The automotive industry is constantly evolving, and one company that has made a significant impact is Tesla. From being a quirky upstart to an established manufacturer, Tesla has come a long way. One of their popular models, the Model 3 sedan, has been in production for over seven years now. As a result, there are a substantial number of used Model 3s available in the market.
Not too long ago, used Model 3s were considered expensive and out of reach for many buyers. However, with the increase in production and the introduction of new models, the prices of used Model 3s have started to plummet. Many used Model 3s are hitting the market, especially those coming off lease or from fleet sales like Hertz. The average price of a used Tesla has dropped to $29,045, a significant 22.6% year-over-year decrease. Models coming off leases range between $25,000-$30,000, while Hertz ex-rental Tesla Model 3s can be found for $20,000-$25,000, with some high-mileage options even dipping below $20,000.
One factor that can affect the price of a used Model 3 is the inclusion of Full Self-Driving (FSD) capabilities. A used Model 3 equipped with FSD will likely be priced in the $30,000s, with low mileage examples fetching over $40,000.
When considering buying a used Tesla Model 3, it’s important to ask yourself a few key questions. Firstly, how much should a used Tesla Model 3 cost? Prices have dropped significantly, making them more affordable than ever before. Secondly, which Tesla Model 3 trim do you want? Tesla’s trim lineup can be confusing, so it’s essential to understand the different options available. Thirdly, what year Model 3 should you choose? Tesla made significant changes to the Model 3 over the years, so it’s crucial to know which features are important to you.
Another important consideration is whether the used Tesla Model 3 has Autopilot or Full Self-Driving capabilities. Autopilot is Tesla’s basic system, while Full Self-Driving offers more advanced features. It’s essential to check if the used Model 3 comes with these features and whether they are upgradable.
Known issues with Tesla Model 3s should also be taken into account. While EVs generally have fewer mechanical issues, the Model 3 has had reported problems with the front suspension and faulty steering and suspension components. It’s important to inspect the vehicle for any build quality issues and ensure that all software updates are up to date.
Battery degradation is a common concern with electric vehicles, including the Tesla Model 3. While all EV batteries degrade over time, Tesla estimates an average of 12 percent degradation over 200,000 miles. It’s essential to check the battery health of a used Model 3 before making a purchase.
Lastly, warranty coverage is crucial when buying a used Tesla Model 3. Tesla offers a basic four-year or 50,000-mile warranty that is transferable to the new owner. Additionally, most Model 3s come with an eight-year or 100,000-mile warranty on the battery and powertrain components.
In conclusion, buying a used Tesla Model 3 can be a great investment, especially with the current market conditions. By considering these key factors and asking the right questions, you can make an informed decision and find the perfect used Model 3 that fits your needs and budget.