Values dropping for used Teslas

[Biscuitman]

Heard a piece on the CBC yesterday that quoted a person from Autotrader that used Teslas are taking twice as long to sell as non EV’s. In General prices have dropped 10% as early adaptors are putting their cars on the used market in order to move up to ‘24 models.
Elon is dropping prices on new models and adversely effecting the resale of those who bought in 2020 or before.
I plan to hang on to mine personally.

 

[Technokrat]

I have seen the drop and I think for anyone who wants to upgrade their current model to a newer Tesla, best is to trade in at Tesla during their quarter end sales, they give better price than auto trader or similar dealerships.

 

[SilverGS]

I have seen the drop and I think for anyone who wants to upgrade their current model to a newer Tesla, best is to trade in at Tesla during their quarter end sales, they give better price than auto trader or similar dealerships.

Interesting - never heard about this before - Tesla gives better trade in prices at quarter end??

Usually Tesla's trade in numbers are typically at least 20% less than any other place.

 

[cdswm3]

I have seen the drop and I think for anyone who wants to upgrade their current model to a newer Tesla, best is to trade in at Tesla during their quarter end sales, they give better price than auto trader or similar dealerships.

That's new to me. I am looking at upgrading by 2020 M3 to a new model Y. Tesla trade-in prices always were very low. Might try at end of quarter again.

 

[cdswm3]

Heard a piece on the CBC yesterday that quoted a person from Autotrader that used Teslas are taking twice as long to sell as non EV’s. In General prices have dropped 10% as early adaptors are putting their cars on the used market in order to move up to ‘24 models.
Elon is dropping prices on new models and adversely effecting the resale of those who bought in 2020 or before.
I plan to hang on to mine personally.

They also said there a 4x the number of used EV's for sale as 4 years ago. No Sh?t, there are many more EV's on the road now compared to 4 years ago. Sounds like a misinformed person.

 

[VxA=W]

Well the drop in used Tesla's is pretty easy to see. It's why I own one now, a year ago I didn't like the pricing. Some feel this is a low point and they will rise again, I'm not so sure of that.

 

[StrykerFoxx]

Values are dropping for used cars in general because the covid chip shortage is over and the supply is not as restrained. The days of 1 year old used cars costing more than a brand new one are over.

 

[Tony_YYZ]

Funny timing for this thread. I was wondering about possibly selling my Model 3 Performance as both my spouse and I work from home now, having two Tesla’s is not super useful as much. I love the car but keeping the Model Y makes more sense from a practical sense with the kids. I haven’t actually looked up what they are going for but I did wonder about if the value had tanked. The Performance 3’s didn’t experience price volatility in Canada like the RWD and AWD models did.

But like I said, I do like the car and it’s in immaculate condition with low mileage and it’s the best spec with Ryzen and USS. So it’s a tough thought at the moment.

 

[xG35]

Funny timing for this thread. I was wondering about possibly selling my Model 3 Performance as both my spouse and I work from home now, having two Tesla’s is not super useful as much. I love the car but keeping the Model Y makes more sense from a practical sense with the kids. I haven’t actually looked up what they are going for but I did wonder about if the value had tanked. The Performance 3’s didn’t experience price volatility in Canada like the RWD and AWD models did.

But like I said, I do like the car and it’s in immaculate condition with low mileage and it’s the best spec with Ryzen and USS. So it’s a tough thought at the moment.

Same.. got a Y and X.. but both of us work from home.. got a 7 months old..

I really only need 1 car.. but in hindsight, always buy plaid for price stability lol. I guess Cyberbeast it is!

 

[Dear_OP]

2021 & 2022 were weird years for car values. This applies to ICE too.
Used EV values would have rebates "savings" baked in. After all it makes zero sense to buy used when it is the same price as a post-rebate new EV.

 

[fholbert]

Used EV values would have rebates "savings" baked in. After all it makes zero sense to buy used when it is the same price as a post-rebate new EV.

When Trump's back in he White House and kills the $7500 EV credit, the resale price will go up.

Oh boy, something to look forward too.

 

[Technokrat]

Interesting - never heard about this before - Tesla gives better trade in prices at quarter end??

Usually Tesla's trade in numbers are typically at least 20% less than any other place.

Yep, they offered 46k for my 2023 M3LR in March when AutoTrader and others were offering 40-42k

 

[cdswm3]

When Trump's back in he White House and kills the $7500 EV credit, the resale price will go up.

Oh boy, something to look forward too.

Unless he gets both houses, nothing will change.

 

[wayner]

Well of course prices have dropped because new prices have dropped. Your not going to buy a used Tesla for the same prices as a new Tesla, even if that is wll below what the original owner paid a year or two ago.

I would expect the used market to fall as much on a percentage basis as new cars.

 

[Dear_OP]

^Exactly. Those folks who "revenge spend" right after Covid are the ones hurting. This is across the board. Prices are coming down to more sane levels.

EVs in generally are still more expensive that equivalent ICE. Generally EVs aren't in the affordable price range to trigger mass adoption (amongst other factors).

 

[cdswm3]

I bought mine in mid 2020 before the price increases but after Covid. Still paid less than the current price. Not long after that prices started going crazy.

 

[Braumin]

No surprise here. All used car prices have dropped significantly but with EVs the new ones have also significantly dropped in price. Remember in 2022 (I think) a Model 3 LR was like 85k CAD. Now it's like 61k. I bought my M3P for ~75k in 2021, now the same car is 6k less new for the updated model.

For the longest time there were almost no used options so you could almost ask whatever you wanted. That was especially true when new ones were months and months away at best.

With interest rates what they are, these are the repercussions. This is exactly why the rates were raised - to cool markets. Cars are one of the most significantly impacted markets when rates go up for obvious reasons.

I do feel bad for those that paid almost 90k for a Model 3 or Y at the peak. I am tempted to trade in for a new M3P now that it is out, but my 2021 model is also perfectly fine and there is really no point.