Here's How Much A 2021 Tesla Model 3 Has Depreciated In 5 Years CarEdge data indicates that a 2021 Tesla Model 3 has lost 59% of its value over five years, assuming the vehicle remains in good condition, originally priced at $51,380, and driven 13,500 miles annually. However, this figure differs from Kelley Blue Book (KBB) estimates, which report a 51% depreciation rate for the entry-level Model 3, based on its original price of $39,190 and current resale value of $19,150. The discrepancy highlights the variability in depreciation calculations across different valuation sources. The 2021 Model 3 was available in three trim levels, each with distinct depreciation rates. The Standard Range Plus trim, the base model, depreciates the least at 51%, according to KBB. This version includes features like heated front seats, simulated leather upholstery, wireless smartphone charging, 263 miles of range, a 7.6-kW onboard charger, and 170 kW max Supercharging. The Long Range trim, positioned as the mid-market option, offers additional features such as standard all-wheel drive, heated rear seats, and a 15-speaker premium sound system. It provides 353 miles of range and a larger 11.5-kW onboard charger, capable of charging at up to 250 kW on Tesla’s Supercharger network. This trim has experienced a 55% depreciation over five years, with its resale value dropping from $48,190 to $21,600. The top-tier Model 3 Performance trim has suffered the highest depreciation, losing 57% of its value. Originally priced at $56,190, its current resale value stands at $24,100. This trim is notable for its enhanced performance capabilities, though its depreciation rate underscores the challenges faced by high-end electric vehicles in maintaining value over time.#tesla_model_3 #kelly_blue_book #polestar_2 #tesla_model_s #porsche_taycan
Surge of Off-Lease Electric Vehicles Expected to Drive Down Used EV Prices Rising gas prices linked to the ongoing conflict in the Middle East are encouraging more drivers to explore electric vehicles as a cost-effective alternative. Industry analysts suggest this shift could create a prime opportunity for consumers seeking affordable options. Joseph Yoon of Edmunds estimates that over 300,000 electric vehicles will soon be returned from leases, flooding the used EV and hybrid market with a significant supply. This surge is expected to lower prices for buyers, making previously out-of-reach models more accessible. The influx of used EVs follows a three-year period of increased leasing activity, driven by the Inflation Reduction Act’s $7,500 federal tax credit for EV owners. While the credit has expired, many vehicles leased under that program are now nearing the end of their lease terms and returning to dealerships. Yoon highlights that this growing supply could benefit buyers, particularly those who find new EVs too expensive. “Looking at a nearly new used EV is of great value,” he explains, noting that these vehicles often have fewer than 40,000 miles and remain under warranty. Advancements in battery technology have also enhanced the long-term reliability of used EVs. Yoon predicts that many of these vehicles could easily surpass 200,000 miles, with some approaching 300,000 miles in range. He emphasizes that these improvements make used EVs significantly cheaper than previously anticipated. Among the models expected to enter the market are the Tesla Model Y and Model 3, the Hyundai Ioniq 5, and the Ford Mustang MachE. Industry experts warn that dealerships must prepare for the increased volume of used EVs.#middle_east #joseph_yoon #edmunds #tesla_model_y #tesla_model_3
