- Car-buying website Edmunds reports that its 2024 Tesla Model 3 Long Range was sold at roughly half its value.
- That’s almost 50% depreciation after just one year, if you need it spelled out.
- But if you can deal with the Musk Problem, it’s a great used EV bargain.
It would appear that the “Sell Your Tesla” movement achieved what it set out to do. But now that so many Teslas have been sold, it’s go-time for anyone whose desire to score a great deal overrides any feelings they may have about the company’s CEO.
Even Edmunds, which just took a bath selling its 2024 Tesla Model 3, admits the brand’s tanking resale values “[make] the Model 3 a good buy on the used market.” The car-buying advice website sold its Model 3 Long Range for just $31,000—a little over half of the $60,630 it cost when new.
First and foremost, let’s pause briefly and send some positive vibes to the staff of Edmunds. They are all nice people, and do not deserve a $30,000 depreciation hit.
On the plus side, Edmunds only paid $48,630 for it because their $12,000 Full Self-Driving (Supervised) software subscription was transferred over from a previous car. But still, ouch.
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It is not surprising that things ended this way. We’ve been writing for months about various forms of Tesla depreciation, including how the models are sinking in value three times more quickly than any other brand—the Cybertruck in particular, unfortunately for those early adopters. EVs are widely known to lose their resale values more quickly than gas-powered cars, including because the industry lacks a standard on how to evaluate batteries. And Tesla has suffered from image issues in the U.S. and Europe amid a backlash toward CEO Elon Musk, who financed much of President Donald Trump’s re-election campaign and then worked with him to unilaterally slash government funding before the two had an acrimonious public split.
But if you put all of that aside, are the cars any good? While Tesla’s competition has caught up in a variety of ways, a used one can represent a great way to go electric for cheap. Kelley Blue Book puts the average value of a 2022 Model 3 Standard Range at $24,519, while the Long Range version should go for around $28,783. Go back even older and you’re looking at the low-$20,000 range to get in. Prices go up by a few grand for the 2023 Highland update, which is much nicer, but your average Model 3 Long Range with up to 358 miles of range can be had for under $30,000.
A used EV is a stellar option at a time when used car prices are skyrocketing and gas prices are climbing too. And like it or not, the Model 3 makes our list of best electric sedans for a reason. It’s compact, it’s fun to drive, it’s great on range and it accesses the best charging network around with no fuss. The downsides are its minimalist interior, noise and ride quality (though the Highland update made those things substantially better) and, well, the badge lately.
I’ll leave such a decision to your own personal moral compass. But remember: there’s always the bumper stickers.
Contact the author: patrick.george@insideevs.com
