Tesla Model 3 used prices

[swiftguy]

Hi,

Just been having a look at Tesla Model 3 prices, is it me or have they dropped significantly, 2020 models going for around £15-£17k with around 60k-70k miles on the clock.

Is there something wrong with these earlier ones? considering these must have been north of £40k new, that's an awful lot of depreciation in just a short few years.

I'm tempted to buy one for the missus but not sure what world of pain I'm entering into - is their big bills I'm not aware of.
Think the battery and motor are covered for 8 years/100k miles - so some years left in but not so much mileage.

Any thoughts?

[Greenmantle]

drive the 2020 model and then drive the new 2024 model to compare.
some people are saying its night and day.
then decide if the price of the 1st gen is acceptable.

[Martyn76]

swiftguy said:

Hi,

Just been having a look at Tesla Model 3 prices, is it me or have they dropped significantly, 2020 models going for around £15-£17k with around 60k-70k miles on the clock.

Is there something wrong with these earlier ones? considering these must have been north of £40k new, that's an awful lot of depreciation in just a short few years.

I'm tempted to buy one for the missus but not sure what world of pain I'm entering into - is their big bills I'm not aware of.
Think the battery and motor are covered for 8 years/100k miles - so some years left in but not so much mileage.

Any thoughts?

I've been looking at Tesla Model 3s too, 2020 was the change over where UK cars went from being built in the USA to China, the Chinese cars appear to be better built (shut lines, etc), haven't driven one yet but I think the suspension is on the firm side.

Re reliability I think they are probably a better bet than others, nothing to back that up just that they have been in the EV game longer than most and lots of cars running over 100,000 miles without battery issues.

[CG2020UK]

Honestly think these are great value used now.

They are decent cars and for under £20k it’s hard to see past them.

[Sunday Drive]

Battery and drivetrain warranty lasts to 120,000 miles and 8 years, so they should make a sensible used purchase.

[Tinkermantony]

Sunday Drive said:

Battery and drivetrain warranty lasts to 120,000 miles and 8 years, so they should make a sensible used purchase.

I think so too. Can you pay Tesla to extend the battery/motor warranty?

Edit - so they recently removed the extended warranty product in the UK.
My reservation would be that the value of the car would drop heavily, as you approach the end of the warranty period.

I have a 7 year old ice car and it will be out of warranty this year but I can extend it for a princely sum - if I keep it main dealer serviced.

Tesla can do this (they do it in the us) and help allay some of the fears around EVs.

Edited by Tinkermantony on Wednesday 10th April 13:57

[Dave200]

Greenmantle said:

drive the 2020 model and then drive the new 2024 model to compare.
some people are saying its night and day.
then decide if the price of the 1st gen is acceptable.

As a model 3 owner it wasn't really that noticeable to me when I was invited to go drive one earlier this year. Removing the stalks was a massive backwards step even if the new wheel is nice.

OP you should be aiming for a Jan 2021 onward model for better build quality.

[Dave200]

Martyn76 said:

I've been looking at Tesla Model 3s too, 2020 was the change over where UK cars went from being built in the USA to China, the Chinese cars appear to be better built (shut lines, etc), haven't driven one yet but I think the suspension is on the firm side.

Re reliability I think they are probably a better bet than others, nothing to back that up just that they have been in the EV game longer than most and lots of cars running over 100,000 miles without battery issues.

Firm ride bothered me too until I drove one with 18s fitted which just made more sense. I can't see a world where it's enjoyable for anyone to drive one of these with the bigger wheels in the UK. The roads are just too bumpy.

[raspy]

swiftguy said:

Hi,

Just been having a look at Tesla Model 3 prices, is it me or have they dropped significantly, 2020 models going for around £15-£17k with around 60k-70k miles on the clock.

Is there something wrong with these earlier ones? considering these must have been north of £40k new, that's an awful lot of depreciation in just a short few years.

I'm tempted to buy one for the missus but not sure what world of pain I'm entering into - is their big bills I'm not aware of.
Think the battery and motor are covered for 8 years/100k miles - so some years left in but not so much mileage.

Any thoughts?

Is it really an awful lot of depreciation, or just standard depreciation for this size of car? I noticed that a 2020 BMW 330e with 76k miles is up for just £15.5k.

[Yomamaisasnowblower]

Reg year for Shanghai built refreshed models is a bit of a mix. Easiest way to tell is that they also have the wooden trim strips on the doors, the US models don't.

http://www.autotrader.co.uk/car-details/2024040884...

[_Hoppers]

Sunday Drive said:

Battery and drivetrain warranty lasts to 120,000 miles and 8 years, so they should make a sensible used purchase.

It appears to depend on which version it is?

[_Hoppers]

swiftguy said:

I'm tempted to buy one for the missus but not sure what world of pain I'm entering into - is their big bills I'm not aware of.

I've just started to do a bit of research into EVs and so far it appears that Model 3 reliability is very good?!

This chap may be a bit biased because he sells them, but....

Edited by _Hoppers on Wednesday 10th April 14:45

[Dave200]

_Hoppers said:

I've just started to do a bit of research into EVs and so far it appears that Model 3 reliability is very good?!

This chap may be a bit biased because he sells them, but....

Edited by _Hoppers on Wednesday 10th April 14:45

He's really very good. I used some of his videos when I researched my purchase a couple of years back. In general reliability is pretty solid, as there's not much to go wrong.

[autumnsum]

With them still being under warranty, you can't really go wrong. A lot of car for the money, and I'd be surprised if you can get that much performance for the price anywhere else?

The decent ones do sell fast I've noticed.

They did a refresh in 2020(ish?) which added a few nice extras (and range), and they sell the fastest.

Because the new one is here is why they have dropped in price quite a bit recently I'd guess.

[JNW1]

Greenmantle said:

drive the 2020 model and then drive the new 2024 model to compare.
some people are saying its night and day.
then decide if the price of the 1st gen is acceptable.

Won't the price difference be night and day as well though? I'd have thought anyone budgeting for a 2020 model is unlikely to be able to stretch to the 2024 version!

But from what I understand it's worth trying to get into one of the cars built in China rather than one of the cars made in the US; the build quality, paintwork, etc, is supposedly a lot better and to get one of those I think you only have to move to the 2021 model year? If so that might be a more realistic gap to bridge for someone looking at a 2020 model car.

[smn159]

There's a 2016 Model S on eBay with 360,000 miles on it. Not suggesting that you buy it, but demonstrates that these things can have plenty of life in them

I bought a 2017 Model S recently for a bit more with 90k on it and it still has over 220 miles of range - very civilised place to be as well.

[Mad Maximus]

That’s great the normal depreciation curve is pre covid is returning. The market has been stupid for the last few years. Still 15k for a model 3 is very good.

[_Hoppers]

smn159 said:

360,000 miles on it.

That's nothing!

[Rich135]

I've had my MY20 model 3 from new - it's the US made "older model" as it has chrome side window surrounds and no heated steering wheel (shame!).

I've done 86k miles commuting back and forth to work, but it gets used a lot at the weekends and evenings too, as my wife loves driving it compared to her Fiat 500 or the Merc V-Class.

Maintenance has been insanely cheap, £110 on a service 2 years ago, £30 on a set of wipers and a couple of sets of tyres. Nothing else.

Reliability has been 100% and build quality absolutely fine - not amazing but more than good enough, and I am quite fussy about squeeks and rattles.

It was a lease car for 3 years (through the company I worked for) I then bought it from them as I couldn't think of anything better for my 160 miles a day commute.

Prices are very attractive at the moment, so I wouldn't hesitate to buy similar.

Rich

[James-gbg1e]

What are people's premiums like on these? Age/location factored.

EV insurance still seems to be lucrative.