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What is the re-sale value of plaids?

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trus

trus

'22 Model S Plaid
Dec 9, 2021
33
35
Seattle
#1
I recently did an appraisal on my Model S plaid that I bought last year for $170,000 total after taxes and fees (FSD too), and it came back to $88,000...

WHAT!

I did trade-in estimate with Tesla and it only gets worse, at a $76,000 value, what is going on?
 
#2
Unfortunately you bought high, and the market got flooded with folks getting them to resell them when there was a shortatage. I Ordered mine in Sept 2020 on Battery day and paid $127k with FSD. Now they can be bought for even less than I paid.

Dont get hung up on reselling it and drive it like you stole it.

It’s a depreciating asset, so it depreciated.
 
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#3
The S/X never held value well compared to 3/Y. Tesla also had a massive price drop twice for the S/X this year. Plus with HW4 starting to roll out on the S/X people would rather just buy the latest version. And lots of people looking in the 100k+ range are looking at more luxurious offerings for similar price like Lucid, Taycan, i7, EQS.

FSD is mostly a sunken cost as you only get a fraction of it back on resale/trade in.
 
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#4
trus said:
WHAT!

what is going on?
Click to expand...
New prices have come down significantly, thus affecting the used market.

The second-hand market value of FSD is less than a thousand dollars, so you might as well have lit that money on fire.

The used market doesn’t care how much you paid in taxes.

Cars famously lose value over time. Often dramatically.
 
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#6
50% depreciation in a year is spectacularly high!

Cars over a $100K have mostly had very high depreciation because people that can afford expensive cars will spend the extra to buy new cars, not someone's sloppy seconds, if it only saves them a little bit of money.

But 50% in one year is not normal, and in addition to the very valid points made above, Tesla's poor build quality and crappy service reputation are adding to the high depreciation. If you are selling after only a year or 2, they will think your car is one of the duds with problems like unfixable front drive unit vibrations, unfixable wavy windshields, or you just hate the car for some other reason. And then since it's the fastest production car on the planet, buyers have to assume you thrashed the car at every stoplight while you had it.

If it makes you feel any better, the high annual depreciation won't stop until your car gets to around $20K in value.
 
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#7
It seems like history is repeating itself. Tesla dropped its MSRP quite a bit after the 100D series or beginning with the Long Range series. Many owners were upset after purchasing P100DLs for over $130k. Prices kept dropping with culminated with the base $69,420 MS. Then the refresh came along and COVID happened which changed everything. Since Tesla is the market leader in sales, any changes in their pricing will directly affect car pricing for all used vehicles.
 
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#9
TLLMRRJ said:
50% depreciation in a year is spectacularly high!

Cars over a $100K have mostly had very high depreciation because people that can afford expensive cars will spend the extra to buy new cars, not someone's sloppy seconds, if it only saves them a little bit of money.

But 50% in one year is not normal, and in addition to the very valid points made above, Tesla's poor build quality and crappy service reputation are adding to the high depreciation. If you are selling after only a year or 2, they will think your car is one of the duds with problems like unfixable front drive unit vibrations, unfixable wavy windshields, or you just hate the car for some other reason. And then since it's the fastest production car on the planet, buyers have to assume you thrashed the car at every stoplight while you had it.

If it makes you feel any better, the high annual depreciation won't stop until your car gets to around $20K in value.
Click to expand...
Guess I will quite literally, ride it out!
 
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#10
Does anyone know of any recent sales examples that were particularly low? I am appealing my property tax value on my Plaid because they valued it at $105k. I think it's valued below $86k. Yes, we have to pay an approximately 1% yearly tax on the value of our cars. But, we only pay 3% sales tax at purchase. Works out about the same.
 
#11
I bought the refreshed LR. One of my thoughts going in is the halo model often depreciates the most. Once the next, newest hotness comes out, it is like yesterday's news. If there was more of an actual difference other than just more power I might have been inclined to go with a Plaid. Then again I've bought the halo car too many times and taken a big hit in depreciation. So I typically buy 1 step down as that seems to be the best bang for buck and has enough performance I am still happy with the car. I also looked at past S's depreciation and saw how they were really hit at each refresh cycle so I kept my expectations in check.

Even on the LR's there has been significant depreciation, just not to the level of the Plaid. When I bought my LR, there was a 50k price differential. From what I can tell, in the used market that has dropped to about 20k. I think Jag and McClaren are the only other car companies that depreciate as fast as a Plaid does. I don't think the yoke helped the sale or resale of either car.

I think what makes this even harder was the huge run-up in prices last year. I sold my Y at peak oil and that has at least offset some of the depreciation on my S. The depreciation is still incredible for most refreshed owners regardless of trim. At the end of the day, I'll likely never buy another S. Between the horrendous depreciation, stupid gearshift implementation, rear tire wear, crappy FSD, some with driveshaft issues, and so on. I can see why they aren't a lot of new owners wanting to buy them. Mine has been blessedly free of issues so I am one of the lucky ones but a lot of my friends haven't and Tesla doesn't do jack to fix these things.

Look on the bright side. At least you have a car that had ultrasonic sensors for parking. I can't imagine spending 100k+ on a car and not having them.
 
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#13
n2mb_racing said:
Does anyone know of any recent sales examples that were particularly low? I am appealing my property tax value on my Plaid because they valued it at $105k. I think it's valued below $86k. Yes, we have to pay an approximately 1% yearly tax on the value of our cars. But, we only pay 3% sales tax at purchase. Works out about the same.
Click to expand...

Can you use trade in values? If so, Tesla will give you a trade in value for your VIN that will make you tear up instantly.

Trade-in | Tesla

www.tesla.com www.tesla.com

Other than than, check Cars and Bids for recent auction results.
 
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#14
TLLMRRJ said:
Can you use trade in values? If so, Tesla will give you a trade in value for your VIN that will make you tear up instantly.

Trade-in | Tesla

www.tesla.com www.tesla.com

Other than than, check Cars and Bids for recent auction results.
Click to expand...
Yup. Worth a shot.
1679928822651.png
😅

I expected the Plaid to depreciate a lot. I think I expected worst case to be 50% over four years. I didn't expect Tesla to drop the price of the new Plaid by $20k. That really killed the resale. But, they've done it before right before a major update, so I shouldn't be surprised.

Although, even with the new pricing, I'm immediately sure I'd buy new either. There's a host of new issues to get resolved, vs. a car that has already been back to service to get all the bugs fixed. I have a '23 Model S LR service loaner right now and it's got all sorts of issues from manufacturing. Seat belt installed backwards, dead pixel in the headlights, random squeaks and rattles.... Hopefully after I get my '21 Plaid back from service (9th service so far, but who's counting?) they will have fixed all the nagging issues on my car and I'll be able to enjoy it for a while. 😅🤞
 
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#15
n2mb_racing said:
Yup. Worth a shot.
View attachment 921830 😅

I expected the Plaid to depreciate a lot. I think I expected worst case to be 50% over four years. I didn't expect Tesla to drop the price of the new Plaid by $20k. That really killed the resale. But, they've done it before right before a major update, so I shouldn't be surprised.

Although, even with the new pricing, I'm immediately sure I'd buy new either. There's a host of new issues to get resolved, vs. a car that has already been back to service to get all the bugs fixed. I have a '23 Model S LR service loaner right now and it's got all sorts of issues from manufacturing. Seat belt installed backwards, dead pixel in the headlights, random squeaks and rattles.... Hopefully after I get my '21 Plaid back from service (9th service so far, but who's counting?) they will have fixed all the nagging issues on my car and I'll be able to enjoy it for a while. 😅🤞
Click to expand...
Okay - here is what Tesla just offered me for my MS LR. No FSD.
1679944213215.png


So maybe the delta is even smaller now between the Plaid and LR compared to when I ordered. I feel all of your pain with Plaids who are really taking it in the shorts right now with respect to resale.
 
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