In this video, I provide Tesla Model 3 reliability and resale value information and compare them to other electric cars.
The Tesla Model 3 has been on the market since late 2017. In the US, Tesla sold about 2000 Model 3s in 2017 followed by 140,000 in 2018 then 160,000 in 2019.
Reliability: According to Consumer Reports in 2020, the Tesla Model 3 has an expected reliability rating of average. Couple of competitors include the Hyundai Kona Electric, which has a much better than average expected reliability. The Nissan Leaf Plus has an average expected reliability.
Resale Value: According to Kelly Blue Book, the Tesla Model 3 is expected to retain 64.3% of its original value after 3 years. But according to iSeeCars, Tesla Model 3 retains an astouding 89.8% of its value after 3 years. It’s a bit far fetched as I don’t understand who would buy a 3 year Tesla for 90% of the original price when you can buy a brand new one for 10% more.
These numbers are so far off from each other that I didn’t know what to believe so I went and looked at Ebay Motors sold vehicle data and Autotrader listings. It looks like the 2018 Model 3 Long Range which retailed for $49,000 back in 2018 sells for about $35,000. So that’s retaining 71.4% of its original value. That’s still excellent value retention.
According to Car Edge, the Nissan Leaf retains 44.3% of its value after 3 years. The Hyundai Kona Electric retains 64.4% of its value after 3 years. So Tesla is doing very well versus other EVs. This has to be a supply and demand equation. People want Teslas and they will pay a premium for it.
After 5 years, KBB says the Model 3 will be worth 36.5% of the original price. Again, the KBB numbers seem too low but since the Model 3 is not 5 years old, we can’t really get that data. This is just their prediction. I would be surprised if it's this low since 3 year old Tesla Model 3s are selling for 71% of its value.
Either way, expect the Model 3 to beat the competition in resale value in 5 years.
As far as which trim of the Model 3 will hold their value the best, it depends. If you live in a snowy climate, you’ll have better resale value with AWD. Range will be important as EVs with higher range will come out and make low range EVs less desirable.
Does reliability or resale value factor into your decision to buy your next car? Let me know in the comments.
Thanks for watching and if you enjoyed it, please give it a like.
#teslareliability #teslaresale #teslavsleaf