Why are P85D's "cheap" now?

[whitex]

The S has the slowest depreciation rate out of car in the segment...So it's essentially worth more than the class. Iv'e seen some Model S (such as this one) going for WAYY more than they are worth. This one is 11k above market going for $79,900 I could care less that is only has 25k miles on it. 2015 Used Tesla Model S ONE OWNER AWD LOCAL LOADED P85D COMPARE TO ANY NICEST at Platinum Wholesale Auto Inc. Serving NE Bellevue, WA, IID 17828110

First, the listing is from a place which takes cars on consignment. They have to list whatever the owner wants to list it at. Often owners value their cars at above market value - a well document human fallacy (most people will value the very same item more once they own it vs. not owning it). This looks like a new listing, so starting high on consignment is not unusual. That dealer by the way has been moving used Teslas since 2013, so they do know that they are doing and will advice the owner accordingly if the car doesn't sell.

Second, as pointed out by some, the cheap P85D's from Tesla are not in great condition. Someone looking at base S75D for $71K after rebate might choose to pick up a 3 year old P85D with some options instead for a similar price (I assume this price is negotiable to that range). What would have probably helped move this car is if it had air suspension (even better if it was "plus", but it wasn't available by the time this one was manufactured), ludicrous, maybe subzero and/or Auto Pilot (though it has the AP1 hardware).

Of course, with Model 3 availability, the size of the market for Model S has corrected too - there are a number of people who bought Model S in the past, but would have bought a Model 3 if it was available. Then also, the market for $60K+ cars is small to begin with, so selling any car at those prices takes time.

 

[whitex]

That's crazy, I traded in my 2015 85D with more mileage for around the same price as that P85D. Do Performance versions command less on a trade-in?

Like any other cars, the base versions depreciate the least and the top of the price (P for Tesla) range depreciate the most.

 

[tstafford]

I was pretty surprised by the asking price on mine after I turned it in. They kept dropping it (quickly) until it vanished. Someone got a great car at a great price. I'm thrilled by the 100D because for me range is king now, but at ~$60K my old car would have been awesome too.

 

[gigacar]

Tesla just offered me more on trade than the car is posted for. Mine does have cold weather and premium package and ludacris...

I really want a model x and want to trade straight across. I'm going to make a post now and see if anyone wants to trade and saw this post first.

 

[P85DBeast]

Those of us that have kept our P85D's in perfect condition have no intention of selling at any price. #BlackHoleClubForever

Mine was in perfect condition. I caused it to get a few ding's and scratches and I'm the reason all the wheels have some form of curb rash, but it being in the 100k+ mileage group I no longer expect it to be in perfect condition especially with my parent's driving it now (not saying they can't drive im just saying they aren't as careful as me (although) Im not that careful considering most of the damage there came from me) along with my siblings driving it when they come into town and my brother drive's like a full blown maniac so she's being pushed to her limit's. In all honesty I don't regret that purchase at all, I loved (and still do) my P85D that I pulled a lot of "vigorous" stunt's in....Although it's now the grandparent of the Model S performance models It's still going strong.

 

[commasign]

Mine was in perfect condition. I caused it to get a few ding's and scratches and I'm the reason all the wheels have some form of curb rash, but it being in the 100k+ mileage group I no longer expect it to be in perfect condition especially with my parent's driving it now (not saying they can't drive im just saying they aren't as careful as me (although) Im not that careful considering most of the damage there came from me) along with my siblings driving it when they come into town and my brother drive's like a full blown maniac so she's being pushed to her limit's. In all honesty I don't regret that purchase at all, I loved (and still do) my P85D that I pulled a lot of "vigorous" stunt's in....Although it's now the grandparent of the Model S performance models It's still going strong.

Nice. I also plan to keep it in the family if and when I ever get a newer Model S (full refresh in 2022? though Elon denies it). The December 2014 through March 2015 P85D cars represent peak Tesla in the sense that they introduced or allowed retrofit of most of the features that are present in a top-of-the-line 2018 Model S (autopilot, Ludicrous mode, premium center console, LTE, current generation instrument cluster display and turn-stalk, etc.,). Some things have gotten better since then (exterior refresh, MCU2, AP2, larger batteries, quicker acceleration) but a lot of things have regressed or disappeared (alcantara dash, bolstered rear seats, performance suspension, free internet, transferable free lifetime supercharging).

 

[Mike K]

I have a P85D on lease that I just extended for 6 months. I think the reason you're seeing them drop is because they're all AP1 cars, they're all pre-facelift and like it or not, the Model 3 is forcing down prices of the S.

The car in the original post is basically what I have and if I'm being entirely honest, I wouldn't pay that much for it. I'd much rather grab a brand new Model 3 for less money, AP2.5, a nicer interior, newer tech and more range... Much more range. The range in the P85D kind of sucks.

Don't get me wrong. I love the car. It's the best car I've owned by a long shot but there's more options these days than there were. You're going to quickly start to see Teslas depreciate just like every other car as electric cars become more ubiquitous.

 

[henderrj]

As an owner of an AP1 car that has had nearly a hundred K put on it since I bought it, I'm for the first time starting to think man I wish I had an ap2 car. Version 9 really has made a tremendous difference in the autopilot for those Vehicles. I'm thinking maybe it's Version 9 software that's made the ap2 and up cars more desirable, driving down the price of all of our beautiful AP1 cars. Could that also be a contributing factor?

 

[commasign]

As an owner of an AP1 car that has had nearly a hundred K put on it since I bought it, I'm for the first time starting to think man I wish I had an ap2 car. Version 9 really has made a tremendous difference in the autopilot for those Vehicles. I'm thinking maybe it's Version 9 software that's made the ap2 and up cars more desirable, driving down the price of all of our beautiful AP1 cars. Could that also be a contributing factor?

I think it's more just the standard depreciation curve and the fact that the brand new Model 3 Performance is much better bang for the buck. I too wanted AP2 but I calculated it would have cost me around $80k to upgrade from my P85D to a new P100D. So we kept the P85D and got a fully loaded Model 3 P for "free" using the money we saved (yes, silly logic but it works!).

 

[Litigate28]

Have you seen a CPO Tesla lately? The car is probably trashed. I looked at quite a few P85D in the 55-65k range, and I decided against every one. They all either had a history or defects that I couldn't get passed. Ended up purchasing a refreshed 90D for $63k that has been amazing and is plenty quick even for speed freaks.

In other threads there are lots of people complaining about current CPO process. Body damage, stains, poor customer support. Did you got 4 year warranty? Suspect big difference in what you got, versus what people are getting today.

That is probably true. My car was honestly almost brand new. Barely anything wrong with it at all, maybe a few minor minor cosmetic blemishes like the inside foot panel having a scratch. Mine does have the 4 year warranty.

I think there's a P3D effect that's contributing to P85D depreciation in particular. The P3D provides near identical acceleration performance but in a smaller car that's more agile and had the latest tech (AP 2.5) and eligible for the $7500 rebate. Some folks who don't need the larger car shopping in the P85D segment are opting for the P3D.

I think I'm in the minority that thought the P3D was noticeably not as violently quick as my P85D insane mode. Just not the car for me specifically though.

 

[PhaseWhite]

That is probably true. My car was honestly almost brand new. Barely anything wrong with it at all, maybe a few minor minor cosmetic blemishes like the inside foot panel having a scratch. Mine does have the 4 year warranty.



I think I'm in the minority that thought the P3D was noticeably not as violently quick as my P85D insane mode. Just not the car for me specifically though.

Yeah having driven both I’d agree the P85D has a more violent feeling and more torque, but the P3D pulls harder in the midrange to make up and they both run similar 1/4 mile times. 11.7-11.8

 

[JMatt]

Yeah having driven both I’d agree the P85D has a more violent feeling and more torque, but the P3D pulls harder in the midrange to make up and they both run similar 1/4 mile times. 11.7-11.8

Ahhh....but P85D with Luuuuuuuudicrous!!!

 

[brianman]

I think I'm in the minority that thought the P3D was noticeably not as violently quick as my P85D insane mode. Just not the car for me specifically though.

Depends on your expected usage. If you're looking for drag racing, upgrade the P85D to the P100D. If you want to track, it the M3P is an upgrade for both (especially 2 laps in).

 

[3mp_kwh]

I have a P85D on lease that I just extended for 6 months. I think the reason you're seeing them drop is because they're all AP1 cars, they're all pre-facelift and like it or not, the Model 3 is forcing down prices of the S.
…………. The range in the P85D kind of sucks. ......Don't get me wrong. I love the car. It's the best car I've owned by a long shot but there's more options these days than there were.

Different strokes, I guess. Two things drive P85D prices. Rank them above/below whatever you're thinking, but P85Ds were over-produced. They constantly saturated Hank's "consolidator", into 2015 onward you'd find dozens in inventory. With them came the "39 month" lease, which made Spring '18 the first dumping ground for returns. My view, this isn't features, and from a test drive of M3P, its certainly not the car.

Our P85D still charges to 248 (253 rated), while our (259 rated) 75D charges to 242. As Model S through 2015 goes, that's not bad.

What's so sad about your comment about features, is how Tesla just took them away from the MobilEye AP1 & earlier cars (version 9). Those facing heavy stop & go can no longer go full screen, rotate screen, shut down maps, or engage with the non-map portion of the screen, unless they take their eyes further away from the road (not exactly a Model 3 strong-suit). These things made Model S / X better than Model 3, but I have to hand it to your comment that Tesla, in effect, just went a long way to helping your case. I still haven't made peace with that.

I'm in it more for the hardware. 350KW of properly rear-biased drive, coil Bilsteins, not Mexican shocks (or airbags) and a few of the things that could go a long way to making Model 3 much better. For a street car, I have no regrets sticking. That is, so long as Elon doesn't force us to a DOS interface, in a year or two.

 

[EV-lutioin]

It's because of the nosecone!

 

[sundoc]

Those of us that have kept our P85D's in perfect condition have no intention of selling at any price. #BlackHoleClubForever

You and me both!

 

[edwinlincoln]

Do this math
50% on 85,000
50% on 150,000

See what you get.

Hope this answers your question.

 

[edwinlincoln]

May I should update it to reflect average msrp

Base with a couple options 50% on 80,000 = 40,000
P85D with a couple options 50% on 120,000 = 60,000

On some older models, they’re stuck above 30k because more people can afford at that price point.

 

[freeewilly]

Every once in a while Tesla CPO price will be extremely attractive, I remember the last time it happened was in Dec 2015. So if anyone is looking for a CPO, now is the time.

 

[xyeahtony]

Lots of leases expiring, saturating the market. plus a brand new Model 3 performance which is similar in performance and superior in range to the P85D, P85, etc can be had for cheaper.