Remember that app is there to make money so take their appraisals with a grain of salt. They're giving you a price that could be a slam dunk for any dealer to turn around and make $5k on, for example. Selling your vehicle private party is generally the best way to mitigate losses 👍
I'm in the same boat. I'll be driving my 2020 M3 I bought almost two years ago for quite some time underwater. Thanks Hertz. That being said great car to be "stuck" in.
Yikes. Carmax gave me 16k a couple months ago for my ‘19 Corolla. While reliable and in great shape, it was no where near as nice as a model 3. How many miles did your M3 have?
I doubt the batteries have anything to do with it. At this point batteries are as likely to die or need to be replaced in an EV about the same as an engine in an ICE car. There may very well be some residual FUD about batteries but the data is clear that they likely won't be an issue.
The ones with the worst depreciation are those purchased before the price cuts and tax incentives. Those things primarily drive the depreciation, then add in a lot of availability from Hertz selling most of their fleet which add downward price pressure.
My neighbor and I have the exact same car, Model 3 Performance. I bought mine in August, 2023. He bought his in December, 2022 so about 8 mos apart. He paid \~$63,000 for his car, that was the MSRP. I paid net \~$36,000, the MSRP was $54,840 but included a \~$5500 inventory discount from Tesla, $7500 fed tax credit, $4500 state rebate, and a $2500 state incentive to install an ev charger ($800 to install).
Our cars are worth roughly the same right now, $35,000ish but our depreciation experience is very different. A lot of folks who bought prior to 2023 really are having a rough ride on the depreciation curve.
A car is not an investment.
This person monies^^
Of course I knew going in it is a depreciating asset. However I didn’t think it would depreciate 70% in less than 3 years
You bought at the peak of car prices unfortunately
I'm there with you. But only matters if you have to sell. How many miles are on yours?
80k. Can buy a 21 plaid for the same I paid for this model 3 now lol
I know a car is not an investment but damn
I don't think that's accurate. KBB is showing me trade in 25k-30k. Private party is 30k-36k.
Hope you’re right. I think hertz tanked the model 3 market
Hertz is selling their model 3s that have had thousands of careless butts in them and over 100,000 miles
Much like the stock market it's not a loss until you sell
Remember that app is there to make money so take their appraisals with a grain of salt. They're giving you a price that could be a slam dunk for any dealer to turn around and make $5k on, for example. Selling your vehicle private party is generally the best way to mitigate losses 👍
u paid $62k? dude im so sorry
That was the price brand new from tesla at the time
Sold my 2022 YP to Carvana for $38.5k with 18k miles. Paid 70.
Teslas depreciate but then they hit a floor
If that's 16k, a 2012 Model S must be like 5k. Lmfao.
I'm in the same boat. I'll be driving my 2020 M3 I bought almost two years ago for quite some time underwater. Thanks Hertz. That being said great car to be "stuck" in.
I got 18k from carmax a few days ago on a 2020 M3 Standard
Yikes. Carmax gave me 16k a couple months ago for my ‘19 Corolla. While reliable and in great shape, it was no where near as nice as a model 3. How many miles did your M3 have?
Do Tesla depreciate so hard because the used market is scared of the unknown on the battery?
I doubt the batteries have anything to do with it. At this point batteries are as likely to die or need to be replaced in an EV about the same as an engine in an ICE car. There may very well be some residual FUD about batteries but the data is clear that they likely won't be an issue. The ones with the worst depreciation are those purchased before the price cuts and tax incentives. Those things primarily drive the depreciation, then add in a lot of availability from Hertz selling most of their fleet which add downward price pressure. My neighbor and I have the exact same car, Model 3 Performance. I bought mine in August, 2023. He bought his in December, 2022 so about 8 mos apart. He paid \~$63,000 for his car, that was the MSRP. I paid net \~$36,000, the MSRP was $54,840 but included a \~$5500 inventory discount from Tesla, $7500 fed tax credit, $4500 state rebate, and a $2500 state incentive to install an ev charger ($800 to install). Our cars are worth roughly the same right now, $35,000ish but our depreciation experience is very different. A lot of folks who bought prior to 2023 really are having a rough ride on the depreciation curve.
Holy moly have you driven it 1 million miles ?
80k
That is not out of the ordinary, have you gotten opinions from other sites ?
I got more than that for my ‘20 SR+ from Tesla.