Is Used Tesla Still Worth Buying In 2024?

Is Used Tesla Still Worth Buying In 2024?

Are you interested in a Tesla but having problems getting your hands on a new model due to the high price? Let’s face it, Teslas are expensive. However, a used Tesla offers a significant price advantage over a new one. Many people are considering used Teslas as an alternative to brand-new ones, but then come up with the question: is a used Tesla still worth buying in 2024?

As we explore if a used Tesla is still a good deal in 2024, we’ll look at some key factors that make used Teslas a tempting option for Canadian car buyers.

New vs. Used Tesla Prices

You can expect to save anywhere from 20% to 50% off the original sticker price from buying a used Tesla, depending on the model, year, and mileage. This opens the door to Tesla ownership for a wider range of budgets. Now, let’s dive into the price differences between new and used Teslas across Tesla’s four main models: Model S, Model X, Model 3, and Model Y.

Model S

Brand new Model S starts at $97,990, reaching $122,990 for the high-performance Plaid trim.

Used Model S prices range from $36,000 to a high of $180,000 (with some outliers), depending on the year, mileage, and features. Earlier models will have lower prices but may have older battery packs and higher mileage.

Recent Model S years (2020-2023) with lower mileage and updated technology can be found for under $80,000, with many falling between $60,000 and $75,000. This makes finding a used Model S a potentially significant cost saver compared to buying a new one.

Model X

The base price for a new Model X is $107,990, reaching $128,990 for the top-of-the-line Plaid trim.

Used Model Xs range from $45,000 to $95,000, with an average price of $75,000 to $90,000 for 2020-2022 models. The advantage of some older Model X vehicles lies in the potential for features like FSD and transferable free Supercharging.

Model 3

The new Tesla Model 3 starts at $50,990 for the Standard Range and reaches $69,990 for the Performance trim. Used Model 3s can be found between $30,000 and $60,000, with an average price of $36,000 to $50,000 for newer models (2020-2023). While the price difference between new and used Model 3s may seem less significant, the good news is that used Model 3 prices are also coming down along with the price drop of the brand-new ones.

Model Y

A new base Model Y starts at $53,990 and goes up to $68,990. The Long Range trim starts at $63,990 and Performance goes up to $68,990. Used Model Ys typically range from $45,000 to $70,000, with the average price of a newer Model Y (2020-2023) around $60,000. 

Since the Model Y has been out for a shorter time, prices haven’t been affected by age and warranty considerations as much and have remained relatively high. While the price difference between the new and used Model Y may seem insignificant, don’t forget to factor in Tesla’s destination fee when considering the price of a new Tesla.

New Tesla vs. Used Tesla Availability

Besides price, another crucial factor is how long it takes to get your Tesla. This is especially important if you need a car right away or are planning to sell your current vehicle to afford the Tesla.

New Tesla 

Model S and Model S Plaid: Current production time is 1-2 months, which is an improvement compared to previous years.

Model X and Model X Plaid: Production time is slightly longer than the Model S, with an estimated 1-3 month wait.

Model 3: Lead time for the RWD and Performance versions is down to 1-2 months or less. The Model 3 Long Range may take 1-3 months. This is a positive change and faster production times often lead to lower used Model 3 prices.

Model Y: The Long Range and Performance versions currently have a short delivery estimate, potentially within 1 month. The Standard Range Model Y’s availability is unclear at this time.

Used Tesla

A significant advantage of used Teslas is that they avoid production delays and long waits. You can potentially find a used Tesla and have it in your driveway within two weeks, sometimes even faster. This is especially true if the seller is prepared with the paperwork or buying from a dealership.

In short, new Teslas offer the benefit of being brand new and potentially having the latest features. However, you may face production delays. used Teslas can save you money and potentially be available much sooner. They may also have features like FSD or free Supercharging that are no longer offered with new Teslas in all trims.

Is a Used Tesla Still Worth Buying in 2024?

Factors to Consider When Buying a Used Tesla

Tesla was once known for producing affordable, environmentally friendly electric vehicles. In today’s unpredictable automobile market, and with the world economy in instability, many consumers are skipping the new Tesla configurator in favour of used Teslas that meet their demands. 

There are less expensive Tesla vehicles on the used market that provide the promised values and performance at a fraction of the original price. However, beyond the sticker price, how can we determine whether purchasing a used Tesla is worthwhile?  Let’s look at the costs and advantages of buying a used Tesla in 2024 to see whether it’s right for you.

Cost Savings

When compared to buying a new Tesla, investing in a used Tesla in 2024 saves you a lot of money. Many people prefer to buy used Tesla models because they are less expensive, however, not all models offer the same level of savings.

Because of increasing demand, used Tesla prices may approach or exceed the original retail price, especially for newer models. For those who aren’t in a hurry, buying a used Tesla with a few years on the odometer could be the best option. Models like the 2018 Tesla Model S and used Tesla Model 3s continue to provide outstanding performance and elegance at far lower pricing than the latest Tesla models.

Fuel and Maintenance

Moving from a traditional fuel-powered vehicle to a used Tesla provides benefits beyond the sticker price. Savings on gas and maintenance are significant advantages. Fully charging a Tesla costs just 10 percent of what typical gas does, and with charging stations at home, waking up to a full battery becomes a daily enjoyment.

Tesla’s streamlined design with fewer moving parts leads to significantly lower annual maintenance than gas vehicles. While Teslas have cheaper maintenance costs than conventional automobiles, older models may incur additional charges. So, if you want to purchase an older Tesla with a lot of kilometers on the odometer, be prepared for unexpected repairs and maintenance.

Depreciation 

Because this early depreciation affects the first owner, purchasing a used Tesla in 2024 allows smart purchasers to enjoy Tesla’s cutting-edge technology without paying a premium price.

On the other hand, while depreciation is relatively common in the auto industry, Tesla has shown an impressive ability to minimize it. The demand for used Teslas has remained consistently high, owing to both the brand’s excellent reputation and the vehicles’ continued dispute resolution. Investing in a used Tesla is more than simply a reliable mode of transportation; it is also a sound financial move with long-term benefits.

Technology

One of the most compelling reasons to consider purchasing a used Tesla is the company’s ongoing dedication to technical improvement. Even in 2024, Tesla’s electric vehicles have innovative features that will endure the test of time. The use of artificial intelligence and over-the-air upgrades ensures that your used Tesla stays current with the latest innovations, giving a driving experience that transcends conventional expectations.

Warranty 

Tesla’s warranty policy varies. If you purchase a used Tesla while it is still under manufacturer warranty, the remaining warranty period is automatically transferred to the new owner. However, an extended warranty may not be transferable to the new owner. Understanding warranty coverage before purchasing a used Tesla is essential for purchasers seeking long-term peace of mind.

Full Self-Driving Software (FSD)

FSD is an optional feature that allows Teslas to perform more autonomous driving functions. Some used Teslas may already have FSD installed, potentially saving you money over buying it new for a new Tesla.

Tesla’s Constant Updates

Unlike typical vehicles, Teslas receive frequent software updates, ensuring that even older models have the most recent features. This means that buying a used Tesla does not imply giving up on technological progress.

Battery Considerations

When acquiring a used Tesla, it is important to consider potential battery degradation. Tesla batteries, which are projected to last 20 to 25 years, typically show slight degradation, losing less than 10% of their capacity within the first 250,000 kilometers.

However, buyer beware: the previous owner’s charging habits, speed, and driving conditions all have a significant impact on battery life. Checking the battery’s condition and range is crucial, as replacement costs range between $12,000 and $20,000. 

Supercharging Network

Tesla’s large Supercharger network demonstrates the company’s commitment to enabling long-distance travel with electric automobiles. This infrastructure, which is available to all Tesla owners, also benefits individuals who buy used Tesla models. The convenience of quick charging, along with the growing Supercharger network, guarantees that even a used Tesla remains handy for both daily commuting and cross-country road trips. However, the cost of supercharging varies according to location and electricity tariffs. Consider this when planning your entire budget.

Buying a used Tesla can be a smart and cost-effective way to enter the world of electric vehicles. You’ll benefit from significant savings compared to new Teslas, potentially avoid production delays, and may find vehicles with desirable features like FSD or free Supercharging. By carefully considering the factors discussed above, you can make an informed decision about whether a used Tesla is the right choice for you.

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