- According to CarEdge’s depreciation calculator, if you purchased a base Model 3 Standard Range for $23,785, you would be able to sell it for as much asΒ $17,496Β today. This reflects one of the best value retention rates you’ll find in the used electric car market.
The Tesla Model 3 has been a game-changer in the electric vehicle market since its launch in 2017. Known for its sleek design, impressive range, and cutting-edge technology, it has become a popular choice among EV enthusiasts. But how well does it hold its value over time? Letβs dive into the current market trends and see how much a 5-year-old Tesla Model 3 is worth today.
Depreciation and Value Retention
One of the standout features of the Tesla Model 3 is its excellent value retention. According to CarEdge, a base Model 3 Standard Range, originally purchased for around $23,785, can be sold for approximately $17,496 today1. This reflects one of the best value retention rates in the used electric car market. Consumer Reports highlights a similar trend, with prices ranging from $16,900 to $23,150 for the entire 2019 model year1.
Factors Influencing Depreciation
Several factors contribute to the strong resale value of the Tesla Model 3:
- Brand Reputation: Teslaβs reputation for innovation and quality plays a significant role in maintaining the value of its vehicles.
- Technology: The Model 3βs advanced technology, including over-the-air software updates, keeps it relevant and desirable even after several years.
- Demand for EVs: With the growing demand for electric vehicles, used Tesla Model 3s remain in high demand.
- Performance: The Model 3βs impressive performance and range make it a competitive option against newer models.
Market Trends
The used car market for electric vehicles is booming, and the Tesla Model 3 is no exception. J.D. Power indicates that people are currently paying between $20,431 and $28,571 for a 5-year-old Model 31. This wide range reflects variations in condition, mileage, and specific model features.
Pros and Cons of Buying a 5-Year-Old Tesla Model 3
Pros:
- Cost Savings: Buying a used Model 3 can save you a significant amount compared to a new one.
- Proven Reliability: The Model 3 has a track record of reliability and performance.
- Lower Depreciation: The initial depreciation hit has already been absorbed, so future depreciation will be slower.
Cons:
- Warranty: The original warranty may be expired or nearing its end.
- Battery Degradation: While Tesla batteries are known for their longevity, some degradation is inevitable.
- Outdated Features: Newer models may have updated features and technology.
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Conclusion
A 5-year-old Tesla Model 3 remains a valuable and desirable vehicle in the used car market. Its excellent value retention, combined with Teslaβs reputation for quality and innovation, makes it a smart choice for those looking to enter the electric vehicle market without paying the premium for a new model.
Are you considering buying a used Tesla Model 3, or just curious about its market value? Let me know if you have any questions or need further information!
Will a Tesla Model 3 depreciate 51% after 5 years?
The depreciation rate of a Tesla Model 3 can vary based on several factors such as market conditions, mileage, condition of the vehicle, and regional demand. On average, a Tesla Model 3 tends to depreciate less than many other vehicles.
According to recent data, a 5-year-old Tesla Model 3 retains a significant portion of its value, often around 70-75% of its original price. This means it typically depreciates by about 25-30% over five years, which is much lower than the 51% depreciation rate you mentioned.
How much is a 2021 Tesla Model 3 worth?
The value of a 2021 Tesla Model 3 varies based on its condition, mileage, and specific model features. On average, you can expect the following price ranges:
- Standard Range Plus: $22,868 to $29,6201
- Long Range: $24,638 to $30,6711
- Performance: $25,325 to $32,7481
These values reflect the current market trends and can fluctuate based on factors like location and demand.
Are you looking to buy or sell a 2021 Tesla Model 3, or just curious about its market value? Let me know if you need more detailed information!
Does the new Tesla Model 3 look like a new car?
And as with most things Tesla, the new Model 3 is hardly some boring, run-of-the-mill mid-cycle refresh of an aging design. A lot more is new than appears, and the effect is surprising:Β The new Model 3 looks, feels, and drives like a new car, one that keeps what owners loved about the old one and improves what they didn’t.