Nearly new Teslas enter the second-hand market, but charge a premium over a new one. Is it worth it?
Name a color? Blue. Name a vegetable? Carrot. Name an electric car? tesla.
It’s the go-to brand for the tidal wave of EV sales, with 12,094 sold in 2021 and 4,481 in 2022 year-to-date, Tesla Model 3 is Australia’s best-selling electric vehicle.
But even before the launch of the highly anticipated Model Y SUV earlier this month, wait times for a new Model 3 were nine months or more.
And a used one you say?
Turns out you can have one, if you’re willing to pay for it.
With the arrival of the Model Y, a few more second-hand Tesla Model 3s have hit the market (probable owners are switching to new toys), but there are also some very low-mileage ones for sale, suggesting savvy buyers who jumped on available stock while looking for a quick profit.
An entry-level Tesla Model 3 with rear-wheel drive, with the stock battery, white paint, black interior, and ‘aero’ wheels is listed for $70,741 drive-away in NSW ($65,500 listing, pre-order/delivery charges and road charges).
This example in Western Australia, in that exact spec, but with just under 2000 miles on the odometer, $89,459 will drive away. That’s a markup of $18,718 (or 26 percent).
To order that new car, you’ll have to wait about 10 months, which means paying $1,872 a month for the privilege of driving your car today.
That’s enough for 843 gallons of 95-octane fuel at the current national average of $2.22 per gallon.
For even more context, let’s say you order your new Model 3 and say goodbye to fossil fuels for the next 10 months by zooming around in a pre-owned BMW M3 or Mercedes-AMG C63, both of which should hold their value for when you sell. .
The premium price you’d pay for a Tesla right now is enough to fuel your twin-turbo hot rod for about 5,000 miles of driving… each month.
The price difference gets a little better as you increase your Model 3 spec.
A new Model 3 Performance, in the hip Multi-Coat Red paintwork for a $106,405 ride. An identical used car (albeit a 2020 model) is currently advertised for $111,824†
That’s a lower jump of $5419 (or five percent) for the top-of-the-line model, despite being two years and about 20,000 miles old.
While we understand that some buyers now need a car and are able to handle the premium, be aware of your financial repayments before committing.
In our example of a rear-wheel-drive Model 3 from $70,000 to $90,000, an estimated payback (over a five-year period) could increase from about $250 to $320 per week (assuming a standard interest rate and a remaining payment of about $300.00). per cent).
That’s a 28 percent increase, and you still owe $10,000 more (the remainder of the higher purchase price) at the end of the term for what is essentially the same car.
Model 3 and Model Y orders both indicate a waiting time of approximately eight to 11 months, but this could change if there is an improvement in supply chain logistics or as production capacity at Tesla’s factory in China increases.
If you want one, we recommend placing an order now as you may see the wait time drop in your favor.
We also recommend making a premium unleaded purchase last to make your switch to electric an unforgettable one. Just look at that permit!
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