Used values - am I missing something?
Discussion
So I have just had a nice read of the PH buyers guide to the Model 3, posted in Dec 22. https://www.pistonheads.com/news/ph-buying-guides/...
Now the guide mentions that the cheapest cars are 30k but high milers - and if you want a lower mileage example expect to pay 45k.
A quick look in the classifieds today and the same low mileage cars for 45k seem to be anything from 26-33k pending spec, so I have to admit I am a bit comcerned I am missing something, they can't be depreciating that fast..can they?
Now the guide mentions that the cheapest cars are 30k but high milers - and if you want a lower mileage example expect to pay 45k.
A quick look in the classifieds today and the same low mileage cars for 45k seem to be anything from 26-33k pending spec, so I have to admit I am a bit comcerned I am missing something, they can't be depreciating that fast..can they?
There may be several reasons for the second hand values of Model 3's falling rather more than expected.
1. In January 2023 Tesla cut the price of the Model 3 RWD in the UK from £48490 to £42990.
2. Lots of 3yr old ex lease cars coming on to the market.
3. Competition from other manufacturers.
As an example: My son's M3P had a list price of £60K when he got it on his salary sacrafice scheme 3 years ago.
Similar cars can be found for £33K on Autotrader
1. In January 2023 Tesla cut the price of the Model 3 RWD in the UK from £48490 to £42990.
2. Lots of 3yr old ex lease cars coming on to the market.
3. Competition from other manufacturers.
As an example: My son's M3P had a list price of £60K when he got it on his salary sacrafice scheme 3 years ago.
Similar cars can be found for £33K on Autotrader
The bottom has fallen out oif used EV prices over the last 8 months. It started late summer when the electricity prices thing happened and then with Tesla it double kicked as Tesla reduced new prices to stimulate sale for their new cars which caused used prices to continue falling
This chart shows a 30% fall in the price of a 2020 Tesla since October last year. A £13k fall in 6 months on a car that is 2 years old used car since oct is scary stuff. And it's not stopped, nor is it unique to that model, although logic dictates it's going to start to level out at somepoint.
This chart shows a 30% fall in the price of a 2020 Tesla since October last year. A £13k fall in 6 months on a car that is 2 years old used car since oct is scary stuff. And it's not stopped, nor is it unique to that model, although logic dictates it's going to start to level out at somepoint.
Used Tesla prices are all over the place and since Tesla started making too many even their own inventory is rammed full of cheap used ones.
I can only see depreciation on them getting worse as they’re just throwing out more and more at cheaper and cheaper prices, so many to choose from 2nd hand.
On the plus side, it’s great news for 2nd hand buyers so long as care is taken picking one (as always with used cars) and you choose the model year and battery size that suits your needs.
Performance 3s seem to have had particularly rapid depreciation and to me at least the pre facelift LR in a good colour seems to be the sweet spot for used.
I can only see depreciation on them getting worse as they’re just throwing out more and more at cheaper and cheaper prices, so many to choose from 2nd hand.
On the plus side, it’s great news for 2nd hand buyers so long as care is taken picking one (as always with used cars) and you choose the model year and battery size that suits your needs.
Performance 3s seem to have had particularly rapid depreciation and to me at least the pre facelift LR in a good colour seems to be the sweet spot for used.
Heres Johnny said:
The bottom has fallen out oif used EV prices over the last 8 months. It started late summer when the electricity prices thing happened and then with Tesla it double kicked as Tesla reduced new prices to stimulate sale for their new cars which caused used prices to continue falling
This chart shows a 30% fall in the price of a 2020 Tesla since October last year. A £13k fall in 6 months on a car that is 2 years old used car since oct is scary stuff. And it's not stopped, nor is it unique to that model, although logic dictates it's going to start to level out at somepoint.
A 2020 SR+ cost what, £40k after the grant?This chart shows a 30% fall in the price of a 2020 Tesla since October last year. A £13k fall in 6 months on a car that is 2 years old used car since oct is scary stuff. And it's not stopped, nor is it unique to that model, although logic dictates it's going to start to level out at somepoint.
So are you saying that they were still selling for £2k above the purchase price at 2 years old?
JD said:
Heres Johnny said:
The bottom has fallen out oif used EV prices over the last 8 months. It started late summer when the electricity prices thing happened and then with Tesla it double kicked as Tesla reduced new prices to stimulate sale for their new cars which caused used prices to continue falling
This chart shows a 30% fall in the price of a 2020 Tesla since October last year. A £13k fall in 6 months on a car that is 2 years old used car since oct is scary stuff. And it's not stopped, nor is it unique to that model, although logic dictates it's going to start to level out at somepoint.
A 2020 SR+ cost what, £40k after the grant?This chart shows a 30% fall in the price of a 2020 Tesla since October last year. A £13k fall in 6 months on a car that is 2 years old used car since oct is scary stuff. And it's not stopped, nor is it unique to that model, although logic dictates it's going to start to level out at somepoint.
So are you saying that they were still selling for £2k above the purchase price at 2 years old?
LivLL said:
Performance 3s seem to have had particularly rapid depreciation and to me at least the pre facelift LR in a good colour seems to be the sweet spot for used.
TBH it looks little different from the others and has harder suspension and more pricey tyres. The std car is extremely quick as it is but is also more comfortable to drive and these are daily driver cars, not 'PH cars'.gangzoom said:
skwdenyer said:
I see sanity has finally started to kick in with Model X prices - with the cheapest now just north of £30k, they’re starting to be rather attractive.
Did any UK Model X come with lifetime supercharging?
Yes, only a handful, need to be registered before April 2017.Did any UK Model X come with lifetime supercharging?
skwdenyer said:
Thx. So I guess the equation is potential pack replacement cost vs benefits of free S/C.
2016/17 Xs will be out of pack warranty soon, in a couple of years for us. Pack degradation is actually pretty acceptable 5%ish for our 75D at 62k miles. 100D packs are still the best though for range, charging speed and degradation.If you are buying one for longterm ownership you need to budget around £10k for an out of warranty refurbished pack replacement at some points, it's not an if but when. Calender life seems to effect the pack longevity as well as overall mileage.
A new 90kWh pack from Tesla is £20kish at present, but that does get you near 90kWh usable energy which is pretty much the same as a brand new S/X.
gangzoom said:
skwdenyer said:
Thx. So I guess the equation is potential pack replacement cost vs benefits of free S/C.
2016/17 Xs will be out of pack warranty soon, in a couple of years for us. Pack degradation is actually pretty acceptable 5%ish for our 75D at 62k miles. 100D packs are still the best though for range, charging speed and degradation.If you are buying one for longterm ownership you need to budget around £10k for an out of warranty refurbished pack replacement at some points, it's not an if but when. Calender life seems to effect the pack longevity as well as overall mileage.
A new 90kWh pack from Tesla is £20kish at present, but that does get you near 90kWh usable energy which is pretty much the same as a brand new S/X.
Lots to think about. But I am very tempted - prompted in part by your tales of X ownership!
gangzoom said:
skwdenyer said:
Thx. So I guess the equation is potential pack replacement cost vs benefits of free S/C.
2016/17 Xs will be out of pack warranty soon, in a couple of years for us. Pack degradation is actually pretty acceptable 5%ish for our 75D at 62k miles. 100D packs are still the best though for range, charging speed and degradation.If you are buying one for longterm ownership you need to budget around £10k for an out of warranty refurbished pack replacement at some points, it's not an if but when. Calender life seems to effect the pack longevity as well as overall mileage.
A new 90kWh pack from Tesla is £20kish at present, but that does get you near 90kWh usable energy which is pretty much the same as a brand new S/X.
Lots to think about. But I am very tempted - prompted in part by your tales of X ownership!
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