highly sought after. People like them and continue to want them either new or used but most people really cannot afford them new. So they have choice but buy pre-owned (lower monthly payments). But really if they do the calculation, they don't actually save much compared to new... but obviously you need to be able to take on the larger cash outflow buying the new car in order to buy the new car.
In conclusion, there are cars that you should definitely never buy new, because you save SOOO much buying used (e.g., luxury sedans or suvs, even slightly used, save a bunch). But there are also cars where you really don't save much buying used, but end up driving an older car, with older tech, worse performance, and having to pay higher maintenance. I think at this point, Teslas are in the 2nd group.
There are brands where buying used (for most of their models) doesn't make sense and Tesla is one such brand. Except the highest performance models, you don't actually save much money by buying a 2-3 year old Tesla vs. new if you hold for 5 years. Whatever "savings" is simply due to the fact you would by driving an older car. The difference is just not worth it for me.
This goes for most Porsches as well. Pre-owned 911s, Panameras or even many Cayennes are just too expensive such that the depreciation + maintenance cost of a 3 year old version isn't really materially better than new.
Such weird situations are due to the fact that these cars are soo highly sought after. People like them and continue to want them either new or used but most people really cannot afford them new. So they have choice but buy pre-owned (lower monthly payments). But really if they do the calculation, they don't actually save much compared to new... but obviously you need to be able to take on the larger cash outflow buying the new car in order to buy the new car.
In conclusion, there are cars that you should definitely never buy new, because you save SOOO much buying used (e.g., luxury sedans or suvs, even slightly used, save a bunch). But there are also cars where you really don't save much buying used, but end up driving an older car, with older tech, worse performance, and having to pay higher maintenance. I think at this point, Teslas are in the 2nd group.
JBare
Member
F150s and Wranglers are in that boat of "only buy new". I researched for a few months and eventually ordered a Wrangler from a dealer with every option I wanted and just had to wait 6 weeks for it to be built. Sticker was around $36K, I paid just over $33K for it. Unfortunately I totaled it 26 months later (~38K) and got an insurance check for $29K. I was more worried about the reliability of Wranglers thanks to the history of such but really it made no sense to buy used. They don't depreciate much if you can get a great deal upfront
I think even Toyotas hold their value well on the low end. They're so reliable that paying a few extra thousand is worth it for a new one.
halfricanguy
Model 3 - LR RWD - MSM
I recently purchased a Model 3 from a used car dealer (not from Tesla). I was planning on getting a used S but happened to come across the 3 about an hour outside of town, just taken in. It had 500 miles on it, pristine condition, but no EAP. February 2018 build.
I paid just under $60k for it including registration and other fees, which I believe is $10k above MSRP? All of the used S's that I were looking at were ~$50-60k (late 2016+ models) so I determined it comparable, and it was a freaking Model 3 and the wait list is years out, why the hell not?!
I'm glad I did, best car I've ever driven. I liked the Model S when I test drove it, but the 3 was more my size and I think it looks a little more sporty.
Some things to consider if you do get any used Tesla from anyone not Tesla, I've found out with my experiences:
I paid just under $60k for it including registration and other fees, which I believe is $10k above MSRP? All of the used S's that I were looking at were ~$50-60k (late 2016+ models) so I determined it comparable, and it was a freaking Model 3 and the wait list is years out, why the hell not?!
I'm glad I did, best car I've ever driven. I liked the Model S when I test drove it, but the 3 was more my size and I think it looks a little more sporty.Some things to consider if you do get any used Tesla from anyone not Tesla, I've found out with my experiences:
- You won't be able to buy extended warranty unless you bought the car directly from Tesla
- Unless you have an S or X built with free super charging, you'll need to pay for it - which is fine - but the car has to be in your name in Tesla's system and on MyTesla
- Similarly, you can't control anything for the car or check the battery life, or unlock it with your phone until it's linked to your MyTesla
- For Tesla to transfer to transfer the ownership of the car into your name within their system and MyTesla, it takes 3-5 business days (so they say), but you have to have a copy of the registration to send them, and if you're in a state with a slow DMV, it might take weeks or a month to get that documentation mailed to you. So on top of the processing time on Tesla's end, it may be a while until you can Supercharge and thus no long distance travel right away. They won't do anything for you until they have the documentation they need.
- Side-note: the Model 3, unlike the S and X, are not compatible with any fast charging other than Tesla's Superchargers (i.e. no CHAdeMO). I thought I would be able to get around the lack of supercharging but it's impossible, until Tesla updates the software and allows the adapters to work with the 3.
You don't say the color or the wheels, but let's assume they were both upgraded. $1k for paint and $1.5k for wheels. Base $35k + $9k for long range + $5k for PUP. It has no EAP or FSD. So that means the car's brand-new price was $51.5k. The original owner probably got the $7500 tax credit. You definitely don't get it. So yeah, you paid a lot higher than MSRP.
halfricanguy
Model 3 - LR RWD - MSM
Midnight Silver Metallic and I don't remember the exact specs of the wheels but they are dark colored and came with aero wheels. But also remember, buying new from Tesla adds on about $1,200 in destination and doc fees. Then you have registration and tax, which was included in my payment. It might be higher than MSRP, but factoring in all that, it makes the price difference negligible in my eyes.
Also I'm not 100% sure but from what I understand, selling the car disqualifies you from claiming the tax credit.
I recently purchased a Model 3 from a used car dealer (not from Tesla). I was planning on getting a used S but happened to come across the 3 about an hour outside of town, just taken in. It had 500 miles on it, pristine condition, but no EAP. February 2018 build.
I paid just under $60k for it including registration and other fees, which I believe is $10k above MSRP? All of the used S's that I were looking at were ~$50-60k (late 2016+ models) so I determined it comparable, and it was a freaking Model 3 and the wait list is years out, why the hell not?!
You also got the older v1 rear seats, what's the VIN?
Wait list is months, not years for your config
Somebody can order today and get a brand new car by the end of the year AND a good shot at the the $7500 EV credit. Why buy used???
Knightshade
Well-Known Member
I think the tax rebate situation actually makes this kind of interesting... I mean if one takes delivery this December they're effectively getting a new one for $7500 less for the car than a buyer 13 months in the future could get a new one for. So if they put it up for sale after barely more than a year, at 20% off what a new one goes for then, they'd almost get all t be losing anything off what they paid for it.
Nope.
Only buying with the intent of selling disqualifies you.
As long as you can say I bought it intending to keep it, then circumstances forced me to sell it, you get the full tax credit.
So you paid $59,000 for a used car somebody else bought new for a lot less after they almost certainly took the tax credit.
Nope.
Only buying with the intent of selling disqualifies you.
As long as you can say I bought it intending to keep it, then circumstances forced me to sell it, you get the full tax credit.
So you paid $59,000 for a used car somebody else bought new for a lot less after they almost certainly took the tax credit.
halfricanguy
Model 3 - LR RWD - MSM
You also got the older v1 rear seats, what's the VIN?
Wait list is months, not years for your config
Haha I guess the wait was based on my perception. Regardless, it still would've been months and I needed a car. My last car got totaled due to an accident that was someone else's fault. I was looking at older used Model S's and came across this practically new 3 at a comparable price, I felt it was a better car for me, I'm impulsive, done deal
last 4 of the vin is 68xx.Gotcha I didn't realize. Still, selling after 500 miles for a perfect car? Definitely odd.
Knightshade
Well-Known Member
Oh, I agree... especially to a car dealer... I could maybe see a guy "really" intending resale but saying he didn't for tax reasons, then selling it private party at/above MSRP and pocketing like 5-10k difference....
But selling to a dealer he probably didn't "make" much at all... so more likely something like he waited 2 years to get it (he'd have to have been an early reservation holder) but by the time he did (or maybe right after he did) his finances or life circumstances changed a lot and he knew he couldn't afford it anymore and had to get rid of it quick (the only reason you'd sell a car like that to a dealer)
