Car-buying website Edmunds recently revealed something staggering about the 2024 Tesla Model 3 Long Range: it sold for approximately half its original value. Yes, that’s nearly 50% depreciation in just one year. If you weren’t already sitting down, now might be a good time.
Now, if you can brush aside any lingering doubts about CEO Elon Musk—often referred to as the “Musk Problem” by those unsettled by his public persona—this situation presents an incredible opportunity for anyone eager to snag a stellar used electric vehicle (EV) bargain.
The “Sell Your Tesla” movement seems to have significantly impacted resale values, particularly as more Teslas flood the market. For those willing to turn a blind eye to Musk’s antics, now might just be the best time to score a deal.
In a candid admission, even Edmunds, which faced a painful depreciation hit when selling its Model 3, agrees that the dropping resale values make the Model 3 an enticing option on the used market. They sold their Long Range version for a mere $31,000—over $29,000 less than its original sticker price of $60,630.
And let’s take a moment to acknowledge the team at Edmunds. They’re committed auto enthusiasts who certainly didn’t deserve to face a $30,000 depreciation drop. Luckily, they purchased the vehicle for $48,630 because they managed to transfer a $12,000 Full Self-Driving (Supervised) software subscription from a previous Tesla—a silver lining, but it’s hard to ignore the sting.
This depreciation trend shouldn’t come as a shock. For months, discussions about Tesla’s rapid value drops have circulated, with reports showing these vehicles losing worth three times faster than other brands. The Cybertruck, in particular, seems to be a contributing factor for those who jumped on board early. It’s worth considering too that EVs generally lose value quicker—partly due to the market lacking a standard approach to evaluating battery life.
Tesla’s reputation has also taken a hit recently, especially with backlash over Musk’s connections and actions during his time working with previous U.S. administrations. His involvement in political campaigns and government funding cuts hasn’t helped the brand’s image in both the U.S. and Europe.
But let’s not ignore the core question: Are Teslas good cars? While competition has stiffened, buying a used Model 3 can be a fantastic chance to embrace electric driving without breaking the bank. Kelley Blue Book estimates that a 2022 Model 3 Standard Range averages around $24,519, while the Long Range variant is around $28,783. If you’re willing to go even a bit older, you might find models priced in the low $20,000s.
Jump forward to 2023, and you may see the prices rise a little due to improvements from the Highland update, but you can still find a Long Range Model 3—boasting up to 358 miles of range—for under $30,000.
In a landscape where used car prices are soaring and gas costs are on the upswing, exploring a used EV like the Model 3 becomes even more appealing. It’s compact, fun to drive, has excellent range, and grants access to arguably the best charging network around. That being said, buyers should keep in mind some downsides, like its minimalist interior and potential noise or ride quality issues—though the recent Highland update has certainly improved these aspects.
Ultimately, whether you feel comfortable purchasing a Tesla amid the current discourse is a deeply personal decision. Just remember, for those who are torn, there’s always the option of adding a bumper sticker or two to express your thoughts on the brand.
If you have thoughts or need guidance on navigating the EV market, feel free to reach out to me at [email protected].
Image Source: Ken Wolter / Shutterstock
