Is Purchasing a Used Tesla Model 3 with High Mileage a Good Investment?

The current market makes purchasing a used Tesla Model 3 an attractive investment, especially given the depreciation of new models. While the New Refresh Highland version might not be worth the price, a few-year-old Model 3 with substantial battery life and the remainder of a 5-year warranty is often more viable. Additionally, software updates are rolled out to all Tesla owners, ensuring that a used Model 3 does not become obsolete anytime soon. Regular maintenance such as changing tires and air filters is all that's needed to keep it running smoothly.

My Tesla Model Y Experience

I own a Tesla Model Y for two years and haven’t encountered any significant issues. There haven’t been any service recalls or problems. This underscores the reliability and robustness of Tesla’s electric vehicles (EVs).

The Pitfalls of Used Electric Cars

Contrary to the idea that electric vehicles (EVs) are inherently superior, it's a poor idea to buy a used EV. Traditional combustion engines can last a remarkably long time, especially with proper maintenance. However, the batteries in EVs, including Teslas, have a finite lifespan.

Tesla batteries are designed to last around 8 years, after which the battery capacity begins to diminish. Over time, the battery will hold less charge, leading to a need for replacement. If the battery needs to be replaced, the cost often exceeds the car's residual value, making this a significant drawback. The issue with a high mileage Tesla is the increased time required for supercharging. For instance, a new Model 3 might charge to 1000 mph, but at 150,000 miles, the charge rate may drop to 350 mph. This can significantly impact the practicality of long-distance travel.

Real-Life Examples and Supercharging Issues

To provide a clearer picture, let's consider my eight-year-old Model S P85, which initially had a charge rate close to 400 mph. However, after accumulating 140,000 miles, its maximum charge rate is capped at approximately 60 kWh, which is roughly 2.3 miles per minute or less than 200 mph charge rate.

For reference, a new Model Y can reach 80% charge in around 25 minutes at 20% charge. In contrast, my eight-year-old Model S takes about an hour.

It’s crucial to note that my eight-year-old car still retains a respectable 90% of its battery capacity, with a new range of 265 miles from a base of 238 miles.

The Design of BEVs

Electric Vehicles (BEVs) are designed to last for up to 500,000 miles or more. While 100,000 miles may seem substantial for a traditional car, it's relatively modest for a Tesla. People often underestimate the longevity of Teslas, leading to unrealistic expectations.

For those considering purchasing a used Tesla, it's essential to do thorough research. Check the battery degradation level from new, and get a pre-purchase inspection from someone knowledgeable about BEVs. Understanding the warranty (if any replacements were made) is also critical. If the battery or one of the drive motors was replaced, the car is effectively newer than it appears.

Regarding the newer models, Tesla had a few quality issues with the first few years of the Model 3. If possible, a high-mileage 2020 or 2021 model with FSD (Full-Self-Driving) hardware 3 would be a better long-term investment over an older one with fewer miles.

In summary, while purchasing a used Model 3 can be a good investment, it's important to weigh the potential issues, such as battery degradation and supercharging time, against the benefits. Thorough research and a well-informed decision can ensure you get the most out of your vehicle investment.