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  • Oct 7th, 2020 8:19 pm
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[OP]
Deal Addict
Dec 20, 2015
3207 posts
1588 upvotes
Toronto, ON

Used Tesla

Hey guys, so I'm considering to buy a used Tesla maybe a Model 3 or Model Y. Both in AWD, but was wondering is it worth saving 5 - 10 K in MSRP price for a used Tesla, or should I just buy directly from Tesla themselves?

I've seen:

2018 Tesla Model 3, with 28K KM for $65K
2020 Tesla Model Y, with 1150KM for $71K

What is your take on this? And why Tesla? Trying to save money on Gas. But does it really drop in KM range in winter time? How much $$ am I really saving?

Any Tesla owners can chime in on Electricity per month they are paying to charge their cars? Thanks in advance!!!
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50 replies
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Jan 15, 2013
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You lost me at "Trying to save money on Gas". If that's the case buy anything else "new" for a lot less and you're saving money immediately.
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Jan 20, 2005
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Thornhill
I would get a brand new model 3 over model y. Model y has some build quality issues since its the first year run. My parents own a model 3 and its been flawless. Remember thoe this is a computer on wheels .
Deal Expert
Jun 30, 2006
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If are you concerned about saving 5-10K, I wouldn't get a Tesla.
Newbie
Dec 14, 2012
75 posts
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Ottawa
What the first guy said.

Buy a used Camry and drive it to the ground. The $50k difference buys you a lot of gas.
Deal Addict
Jul 21, 2009
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Buy a Tesla because you like Tesla, not because you think its going to save you any money.

BTW you can buy a brand new Model 3 for 48k + tax in Ontario after the rebate.
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Aug 10, 2015
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I've recently been evaluating buying a used Model 3. Where I'm sitting right now, new is too much money, and used does not yield sufficient savings to make it a slam dunk. Your budget may differ.

I agree with the poster above, who said don't buy a Tesla to save money. In addition to high purchase price, depreciation and insurance costs are significant, and can't be overlooked. Cost of driving / owning may not be as low as you think.

Currently, my wife and I have moved to considering the Kona Electric. We are not likely to buy in 2020 though, as we will be settling into a new house later this month.
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May 25, 2009
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rkjredflag wrote: I've recently been evaluating buying a used Model 3. Where I'm sitting right now, new is too much money, and used does not yield sufficient savings to make it a slam dunk. Your budget may differ.

I agree with the poster above, who said don't buy a Tesla to save money. In addition to high purchase price, depreciation and insurance costs are significant, and can't be overlooked. Cost of driving / owning may not be as low as you think.

Currently, my wife and I have moved to considering the Kona Electric. We are not likely to buy in 2020 though, as we will be settling into a new house later this month.
To be fair, Model 3 depreciation is stupid low right now. That can and will almost certainly change though but so far Teslas comparatively still depreciates a lot less than other cars.

In terms of insurance, that's going to depend on a thousand factors and can vary widely. But FWIW, we're paying ~$2,160 a year for the insurance on our 2020 M3 SR+. Our other car is a 2013 Elantra GT and the insurance on that is costing us ~$1,850 a year or only about $25 less a month.

Not siding with the Tesla option here either way, just wanted to point some of those numbers out.
"God's in His heaven. All's right with the world." - Robert Browning (1812-1889)
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Aug 10, 2015
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Winkle wrote: To be fair, Model 3 depreciation is stupid low right now. That can and will almost certainly change though but so far Teslas comparatively still depreciates a lot less than other cars.

In terms of insurance, that's going to depend on a thousand factors and can vary widely. But FWIW, we're paying ~$2,160 a year for the insurance on our 2020 M3 SR+. Our other car is a 2013 Elantra GT and the insurance on that is costing us ~$1,850 a year or only about $25 less a month.

Not siding with the Tesla option here either way, just wanted to point some of those numbers out.
Thanks for chiming in with some rates.

I'll admit I had not dug into it deep, but I was playing around with the CAA cost of driving calculator the other day, and found they were rating the cost of driving the Model 3 as way higher than I expected. Insurance and depreciation were significantly higher than the 8 year old car my wife is currently driving. I understand those are only rough estimates though.

OP gives insufficient information for us to compare costs of driving a 3 or a Y to their current transportation solution.
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Oct 16, 2007
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2 years old to save 5K? Not a chance. The extra warranty would be well worth it.
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Jul 21, 2009
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rkjredflag wrote: Thanks for chiming in with some rates.

I'll admit I had not dug into it deep, but I was playing around with the CAA cost of driving calculator the other day, and found they were rating the cost of driving the Model 3 as way higher than I expected. Insurance and depreciation were significantly higher than the 8 year old car my wife is currently driving. I understand those are only rough estimates though.
Depreciation is in a weird state because the rebate incentives changed and Model 3 supply is still short. Buyers who bought in 2018 were able to take advantage of a 14k rebate.

Here is a guy who broke down his cost of ownership over 2 years https://www.reddit.com/r/PersonalFinanc ... _my_tesla/

TL;DR he spent 80k over 28 months and will be lucky to get 50k back if he sold.
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May 25, 2009
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rkjredflag wrote: Thanks for chiming in with some rates.

I'll admit I had not dug into it deep, but I was playing around with the CAA cost of driving calculator the other day, and found they were rating the cost of driving the Model 3 as way higher than I expected. Insurance and depreciation were significantly higher than the 8 year old car my wife is currently driving. I understand those are only rough estimates though.

OP gives insufficient information for us to compare costs of driving a 3 or a Y to their current transportation solution.
Yeah, it's kinda hard to look at articles and online calculator, the actual numbers are going to be highly dependent on many variables and factors on a case by case basis.
"God's in His heaven. All's right with the world." - Robert Browning (1812-1889)
Deal Fanatic
Sep 1, 2004
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Expect your energy bill to be 1/5 of gas. ie. If you spend $3K/year in gas, you will spend $600 in electricity. More if you go to Superchargers.

As I have caution many on BEVs, don't use $ as the primary reason. It will turn you off EVs fairly quickly.

EV, especially Tesla, what you are paying for:
- Not go to gas pump to refuel
- emission 0 or low emission depends on your electricity source
- Silent drive, great acceleration
- One of the better driver assist program available.
- the image of not burning fuel

If your starting point is money, remember that you can buy and operate a new RAV4 for 8 years for the initial purchase price of a base Model Y. The argument may be better against a fully loaded X3.
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Sep 23, 2009
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rkjredflag wrote: Thanks for chiming in with some rates.

I'll admit I had not dug into it deep, but I was playing around with the CAA cost of driving calculator the other day, and found they were rating the cost of driving the Model 3 as way higher than I expected. Insurance and depreciation were significantly higher than the 8 year old car my wife is currently driving. I understand those are only rough estimates though.

OP gives insufficient information for us to compare costs of driving a 3 or a Y to their current transportation solution.
As a Tesla Model 3 owner, I wanted to chime in on a few things. I saved a significant amount of money on the first year of ownership alone.

  • My insurance dropped by 30% due to the safety features of the vehicle and Tesla's very high safety ratings
  • From paying $200-$250 a month on gas to $30-$50 a month on electricity (sometimes, I don't pay any at all due to some of the free charging stations out there).
  • With the use of regenerative braking, I never have to use my brakes. Therefore, I save my brake pads from wearing down and at the same time, it recharges a bit of my battery. That's killing two birds with one stone. Depending on your driving style, the brakes can actually last 8 years+. My mobile tech with a 2012 Model S still has his OEM brake pads from 8 years ago.
  • $200+ saved from not needing to do oil changes and the lack of maintenance of electric vehicles

In addition, most car manufacturers charge a couple hundred dollars for software updates for their GPS maps. The Hyundai Kona for example, will charge for this AND an annual fee ($150?) for the Bluelink service if you want it. In contrast, Tesla provides updates for FREE for life and in contrast to Bluelink, Tesla's app is also free. While most car manufacturers provide software updates for the maps / infotainment system, Tesla's updates physically improve how the vehicle performs (eg: more HP, better battery conservation, camera improvements, ease of use improvements etc). The software updates alone is why the resale value is so high on Teslas, other car manufacturers require them to physically change something and will upsell it's the latest and greatest on next year's model. Tesla doesn't have model years.
Last edited by EnyCe on Oct 7th, 2020 1:35 pm, edited 3 times in total.

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