My Model 3 is now three and a half years old with about 42k miles on the clock. So, I'm thinking do I flip or stick (with an extended warranty). The car has been very reliable and it's still in great condition with only about 7% battery depreciation. But I did a test drive of a new Model 3 and although the difference isn't night and day, the latest models are just that little better built and just that little quieter and more refined in the cabin. So, maybe I'll flip... but looking at residuals it's all gone crazy.
I got a firm WBAC offer of £39k a year ago. Today it's £23k. That's sort of crazy. A new Model 3 of similar spec would be about £52k so that means my car has depreciated to only 44% of its MSRP. That's crazy low for a car that's about average mileage for its age. Even the BMWs I had before with higher mileage never dropped that low.
Looked at another way, the depreciation cost has been £29k - that's over £700 a month or about 69p per mile.
Who said Teslas were cheap cars to run?
I got a firm WBAC offer of £39k a year ago. Today it's £23k. That's sort of crazy. A new Model 3 of similar spec would be about £52k so that means my car has depreciated to only 44% of its MSRP. That's crazy low for a car that's about average mileage for its age. Even the BMWs I had before with higher mileage never dropped that low.
Looked at another way, the depreciation cost has been £29k - that's over £700 a month or about 69p per mile.
Who said Teslas were cheap cars to run?