Curious about what your Tesla resale value would be after 3 years compared to other cars?
Whether you own a Tesla or you're trying to know if it's a good long-term investment, understanding resale value is key.
Let's face it–change is constant. We don't keep the same phone, pairs of shoes, or jobs forever.
So when investing in a car, especially expensive cars like Tesla– it wise to know the resale value in case you're looking to resell or upgrade it in future. You don't want to be on the loosing side.
Here comes the big question: Does Tesla outperform other cars in resale value or not?
In other assist you in informed decision-making and understand if investing in Tesla is higher trade-in value or not; this blog will explore:
- Factors influencing car resale value
- Comparing Tesla resale value to other Electric Vehicles
- Pros and Cons of Tesla resale value
Factors influencing car resale value
1. Brand & Models
Brand and Models continue to be influencing factors, determining car resales value as certain brands and models retain higher resale value due to quality, popularity, politics, and performance.
2. Market trends
The market demand and supply determines what car holds higher value and what car doesn't.
3. Age and mileage
The age and mileage a car has used after it is driven out of dealership determines most car resale value.
4. Car condition and maintenance
A properly cared for car will look more attractive on both its exterior and interior. And also possess an impressive maintenance record including, regular oil change, tire condition, and scheduled services.
5. Technological Features
Cars that do not evolve with the Technological trends including, autopilot, infotainment, and key advance features are perceived outdated. This tremendously affects their resale value.
Compare Tesla resale value with other Electric Vehicles
Used Teslas are known for higher resale value retention when compared to other Electric Vehicles. But more recent studies and data are saying otherwise.
According to data from CarGuru, Tesla's depression has increased to 7.26% year over year.
This is quite beyond average compared to other Electric Vehicles brands, making Tesla value falling faster than others.
As it is now, Tesla is facing fierce competition in the Electric Vehicle industry as other brands are getting into the space.
For example, brands like Ford and General Motors have reported significant increases in their EV sales, further intensifying competition for Tesla.
Additionally, there is a decline in the search rate of used Tesla, depreciating to 16% while other Non-Tesla Electric Vehicles are rising more than 25%.
Pros and Cons of Tesla resale value
Pros
- Price depreciation: If you're looking to invest in any Tesla model, considering use can be a profitable decision because it comes at a budget friendly price due to its rapid depreciation.
- Technological features: The efficiency performance of used Tesla's technological features makes it worthwhile.
- Supercharger network access: Buying used Tesla's doesn't stop you from accessing its fast supercharger network. If you're traveling a long distance, you have assurance of sustainable battery life.
Cons
- Warranty courage: Used Tesla may have limited Warranty courage of 1 year or nothing, potential increasing maintenance cost.
- Depreciation rate: Tesla's depression rate is currently faster than ever. Resulting into a great portion of loss for buyers if they're looking to upgrade or resell in future.
- Battery Performance: Battery performance becomes a crucial concern when it comes to used Teslas. A used Tesla's battery is bound to degenerate, retaining only 70% of its capacity or less.
In Conclusion
It's crucial that every Tesla owner knows what your Tesla resale value is worth. This is why this blog has provided practical guidelines to help you make informed decisions when considering the long-term value of your investment in a Tesla car.
