In case you have been thinking about a gasoline-free vehicle but you could not afford it, that may be the right moment to do it. The resale value of the Tesla Model 3 is also dropping at an alarming rate, so it may be a good time to buy a cheap one. Edmunds estimated that a 2024 Tesla Model 3 Long Range sold for only $31,000 a year later, despite its original price of $60,630, representing a nearly 50% reduction in a single year.
Used Tesla prices have been on a sharp decline. Such a decrease is great news to those hoping to grab a good long-stretch EV at a price that is only a fraction of the product price.
What Is the Cause of the Decline?
Such depreciation is not restricted to one scenario. Even Tesla models are experiencing a higher depreciation rate than any other car make. The car seller Edmunds, after transferring the FSD software package worth $12,000 from a former vehicle, received $48,630. Nevertheless, the loss is big.
Several reasons can be pointed out to explain the steep decrease in Tesla values. The general shortcoming of EVs is that they depreciate faster than gas cars as a result of rapidly advancing technology, as well as the concern over battery life. The reason EVs are more difficult to evaluate in a fair way has to do with the absence of battery health standards. Also, consumers are less enthusiastic in the biggest markets because of the image issues of the CEO, Elon Musk.
A Deal to Buyers
However, there is a big positive side. The used Model 3s are currently one of the most excellent EV deals available today. Resale according to Kelley Blue Book has an average resale value of the 2022 Model 3 Standard Range of $24,519 and the 2022 Model 3 Long Range at $28,783.
The less expensive models fall to the low-$20,000 range. The second-hand version, even the more modern 2023 Highland edition, with superior ride comfort, improved built materials, and even extra sound insulation, is available at less than $35,000. Considering how Tesla Model 3 or Y retains over 85% even after 200,000 miles. The choice is clear.
What You Get on a Used Model 3
The Long Range trim has as much as 358 miles of driving range. The opportunity to use the Tesla Supercharger network, which remains the superior one in the United States. Quick acceleration and sporty handling. Technology-intensive features, such as over-the-air updates.
Despite certain aging peculiarities of this compact, nice-to-drive EV, Model 3 has one of the highest performance-to-price ratios currently available on the used EV market.
The Disadvantages to Remember
There are no flawless vehicles, and Model 3 has an area of several caveats as well. This minimalistic interior does not suit everybody. Interior cabin noise and ride quality can be lackluster, and pre-Highland models in particular. Tesla’s service network and customer support can be hit or miss. And yes, still, the presence of Elon Musk scares away some of its prospective buyers.
However, some people would argue that the virtues of the car are worth much more than its baggage-particularly when even the prices of the car have come down to such an extent.
Bottom Line
With gas prices increasing and the used car inventory scarce, the Model 3 would be a savvy purchase by anyone who is willing to make the switch to electric. If you have been waiting to get the right package of price, range, and performance, then the used Tesla Model 3, especially the Long Range model, may be just what you are waiting for.
Simply remember to do your homework, have a battery health check, and be ready to face some odd design decisions. When you can assume that, there has been no better time to plug in and drive.
