How much is a one-day old Tesla Model 3 worth?
This is exactly what Ben Sullins set out to discover. We all know that if he decided to sell the car, he could likely get more than he paid for it. This is pretty uncommon, but the car is popular and hard to come by at this point.
Ben Sullins in his Tesla Model 3
Generally, as soon as you drive a car off of the dealer lot, it depreciates some 20 percent or more. So, Ben decided to take his
new used Model 3 (which he picked up the previous day) up to the local CarMax to see what they might offer him for it.
Sullins assures us that this is no marketing ploy for CarMax, the company isn't sponsoring the video, and he's actually dealt with the CarMax in the past and had a great experience.
Sullins' Long Range Tesla Model 3 set him back just about $60,000 out the door. The mandatory Premium Upgrades package and Autopilot each added $5,000 to the $44,000 price tag, resulting in $54,000 plus about $6,000 in taxes and fees.
Ben estimates ahead of time that CarMax will offer him about $35,000 for the car. However, he's fairly confident that they don't know much about the vehicle, nor do they have any accumulation of data yet regarding the Model 3.
Shockingly, CarMax surprises Ben with an offer of $42,000. With all of Ben's credits, the car actually cost him $44,000, excluding the registration. Interesting share for sure!
Video Description via Teslanomics by Ben Sullins on YouTube:
CarMax had never seen a Tesla Model 3 before I took mine there.
I'm a big fan of numbers, and in terms of car ownership, there are none more important than depreciation. Some cars depreciate upwards of 20% from the moment you drive them off the lot.
So exactly 1 day after taking home my Tesla Model 3 I thought it would be fun to find out EXACTLY how much money I lost. I know some of you will argue I could sell it for more because of the scarcity, YOUR'E RIGHT, however, for all other cars, this is not true. SO I thought this would be fun to find out what CarMax would offer.
What did you think of the result? Was it higher or lower than you expected? Leave me a comment and let me know.