We Lost a HUGE Amount of Money Selling Our Tesla Model 3...Here's How Much!
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- Опубліковано 3 чер 2024
- ( www.alltfl.com/ ) Check out our new spot to find ALL our content, from news to videos and our podcasts! After nearly a year in the TFL fleet, we decided to sell our 2023 Tesla Model 3 Performance and...ouch. We ended up losing a lot of money on the sale, and it's something you may need to watch out for if you're in a similar boat (or looking to buy a near-new Tesla). Here's what's happening!
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#tesla #market #electric - Авто та транспорт
I'm never going to complain about a manufacturer lowering their prices.
costco hotdogs went up and teslas went down. Wild
Those hot dogs were underpriced.
The pizza went downhill, not that it was ever great.
@@user-sn1se8kh7z lol
Right lol. I swear to god, not matter what it is is, if the word Telsa is near by, people got to put a negative spin on it. Teslas are very affordable relative to this market. Jesus. Go out and get your self a good deal for once in your life.
Don't sell common cars. It's a utility, not an investment
So true. It gets kind of annoying listening to people complain about the rate of depreciation of certain cars.
@@gmendez694 EV's are depriciating not because they are common but because the honeymoon is over and people are suddenly realising they simply arent a good value proposition anymore.
- subsidies/tax cuts are being rolled back
- electricity is getting more expensive
- replacing an EV battery cost as much as the entire vehicle.
- range paranoia (whether it is unwarrented or warranted)
- charging takes alot longer than a gas fillup.
@@BestOpinionHaver they will depreciate with or without the incentive or everything you listed, ok. They're common car
All cars depreciates. I lost more than 60% on my Porsche that I sold as soon as the warranty expires.
@@r.l.8170Did you say all?? I sold my Lamborghini for a 250% profit. Never pretend you know everything.
The only way to get your money's worth out of a car is to keep it forever and drive it into the ground. Looking at a car as an "investment" is like looking at food as an "investment." An automotive review channel is nothing like a typical car customer.
No workie with EV’s. That battery and the drive units will crush your model.
If gas goes up again like it did in 2022, evs will be in high demand once again.
@@sprockkets If the world ends tomorrow, it won’t matter what gas prices are.
@@JetFire9 wat
@@sprockkets Too far over your noggin?
One man’s loss is another man’s gain.
yes. Those that sold it in the first place.
😂😂😂
Recent study's have shown that 95% of the Tesla sold are still on the road. The other 5% made it home.
😂
How can you believe that ?
@@mgqfashion Woosh!
I bought a Red 2022 Model Y Performance that was originally $71,000 on the sticker. I picked it up for $40k. They sold it because they couldn't make the payments anymore.
The previous owner took excellent care of it. It's the perfect year, still has Parking sensors, Ryzen chip, 16v lith-ion battery and Stalks and the 3.5 seconds to 60mph never gets old.
Never? hehehe...
@@bigglyguy8429Neverrrrr
I leased a 2022 myp in Jan 22 and sold it to another guy in October that year, got R1t instead 😅
@@bigglyguy8429Never!
@@jackking5631So wait, you leased it.. but you sold it to another party?
Just got a 2022 model 3 long range from Hertz for $20k
Mileage?
Good price!
@@Redhawk24 55k
I'd actually buy that piece of garbage for that price. lol
@@venom5809 why garbage
TFL, if you don’t get your Cyber Truck in 2 months, I’d cancel the order. The internet is saturated with Cyber Truck videos as this point.
I quit clicking on them
If you've watched any of the TFL off-road mountain videos you know how they review trucks for their off-road performance is WAY beyond what most other sites do. So no they need to get their Cybertruck.
I watched multiple CT videos and ended up buying a Lightning for half the price.
@@mboikonope
It’s saturated now
You guys are complaining because Tesla was dropping prices on their EV's then when it came to the Cybertruck you guys are again complaining because he is jacking up the prices, selling a car any car within the first year you take the biggest hit that's a fact.
Hertz selling off their Tesla fleet probably didn't help. The local Hertz used car center in OKC is selling '23 Model 3 Base models with under 20K miles for $28K.
Hertz selling off part of its fleet has done as much for EV adoption as anyone, given that high initial cost was a major reason people were not buying EVs. Good job, Hertz!
@@omelborpon3159 I wouldn't buy one, as you know it's been fast-charged to death, battery is shot
“probably”?
@@bigglyguy8429Tesla say that fast charging does not have a big effect on their car .
@@AdrianMcDaid And other companies admit it does. You trade long-term battery life for faster charging. Tesla used to admit this, so if they're denying it now I have to wonder if they're lying now or were lying then?
One thing you need to account for with any EV is that the $7,500 Federal EV Tax Credit comes right off the top in terms of depreciation. Regardless of whether you were able to take advantage of it, the car will lose $7,500 off its value the moment you sign over the license. So while losing $21,000 in one year sounds like a lot, it was actually only $13,500, and that's if you didn't take advantage of any Colorado State credits and refunds. That's still a lot of money, but it's getting much closer to expected depreciation for ICE vehicles.
I was going to make this same comment. They are here in Colorado. They got $12,500 in total tax credit between fed and state. They also likely used a referral credit. Total loss was probably $8000. On a $57K vehicle, that is only a 14% loss on a high per-year mileage car.
Some ICE vehicles have high depreciation in first year that rivals this. These whinny two didn’t mention they paid high dollar amount when they bought the ford lighting! Now there’s many sitting in dealers lots unsold! Many Ice trucks are $80-110K dollars! They act like spoiled uTubers!
I think they're used to auto manufacturers sucking up to them, and giving them cars to use, free trips, and various other bonuses, which is typical of almost all car manufacturers when it comes to the media. Tesla is almost the only manufacturer who doesn't do that.
@@gregdavis3723 That's not how it works. There are some special press events, sure, but media cars are typically only assigned for a week through a third-party broker. The automakers try to keep a greater than arms length distance when offering press cars so that they don't influence the reviews.
TFL buys their vehicles because they do long-term testing that wouldn't be possible with a press car.
Tesla doesn't do press cars because they have a different method of marketing, and they want Tesla fans and owners posting reviews rather than independent journalists.
You shouldn't use the original sale price if you are removing the incentives. Keep in mind that you would also have to prorate the sales tax, but the % is probably a little higher.
I call it first adopters fee.I salute all first adopters to get the technology moving forward.
No regrets here. I bought before pandemic price hike and saved a bunch of money
Buying last year wasn't first adopter. And for every car, as soon as you drive it off the lot, you loss a good chunk of money. Don't forget that in 2021-2022, prices of certain parts were in very short supply. I was able to sell video cards above what I've paid (double the price)... Now they barely fetch 10-20% of the prices I sold them for... Supply/demand and various factors dictate prices.
@@r.l.8170 still felt like being a 1st adopter when your nearest dealership is over an hour away and you find that there is NO ONE at Tesla to talk to about your car, when you have questions and problems.... i will lease from now on.
It was in Tesla's Master Plan all along. That is, to bring prices down. This has only hurt high income early-adopters. It now costs, on average, $36,000 to build a Tesla, down $3000 in the last year. And with new manufacturing techniques associated with the next gen Tesla, including the $25,000 car, cost will fall even further. ... I was an earlier adopter, and I have no regrets buying two Model Ys for me and my wife. We'll probably keep them for at least 7-8 yrs. So the depreciation is a non-issue with me.
Adoption implies that there is a transition. There is NO transition. A shift, or different choice to ICE for sure and a good thing. Choice is always welcome.
That reminds me of a song. Know when to hold 'em, know when to fold 'em- Kenny Rogers -The Gambler.🤠
True that
True...those who play their "cards" well...are now making out like bandits on a used Teslas.
Well that is ... PREDICTABLE! Remember a few weeks ago when you were asking $56K for it ?😆🤣
An individual can just keep the vehicle and continue to use it and get value out of it.
Unless you hate it. Watching lines to use a supposedly 350kw supercharger at 11pm in Burbank California and because all chargers are in use they are all limited to a maximum 50kw charging. EVerything near by is closed, so just settle in for a nice long wait.
That's your own fault! A year ago UA-cam was littered with people posting videos of how much they made on selling their used Teslas so timing is key. Porsche Taycan owners are suffering the same dilemma. The rule of thumb is don't buy a depreciating asset expecting it to grow in value unless it is a rare car or collectible.
"That's your own fault! " True, they were foolish enough to buy a Tesla.
Depreciation is one thing. Manufacturers lowering new prices is another.
Do YOU really expect a rebound in the Tincan? LOL
I recall in 1972 the first basic (home) personal computers, for example the "HP 3000" retail price was $95,000, today with much improved technology a few hundred dollars will get you one. The price of EV's will follow a similar trend in the future. I very much appreciate all the current EV owners and hope to maybe get one myself sometime in the future.
Way in the future. Great take btw. I concur.
I bought my used Tesla at the worst time, November 2022. Prices were at their peak at that point, and I found a used 2019 Performance Model 3 with 34k miles for $43k. I was contemplating moving to a Model Y, but the last trade in offer from Tesla was $25k, so I'm just going to keep the 3. I'm not a UA-camr or anyone special, so I can't afford to be losing that much money, so looks like I'll be hanging on to this for a few more years. Lol
hope your battery lasts
Good thing it is a great car that gets constant upgrades from Tesla for free.
I would keep it until it dies then. In 2 years it will be 8 years old (likely a 2018 in service date) and out of battery warrenty and is a $10k car. The sad reality of EVs
@@Shomo-lk8zhlol
Curious why you were thinking of trading it in after only owning it about a year?
Lots of ppl bought at the peak. The inflated high priced bit everyone who bought at that time. Then Elon did something extra special for Tesla owners. Then hertz helped out too.
Back in the day everyone always lost like 20% in 12 months. It's natures way. 😂
best short summary.... bad timing. But cars always lose 20% in one year... unless its a Tacoma. with tax credits this was about how much was lost even with bad timing
Up here in Canada, EVs are increasingly unaffordable because the EV insurance costs are through the roof and continuing to rise rapidly. Forget the purchase price, the insurance rates are monstrous.
Remember how private insurers said we paid too much? They lied.
We have this crazy idea in some provinces about government insurance. Then the private insurers came along and said it was unfair, and in any case, they could do it cheaper. Kinda like our Medicare - no fault, no profit insurance that everyone can afford. Then along come EVs. Suddenly private insurance has gone all quiet. Funny that!
Justin T economics (Budget is balacing by itself )
@@Mr.Carter777 I was talking about provincial auto insurance, and paying less than a half of what you might pay for EV insurance in Alberta. How is that the federal government’s fault?
But you don't by a Tesla or any EV because of the price. You buy them because you are told that they are good for the environment. Believing you are green is far more important than the level of debt you saddle yourself with. Priorities, my friend, priorities.
The reason ...... If you have a Tesla, KEEP IT for as long as you can for transportation purposes , and NOT as an investment. People who change cars every Three years should lease their vehicles
2:31 "Went to bed in Texas and woke up in Texas." I too wake up where I went to bed. And I hate it.
I don't even want to watch this video. I ultimately made a terrible mistake (although I didn't know at the time) of buying a MYP right before they dropped the price by $4000 or whatever back in 2022. Even though I put a hefty chunk down, when I checked my equity in preparation for a Project Juniper upgrade, pffffft. Not even close. So glad I love the car and it's the best car I've ever owned. I don't mind driving it forever, because I'll have to. lol
It was last year and the MYP dropped around $13K. Yeah Telsa sure did screwed their earlier customers by not even providing a rebate for back whatsoever.
Right idea. Keep it & enjoy. Dont try to keep up with the Jones. Only replace when necessary! I have my 2028 M3 & it’s the best car I have ever owned! Reliable fun car to drive. Tesla products always have upgrades so no need to trade in the traditional manufacturer for so called upgrades & latest technology!
@@volcalstone Tesla barely made any money IRL so no refunds or rebates given. They wouldn't have been able to drop prices without giving a Jolly Rodger to previous customers.
The fact that “equity” was used when referring to a car
@@colorblindkid720 You do have equity in a car that's worth more than what's owed. I buy my cars outright so I always have equity. The dealer still offers to buy back my 2019 Nissan Frontier Crew Cab for the same $25k I paid for it in March 2019. It's really low miles.
Love the Video with my Coffee ☕..Thank You Roman and Andre🙏...Happy Friday Everyone ✌️
Our pleasure!
Buying a model 3 perf to do canonball is the dumbest thing to do. Get the LR with 18" wheel instead
Extremely popular, many vehicles available, prices keep dropping over years.. barely any changes from all the model years so my first production is very close to the most recent and many used ones on the market... it's practically the Honda civic of evs so plenty around and cheap.. it's practically a car you just run into the ground at this point, keep it as your 2nd-3rd vehicle as a spare
Love the cybertruck hubcaps that wear holes in the expensive tires, Brilliant!
To me the issue is like with all cars the pandemic surge is tapering off. It just so happens to coincide with ppl sitting in their cars for a couple of years. Which is the normal timeframe for turnover for frequent buyers. However, now that there is a surplus and value drop to boot, ppl are trying to exit their electric cars as fast as possible to prevent additional loss of value. Which with all cars kills resale value.
As for my experience, lack luster range, expensive public charging cost and poor winter performance are the biggest reasons I walked away. Ppl including myself didn’t do their research before buying. We paid a premium price for a not so premium experience.
The biggest surprise is that you seem surprised. You bought a vehicle when the entire car market was still ridiculously elevated. You chose a vehicle that was in high demand at the time. You bought a new vehicle which is going to depreciate the most in it's first year. You bought a high tech product still in the early part of the adoption curve - where prices are going to drop every year. You chose to sell it after only a year and to a broker, so that guarantees a significant loss.
If the benefit to cost made it worthwhile for your business, then it's completely understandable. But you should have anticipated this. If you didn't , I'm at a total loss. This seemed completely obvious.
In addition, the cost to produce the vehicles have been coming down along with the price of Lithium. These guys are losing credibility by bashing Elon. He should be commended for cutting cost and making cars more affordable when most manufacturers are increasing the cost to get a new vehicle.
Elon did a great thing. I was finally able to buy an EV due to price cuts
I think people need to understand that since Tesla is both the manufacturer and the dealership, their MSRP's as it were, are going to fluctuate way more than a traditional manufacturers do It would not be particularly surprising to see prices at a dealership vary by thousands of dollars over time, based on demand. That's what's happening here.
So true as evident now with prices of cars & trucks being discounted from their ridiculous prices! I’m getting tried of the whining on this channel!
@@edornelas8275 To be fair, the one thing that's different is that regular dealership mark-ups are known when you buy. You don't buy the car first, and then find out later that that they charged thousands over MSRP. That's kind of what happens with Tesla. The market forces effecting Tesla, are far more hidden than the market forces effecting the local Ford dealership, for example. Still overall it's almost always better for the customer to not have to purchase through a for profit middleman.
I respectfully disagree. With a Tesla you know exactly the price of the vehicle. With ford (and all others) the MSRP is one part of the final price. Tesla simply lowers the price, others add temporary incentives or markups to adjust the price to meet demand. Same effect but different means. The only real difference is that Tesla seems to be the only manufacturer actually lowering the prices of their vehicles instead of raising them.
With most EVs you also have to factor in the 7500 federal credit many people get, a new car at an MSRP of 55K after point of sale credit actually cost 47.5 new- resell is based on off the 47.5 not the 55K for those cars that qualify.
I’m not a Tesla guy, but when claiming full transparency, i’m surprised that Roman didn’t mention the tax credit. You also have to realize that Colorado gives another $5000 on top of the federal credit.
My thought exactly. I have a 21 4XE and fellow owners always talk about how much it's lost without mentioning the $7,500 tax credit. Also, how many people switch cars every year? Keeping you car for 3 years would have been much better for a smaller loss per year.
Would they have been able to claim another credit? Given how many EVs they have purchased I imagine they already claimed their allowable credits in the past 3 years
11:19 I wouldn't feed into the FUD here. Just because Toyota says people aren't interested in EVs doesn't mean that the EV market is cooling. It especially doesn't erase the fact that last year was a record EV sales year. Those are hard, indisputable numbers that can't be ignored just because Akio Toyoda says they should. Right now, everyone is latching onto cooling sales from Ford and Tesla. In both cases, they have aging EV lineups that have fallen behind more recent competition, so that alone accounts for part of their slowing sales. The other issue that applies to both is backlash. In the case of Ford, people are still pissed about their dealership markups trying to take advantage of loyal Ford customers who reserved high-demand EVs. In the case of Tesla, people are upset with Elon and his antics. So neither automaker should be representative of EV demand.
Even when we look at the automakers who are slowing production or lowering guidance (e.g., GM), they're not talking about ending EV production. They are just adjusting their targets. In the case of GM, it's not like they're canceling the Chevy Silverado EV and GMC Sierra EV, but rather, instead of building 600,000 units per year by 2025 like the initially planned, they now plan to be building 350,000 units per year. Yes, that's less, but we're still talking about one new offering representing 25% of the current, new EV market. That's a huge increase in EV production and sales.
Nah. EVs are toast. Everyone says it. Must be true. Just wait until the user with “@AkioWasRight” username shows up. 😃 Real character.
Im one consumer out on EV’s especially when the gov is pushing it, making tax payers pay for something many don’t want. How bout fix the roads and bridges that are failing 1st. Reporting from Pot hole city😂
@@snat6299 The government isn't actually pushing EVs. They're doing the bare minimum to not lose their jobs because they know that a majority of the people who actually vote in elections care about air quality and energy independence. More importantly, the Democrats and Republicans who buy EVs tend to be wealthier, meaning those precious campaign donations would dry up if they didn't offer EVs at least 1% of the subsidies that they currently offer fossil fuels companies.
I traded in my 2020 M3P for 29k last month. (31,000miles)
With no new performance model right now on the highland I am surprised you guys didn’t a get into the 40s
I bought my new model 3 RWD in Colorado for $25k in July after incentives. Trade in is now $26k, so I will be trading it in for a model Y soon. 🤩
Thanks guys great video 👍😉💪
Glad you enjoyed it
I had the same thing happen with my 2022 Model Y. The depreciation in the first year blew my mind. I don’t think that I would buy a Tesla again. I originally thought that full self driving was not too far away - good luck with that idea.
Used car worth less than new car! Breaking news at 10!
I must have missed it, but as another comment said below, was there no mention that they claimed a $12,500 tax credit off of the $57k MSRP?
In effect, that credit has been passed on to the 2nd buyer.
@@ScoobyFermentationwas thinking the same thing about the rebate
@@ScoobyFermentationI absolutely hate the tax credit. The tax payer is essentially subsidizing the purchase of these luxury cars.
Way to go Democrats. You're hooking up the upper middle and upper class with this.
@@kabloosh699You are Republican supporter. As such supporting Republicans makes sense only for rich folks since they tend to lower taxes for them. In that case you should be happy since Democrats passed that subsidies law for EVs to benenefit your group of people.
In fact built back better law mostly benefits red states preferentially. Once again it is in your favor since it brings back manufacturing from China. It is a very weird position to complain about Democrats giving advantage for your group of people.
The price drop on a Mercedes or BMW would shock you as well right?
I waited until the price dropped to get my model Y and will wait for the price to drop on the CyberTruck before buying one. The first ones off the line don't have the bugs worked out either.
My neighbor bought one Carvana had it about a year and got ride of it. I live on Lake Michigan in far northern Illinois. The cold weather was the reason they sold it. He is a military engineer of jet air craft afterburners, so he is a smart guy.
I really can't believe you guys didn't have a Ford Tesla supercharger adapter video today.!! Of all channels to miss out
Yea, put in the credits. If you base off MSRP, that is off. A car should lose 20% to 33% of value when you drive off the lot. 40% in year 1. Welcome back to sufficient auto supply, magnified by Hertz dumping model 3.
Tesla has the highest margins in the industry. The new batteries will cut costs allowing for further price cuts.
I'm bringing in my car in today for its 200k mile checkup. Avoid dealer fees and keep your car.
After 5 years, the dealer still offers to buy my Nissan Frontier back for the same $25k I paid for it.
@@robertkubrick3738 So you bought pre craziness (2019). The market is returning to sanity. All vehicles used to drop in value 20% to 40% the first year. Now that production is catching up to demand, we will see that again.
54% of new cars sold are at your $25 k price (or higher). With the Cybertruck finally getting into pickups and soon the model 2, all we need is nuclear power for a cleaner future.
Yep these you tubers all made money flipping during the 20-21 shortages, now it's time to eat reality. Those days are over.
To be fair, Elon Musk(Tesla) said that he had planned to reduce prices as manufacturing gets cheaper, and Hertz was just foolish for not testing in CA first. I love you guys. Sorry you lost so much.
Foundation series is a “dealer markup program”?? Add some features ‘required’ in the sale, and raise the price. Huh, so much for direct / online / outside of dealer sales eh?
What options will be ‘required’ for Amazon-based Hyundai sales??
I don't particularly empathize in this situation, I thought most Americans kept their cars 7 years or more, so any monetary value lost is balanced out by utilization 🤷🏾♂️
I live in Louisiana so most, not all, but most who drive EVs have 2 other vehicles. They could probably care less if they are taking losses or they have been shrewd enough to avoid taking a loss.
I think that the basis of Roman's complaint here is that Elon tanked the value of the car, by dropping the prices of new ones. Naturally the value of used vehicles is going to fall. In this case though the main complaint is that it didn't just fall, it was pushed.
On the one hand, this is true. On the other hand, it's understandable why Tesla did that. Tesla is both the manufacturer, and the new car dealer. As a dealership will do, they jack up prices when the market is hot, and lower them when it's not. People are just not used to manufacturers doing it, but normally the manufacturer isn't also the dealership.
@@lesalbro8880Tesla had to drop prices or sales would have tanked. Demand for the Model 3 is waning .
Newsflash- cars a bad investment. Tesla’s priority is not to make sure ppl who want to own cars for a year get good resale value
Newsflash - cars in general (except a few old timers), are not an investment at all. It is pure cost.
Love how y’all keep it real! Keep up the great work!
What did you make media-tizing it?
Most cars are depreciating assets. Don't put a lot of money into buying a car unless you can afford it. GM which is supposed to have big market research depts, did stupid things like killing their popular plugin hybrid Volt, then killing their best-selling EV in units Bolt. GM and others expected customers to pay very high prices for their EVs. The market did not agree. Tesla seems to set their prices bases on whatever Elon wants that day. That makes Tesla prices more volatile. Buy used reliable cars if you can; lower purchase price means less money at risk.
Bolt isn't killed. It is on a temporary hiatus before a new, improved Bolt launches next year.
You guys got unlucky. Tesla price cuts to offset spiking interest rates and Hertz flooding the market. Just unfortunate timing. It happens.
Well, most people don't keep their car just for one year, so the depreciation isn't quite as bad for "normal users". However, yes, it was foreseeable that battery prices are going down. The Chinese gang expects prices to go by 50% for battery packs within 2 years. And batteries are simply at the core of the price game here.
Not sure I understand the gripes, when new tech launches its usually expensive overtime manufacturing costs drop same with large screen tv etc. Or do you guys prefer model 3 remain at $60k? 😅
Saddest part about people buying electric vehicles they don't understand this is new technology that's going to be crashing in prices as companies figure out how to do it correctly. I understand very soon battery prices I understand very soon battery prices are going to crash to very low prices of like $53 a kilowatt hour. This means when it happens electric cars will soon be less Crosley than a gasoline vehicle so people that already owe their electric cars ahead of time and didn't want to wait for the new technology thank you you helped the prices go down. so soon EVs will cost a lot less then ICE. Last part I'm sick of people being so wasteful and wanting to replace the car every year. They say that I want they buying electric vehicles cuz they care about their moment stop being wasteful and buying new cars every year you should be at least waiting 10 years before you buy new one
and what year is this going to happen with cheaper batteries?
@@happyjoyjoy6976 some rumors say it might even happen by the end of this year but of course in the United States you will not see that because they won't let you know the prices have dropped in China for batteries so they can keep charging high prices. For example I can get a car here in the Republic of Panama made in China that can do 300 miles on a charge for around $30 to $40,000
Only way to save good money with an ev is to use it for its entire lifespan
It's the same for any car, really. My sister has been driving 42 years. I think that she's sold one of the six cars that she's owned in that time. She's always bought cheap cars and when there done they go on a flatbed and off to the wreckers. The only new car that she's ever purchased was an '07 Mazda 3. She wants to upgrade but refuses to sell the Mazda until it's
officially beyond reasonable repair. The car is in remarkably good condition and drives like it's new. I think she might be waiting for a while.
At the same time people are complaining EVs are too expensive. Maybe Elon knew the model 2 would be a while and he doesn't want people buying the imports
Absolutely. Tesla are responding to both competition and a tapering of demand.
I got a model y 23 performance new in oct for $51k with a few options. With state rebates will be around 41k (pre tax) . Awesome car for the money
Its across the EV market for used EVs. I got a 2023 Bolt for $32,300 out the door, no taxes in NJ, $11,500 back from Federal and State Incentives. Even so the car is likely worth under $20k 6 months old at 6k miles. Dealers in the area were charging $3k-$6k over MSRP consistently. I finally got mine at MSRP, but there must be people that ended up paying the mark-up for them to keep doing it.
I'm in Australia. EV's depreciate wildly, here. I was having a chat with a fellow last year who had purchased a 3 year old BMW EV for 30% of what it sold for when new. It had 6,000 miles on it. It was like new.
Ya but you bought a bolt. Which is terrible in all ways
@@myaccount__7269 you’re not wrong I lovingly call it my little shitbox. It suits my needs as a commuter I still have a Subaru Outback and Ford F150
@@slevitron1543 alright you are forgiven, as long you realize it is a piece of crap lol.
@@myaccount__7269 haha yeah the Bolt was purely because it suited my commute needs with the range, it was $8k cheaper than a Model 3, and Chevy paid to have my charger installed at the house.
I can see it now; two year old low miles mostly rust free Cypertruck, half off.
Well, it's obviously the cost of being an "early adapter" fueled by incentives/tax breaks that prop up demand. Now that the market is fully accessible to a wide array of these vehicles, new, used, etc..the true values are starting to show. Also, product reliability, insurance rates, and charging costs are not what were expected nor promised. Wait a few more years when people have to calculate replacement batteries and recycle fees, then you will see the bottom really fall out!
I appreciate you telling us about the depreciation risk in these purchases. I believe the average off the lot depreciation is 15-20% this is almost twice that. I feel depreciation is a large factor in cost of ownership that isn't covered enough.
Where is the math on the offsetting value of the videos that were made while owning this vehicle? If i bought this car to be an uber driver, i would calculate my revenue made while driving to come up with net cost.
But the buyer was delighted
I bought a used 2022 Tesla Model Y with 4900 Sept of 2023. Bought it for $49000. I put about 5k miles on it. Got a $3k bonus check from my electric company out of it. Didn’t like it took a long road trip from CO-CA took longer to charge than to fill up with fuel. The insurance was super high as well on the car. Just wasn’t worth it in the long run. Traded it to a dealer and got $37k for it. After all being said they had it a month and last price they had was $37999. So they made a $1k on it probably paid floor plan interest on it. Never going to buy a used one as well. Also they were not that great in snow.
It’s not just Tesla. We just purchased a 2023 GV60 for the wife for sub 50k (71k new six months ago). It’s what happens when you trade in a new car
$20k loss in a year isnt unheard of IMO.First year depreciates the hardest and you guys sold it at wholesale to a reseller not directly to a buyer so you cant really expect top dollar
It's close enough to $400 per week. Add charging costs and registration and insurance it quickly becomes very expensive motoring. And no, $20k isn't much depreciation until you put it in percentile terms. In this case, it's about 35%. That's a lot.
Exactly… The used car market for people selling their cars is wayyy down. Also, when Tesla does all these price drops doesn’t help people selling their cars as well
@@Hella916 It doesn't help people to buy new Tesla's, either. People like my wife and I do the math on whole life ownership
of which depreciation is a significant cost, turn around and run away. This is exactly what happened a bit over a year ago before the discounting fiasco.
Tesla has made a couple of rookie mistakes with pricing and they don't seem to be learning, either.
These guys are boasting about their stupid business decisions...
you only lose money if you sell, like Hertz
No, Tesla didn't just jack up the price by $20k for the Foundation Series Cybertruck. They put about $20k of options into the Foundation Series. If you don't want those options, don't get a Foundation Series. Maybe all the options aren't immediately available, but they will be; none of the options should be that difficult for Tesla to come through on. It might take a few months, but you'll get them. Here's a quick breakdown of the bigger dollar items; there are also other smaller items included. Full Self Driving $12k, White interior $1k, Special 20" Cyberwheels, Lifetime premium connectivity $1k (10 years at $100/year), Power share gateway $1.8k, Powershare home charger $595, Powershare mobile connector $230, Powershare install in home $2k (up to $4k, just picked the midpoint), Light bar $600
Bullshit!
You're easy to fool. Top tip: Don't spend the rest of your life believing vendor's claims, especially when it comes to car vendors. As one of my favourite journalists says: "Anytime a
car vendor says something, check your watch. It doesn't matter what time it is, it's always bull5h!t O'clock. Musk is an artful master, in this respect.
@@davidbrayshaw3529 It's entertaining how you guys attack with no specifics to back up your claims. I think we know where the real BS is coming from. 🙂
@@gregdavis3723 I apologize for my wording, I just re read my post. I had no intention of causing offense.
We'll see if anyone ever actually gets the staggering $12,000 working FSD option switched on. Are the cameras actually installed, as a matter of interest?
Things like the big wheels and white interior come a virtually no cost to a manufacturers, same with the light bar.
It's pure marketing.
It's not a $1,000 interior upgrade, it's a change of colour that cost nothing.
How much do you think a company with Tesla's purchasing power and connections in China pays for a light bar? $20, maybe?
I don't know what "premium connectivity" is, so I can't comment.
Does that means data works optimally rather than sub optimally? If it does, that sounds more like extortion than it does an option.
But I got the biggest laugh at the power share bits and pieces. It's absolutely useless to anyone that rents their house or to apartment dwellers. They will never take up that part of the offer.
Of those that do own their own free standing dwelling, how many actually have a solar system and stationary storage system installed? I'm guessing 10% at most, but I could be wrong.
At the end of the day, those items are tacked on because Tesla and Musk know darned well that they will have to supply few units.
It's all smoke and mirrors. I come from an advertising family. I spent much of my youth surrounded by the mechanics of marketing. My sister went on to write copy.
I'm sorry, but the "$20k worth of foundation options" just makes me laugh. It's clever marketing designed to create demand
for a product with an artificially inflated price. Tesla aren't the first to do this.
It's a trick that car companies have used for decades.
@@davidbrayshaw3529 Regarding the cost of options, Tesla is just doing what every other manufacturer does, trying to optimize their profits.
Regarding FSD, it does mostly work, but that "mostly" caveat is why it still requires someone to constantly monitor it. It's still a useful driver aid, but as of the version 11 variants that I've driven, it has a ways to go to be what I'd consider full self driving. Maybe someday . . .
I'd say that a large majority of people purchasing a $100k EV live in their own home, so the Powershare stuff is worthwhile. You don't need solar or a stationary storage system installed to use it. The Foundation Series comes with the necessary equipment to connect the Cybertruck to your home and use it as a battery backup system. My understanding is that Foundation Series purchasers will get the Powershare hardware whether they plan to use it or not. They just won't be taking advantage of the up to $4k of installation cost paid by Tesla. I assume that Tesla will place some time limit on that, but I don't really know.
The options that come with Foundation Series are worth about $20k based on Tesla's standard option prices. If someone doesn't want those options, they shouldn't get a Foundation Series; no one is forcing them to do so. If you want to say that this is "smoke and mirrors" or a "trick", then that would apply to virtually all marketing of all products which doesn't seem reasonable to me. Is it "clever marketing" intended to get more people to buy expensive, presumably high profit options? Well yes, but what company doesn't try to do clever marketing? A company would be extremely foolish not to employ clever marketing when they can. Personally, I think saying that any product has an "artificially inflated price" is wrong. Products are worth what people are willing to pay for them, and the market ultimately sets the price. One could also say that Tesla is selling the Cybertruck at a huge discount, since some have been resold for $240k or more, but I think that's as meaningless as saying that it has an artificially inflated price.
I bought my model 3 at the end of December 2023 - Glad to get all those price reductions. I got a great deal, sorry to all those who bought them before that. I am loving it.
Anytime you buy a new car you’re gunna get crushed by depreciation. Also I’ve heard them say we need affordable EVs. Tesla drops prices and they get mad. Can’t have it both ways.
I just bought a used EV a month ago. 2022 Leaf (not a Tesla, sorry). It had 12k miles, and i got it for less than half of new MSRP. It also qualified for the used EV tax credit, so that was another $4k off.
Just don't fast charge it a lot. I lost a lot of range in my 2013 leaf fast doing grubhub. The battery has no heating or cooling system in the leaf
@@jibcano1777 that is true, but I have the 62kWh pack. It's supposed to regulate temperature much better. With that said, the majority of this cars life will be in an L1 or L2 charger.
Informative
I was sadly about 15k upside down in my Model 3 Performance due to all the price drops. Unfortunately, we had a huge storm and my car happened to be parked in an area prone to flooding unbeknownst to me and unfortunately it was totalled and gap had to cover the deficiency. Waiting for the 2024 Performance to be released so I can buy one and this time I will be much more careful of where I park it!
You guys are in CO. That car got 7.5K federal and 5k state tax credits for the typical buyer. Average person would have paid around 45k and lost only 9K. Please try not to be so misleading; if unintentional, please do more homework.
Tax credits mean you are using other people's money to pay for your poor decisions. Please try to educate yourself on where that "free" money comes from.
@@DwightCraneDenver no just means you owe less taxes.
@@LordLoMR2No, it means for that to happen the gov't gives them money.. which is taxpayer money. "Auto industry’s switch to EVs gets $12 billion in loans and grants from the US Energy Department". This is subsidizing. Much like how EV buys can't seem to understand they pollute more, they just don't see it on their end, because it happens elsewhere.
Still garbage
Due to the unnatural state of the pandemic world. You guys got used to buying cars and selling them later at a higher price! Used cars go for less all the time. There is also more competition and the Tesla is look is old and stale and new tech and cars are out all the time.
Who in there right mind would complain about prices of anything going down? Especially when prices of everything have been skyrocketing! 🙄
Ive never had a problem with Tesla selling their products the way they do because they cut out the stealerships. Everything is generally more transparent even if you don't like it. Prices fluctuate with Tesla and with dealerships seasonally. the difference is that with Tesla they produce as much product as possible even with weaker demand due to economic conditions. (Supply and demand dictate)
No adage is truer than “a fool and his money are soon parted.”
Regarding slowing demand… aren’t EV sales growing in the US?
Decreasing rate of increase of sales. 😃 Math!
Instead of 55% YoY gain, it's 40% yoy gain now
Yes. These old guys are full of it.
Their is always growth with new technology because they don't have a History to compare growth too.
Losing a lot of value on a car in the first year is not unexpected, it also depends on how many miles you drove on it, but this especially happens on premium end EVs. I'd imagine doing all the videos, it wasn't insignificant milage?
For a performance ICE car personal story comparison: I bought an ex-demo 2015 Focus ST-3 for £21,200 in early 2016 from a main dealer. So that had depreciated 25% from it's new sticker value of £27,600 in just 8 months/6000 miles clocked. If you're buying a brand new car, it's best to keep it for a very long time say, 6-7 years at least to enjoy the best $$$ cost per year overall in depreciation and maintenance. As you say after 3 years depreciation does flatten out.
Plus it would be fair to offset gas savings over the year against that depreciation.
I traded that Ford in for £10k to Tesla just last April and paid (£15k top up) total £25k price for a 3.5 year old Model 3 SR+. It had a fairly high milage of 78k miles but to be fair, they had just serviced/refurbed it, they gave me a suite of brand new carpet mats and accessories too. Best of all, they threw in Enhanced Autopilot for life, which on it's own is worth about £3.4k and has made my Tesla really good value. Then, they gave me a year of free supercharging as well, which is just nuts and i've loved using that. After 1 year, and putting another 13k miles on the car it sits at 91k miles clocked, is very reliable and still worth roughly £20k so it's only lost another 20% in that time which is pretty average for any car, ICE or EV especially buying it refurb from a main dealer.
When the prices for a Tesla hit 20 -25k, will be the time to buy as long as you live in a moderate climate. Prices will keep.coming down as long as the tech keeps improving.
Our BMW i3 lease of 3 years is up in September. We have loved the car. Grandkids call it Zippy. Charge in the garage, run errands…Philly is only 35 miles away. Unfortunately the residual is crazy high so we’ll move on.
That’s just law of the market. Tesla is able to produce more vehicles with improved technology in the assembly lines which cut the producing cost and allow Tesla to cut price and let more people to get a model 3 at a price of a Camry or even if a Corolla depending on the rebate. Plus don’t forget the newer model 3 which drop even more the use market (increased number of « old » model 3 on use market).
You guys are great but it’s the trifecta of actions =Suffering. 1.)Reselling a new(basically) Tesla when 8years is on the warranty there’s a heavy price to pay for what is essentially Buyers remorse one year into an essentially an 8 year life
2.) a cost analysis seemly needed to be fleshed out more, so it seems/ your time frame to sell the car(urgency) usually comes with a painful monetary penalty 3.) Teslas are a walking stock and movement is understood with some research, they are evolving adding models and technology, lowering costs or increasing costs is expected as things change we are still looking at EVs like ICE cars because that’s all we know but they are not the same, the internet which is a wealth of information has a mind numbing amount of low information users, add to that misinformation, malice and corruption by bad actors effects public perceptions as well like a gun,tech is a tool that can hurt or help depending on the user and the witnesses
If you drive any car long enough to the point where the cars cost is dwarfed by the total cost of insurance and fuel then it doesn't matter.
Okay this is a very good video thank you for talking about your investment in the Tesla. Here's the bright side from my point of view. I understand the cons and I understand that it is a great time to purchase an electric vehicle and what I did was I took your advice. I bought my first electric vehicle that was a Chevrolet bolt 2023 model year you guys reviewed. Your reviews helped me in my purchase of that vehicle and it was the best decision I made. Although there was a depreciation of electric vehicles on the market. I look at it as an investment for me because when I bought my used Chevrolet bolt it came with the battery warranty at the dealership. I did most of my research and it was a lot from your channel as well. Thank you for your amazing work and please keep up the good work.
Note please get reviews on affordable electric vehicles in the future. You guys have the best reviews I've seen in any channel for electic cars.
Thank you
I like your carefull considertations - and was not aware that you also had an EV channel cause I have watched the other one for years, that one who did the classic roadster comparison years ago with a mercedes sl for 10000 and a mustang and I guess a jaguar. And even before I have seen videos but not from this channel which had covered the mess of a model 3 repair, its costs and the endless story how long it took till it had been fixed.
Really great video. best wishes for the cyber whatsoever from Germany
There is a updated version, no Wonder the old one drops. Same with all cars, when a facelift comes the older ones drops in price.
Teslas are just advancing so fast they are losing values like PCs. In some ways it's great people can start to afford them used.
The new Model 3 coming out didn't help either. A 2023 M3 Performance is listed at $44K around here. Autotrader labeled it Great Price. I disagree, swing another $4K and get the new M3.
Be thankful you didn't buy german luxury or any other brand ev for that matter. Plus the car market was jacked way up during covid times.
Good news is manufacturing is getting much better and more efficient so prices are coming down on new to appeal to more buyers.
Finally someone calls it out the way it really is!
First off, Subscribed, content is great.
But so happy you guys said what I’ve been saying for months with the “Foundation Series” !
There’s no difference, but Tesla found a way to jack the prices even more. Hats off though, great idea.
I too lost a lot on my Tesla. Chin up gents. Cheers.
At the Covid frenzy peak, people were paying in the $70k range for slightly used Model Y’s……talk about a bad move…ouch
We’re there federal and state credits collected?
bought one of the first bolt ev 1lt a year ago for base price of 27k plus ttl. about 14k miles on it now. no problems with the car, love it! gets the job done. ws values are dropping like a rock! average mmr for it now in my market is 16500. we will basically have to own it till it payed off. 😞 the tax credit did help a little though.
I bought a 2020 Model Y Performance back in June 2020, and have nearly 90k miles on it. While it has reduced range (80% capacity shows 225 miles with 19 inch wheels vs I think 250 when it was brand new), it still more or less drives the way it did when I first got it, and I love driving the heck out of it if my significantly higher than average miles per year is any indication. Paid I think $62k for it with no tax credit available at the time, but I don't regret it one bit.
I thought the reduced range would bother me more, but with Tesla building more and more Superchargers, charging up for a road trip isn't that bad, and often the car is ready to go before I'm done eating at my current stop. For my daily driving of 38 miles, and charging it up in my garage, the range is a non-issue.
Short of it getting totaled, I don't plan to get rid of it any time soon. I might look at the Juniper refresh in a few years, but it still does everything I want and need it to, and with software updates, it runs almost everything a new Model Y would as well, albeit a tad slower.
So it sucks for folks who bought in late 2022 right before it qualified for the tax credit again and Tesla's aggressive price cuts. But it's great for anyone looking to buy a used Tesla and plans to keep it for a while.
Cybertruck is production limited. So either Tesla gets the 20k extra against providing additional features or buyers flip their Cybertruck and sell above what they paid....
Used market in general has tanked. My F150 has lost $20k in less than 2 years.
No you overpaid for the truck.. simple as that lol
@@joelmora2826I'd say give 'em a little slack....everyone was. Not saying it was smart, but they weren't alone.
That all being said, screw dealerships. All they proved is that they're more than happy to screw over working people the second they can for a buck.
Thanks for doing the videos. I’d be bummed if you can’t do some on the Highland performance Tesla. Maybe you will be able to get one at a lower price given all the cost cutting.
Just got a Model Y for a great price. Sorry you lost money but lowering the price to allow new buyers to afford EVs is good for the consumer in the end.
Might get one of these for 10-15k and in a few years. Would be an awesome commuter.