What Should You Consider When Buying a Used Tesla

What Should You Consider When Buying a Used Tesla

If you’re considering switching to an electric vehicle, you’ve probably considered Tesla. The name of Tesla has almost become synonymous with the entire EV industry and market. Tesla EVs were among the first to enter the electric vehicle industry and currently provide one of the most extensive choices of EVs in Canada. Additionally, Tesla supercharger network is an ever-expanding network of fast-charging stations that make long-distance travel easier.

However, if you go to Tesla’s website right now and configure a new model, you’ll quickly realize that the delivery dates are many months away. Aside from postponing some delivery dates beyond 2023, Tesla is also increasing price. That is why buying a used Tesla is an excellent alternative at this point.

Whether you buy new or used car, there always has benefits and disadvantages. There are almost always compelling reasons to choose a new car over a used car, and vice versa. If you’re looking for an EV, specifically a used Tesla, here are the essential factors you should consider before buying a used Tesla in Canada.

Buying a used Tesla – Price Comparison New vs. Used

Let’s start with comparing prices on Tesla’s four current models: Model S, Model X, Model 3, and Model Y.

Model S

A brand-new Model S staring price at $114,990 and goes all way up to $169,990 for the Model S Plaid. Prices for used Tesla Model S range from $30,000 to $140,000, depending on the year and build. 

Because the Model S was the first EV made in Tesla’s production line, you can find them for the lowest price. However, some will also come with Tesla’s first battery packs, and in many cases, has high mileage. If we only consider price when deciding buy used or new, we believe that a used Model S makes far more sense over new.

The Model X

The Tesla Model X now starts at $124,990 with options ranging up to $159,990. The Model X Plaid starts at $139,990 and goes up to $155,590 with extras. A used Model X costs between $48,000 and $135,000. 

This disparity is pretty large because the Model X has also been on the market for a number of model years. For recent model years, used prices for a Model X range between $90,000-$110,000. With these pricing in mind, choosing a used Model X over a new Model X can easily save you $10,000 or more. 

Model 3

The new Tesla Model 3 Standard Range (RWD) starts at $46,990 and goes up to $74,990 with options. The Model 3 Performance has a starting price of $81,490 and a maximum price of $83,990. A used Model 3 price range from $32,000 to $67,000, with the newer model years costing an average of $40,000 to $50,000

While the price difference between used and new Teslas appears to be small, the good news is that these costs may change in the near future. 

Y Model

The 2023 Model Y Long Range starts at $64,990 and goes up to $86,990 with options. Prices for the 2023 Model Y Performance start at $69,990 and go up to $89,990 with options. A secondhand Model Y normally costs between $40,000 and $69,000. 

Given that the Model Y has only been available in recent years, prices have remained reasonably stable despite age and warranty issues.

Other than the price differences between used and new, keep in mind that you also need to consider is the $1,200 destination fee that Tesla charges for all new Tesla deliveries.

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Buying a Used Tesla – Pros vs. Cons

The primary reason people buying second hand electric vehicles is to save money. After all, if a brand-new car can be purchased for the same price as a used one, why would you want to buy one with a few thousand miles on it? As a result, any used vehicle should be considerably less expensive. This could be a great opportunity for EV buyers who want to get behind the wheel of a Tesla but don’t have the financial wherewithal to do so at full price. When purchasing a used Tesla, however, one must be cautious and hunt for a good deal, as markets for used electric vehicles may be pricey.

You may be assured in the vehicle’s quality when purchasing a used Tesla. In comparison to other used electric vehicles on the market, Tesla’s used electric vehicles have have withstood the test of time and run effectively, requiring little maintenance if properly cared for throughout their lifetime. Furthermore, used Teslas continue to receive manufacturer software upgrades and, as software improves, can become more efficient and receive more features.

Because Tesla is such a well-known brand that has sparked interest, a used Tesla also can keep a strong resale value. There will always be a market for someone seeking for a used electric vehicle. While used electric vehicles are so popular right now, if you buy a used Tesla and decide you don’t like it, you’ll most likely be able to sell it for a comparable price immediately away. A used Tesla will eventually retain greater value than most used electric vehicles from others.

While the fact is that, if you want to save money by buying a used Tesla, you might not get the greatest deal because a used Tesla retains a substantial percentage of its value when compared to other used electric vehicles. Due to the popularity of used Teslas on the used EV market, you may have to pay a premium for the brand’s used EV.

Additionally, when buying a used Tesla, you have to look for the features you want because they are not custom-made to your specifications by the manufacturer. Finding the appropriate used vehicle for you might be difficult because some used electric vehicles have more features than you need but are more expensive than your budget, and other used Teslas have fewer amenities but are within your budget range. As a result, finding the right used Tesla may be challenging.

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Buying a Used Tesla – Battery Life New vs. Used 

For many Canadian EV shoppers who  looking at used Teslas, the main question is how long a Tesla battery lasts. While the battery life of a used Tesla does not decline dramatically over time. It’s normal to have this concern since a full battery replacement would be the most expensive repair a Tesla could incur.

According to Model S and Model S data, the majority of Tesla vehicles can travel 805,000 kilometers before battery depletion exceeds 20%. Data from the Model 3 and Model Y imply a 20% threshold at around 644,000 km.

When shopping at a secondhand Tesla, you should always ask a few questions about charging habits, driving environment, storage, and the current battery retention. Consider the battery condition is always the most important factor when buying a used electric vehicle. However, the evidence on used Teslas so far does not support the notion that you should only buy a new Tesla due to anticipated battery degeneration.

Buy A Used Tesla – Warranty on New and Used 

It’s good to buy a used Tesla that still cover by the warranty. Warranty concerns can and have arisen from time to time, particularly with used Teslas from the early years when Tesla was just getting started.

The Battery and Drive Unit Warranty, which covers a Tesla’s battery and motor components for 8 years or 160,000 to 240,000 km in most circumstances.

Newer model years of secondhand Teslas will typically still have warranty time remaining, which should not be overlooked when comparing prices. However, the Model S and Model X usually be the most common out-of-warranty Teslas. Becasue these Tesla models have been around for quite a long time, and the warranty for the Model S and Model X from earlier years have expired.

It is entirely up to buyers to decide how much these warranties are valuable to them, but warranty coverage should be a major consideration when buying a used Tesla.

Superchargers And Tesla Service in Canada

The Tesla EV supercharger network in Canada is substantially developed. You may find them in all major urban areas, in a variety of locations, with plenty of charging stations for your electric vehicle.

The supercharger network in Ontario is well developed. They are offered in Toronto, Ottawa, Richmond Hill, Mississauga, Hamilton, London, Windsor, and Kitchener, among other major cities. The superchargers can also be found on important Ontario highways and routes. However, Tesla charging stations are less common in northern Ontario than in the rest of Canada, with most major cities and highways well served.

Despite Tesla’s extensive charger network across the country, a home charger is the most effective way to ensure that you always leave your house with a full charge. Depending on your needs, you may want to consider purchasing a home charger. Incentives for the purchase and installation of home chargers are also available in several areas.

Last but not least, let’s take look at Tesla service in Canada for used Tesla. Whether you purchase a new or second hand Tesla, you will note that the service is considerably different from that of most conventional automakers.The majority of Tesla’s services are done online through the Tesla app. You must first submit a service claim to Tesla for review. Then the company will contact you to determine how to remedy your issue. This is important to understand because it is an entirely different way of doing business than other automakers. You don’t take a Tesla to your local dealer to get it serviced, and Canadian Tire won’t help you if you own a Tesla.

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