09/09/2024
Now that luxury EVs like the Tesla Model S and X have been on the market for over 10 years, it's possible to pick up a pre-owned Tesla for up to 80% off its original price. Should you buy an older EV? We think so! But when it comes to higher end models like these, you need to understand exactly WHAT you're buying.
Let us explain:
In our industry we've battled an issue for years with older luxury cars from BMW, Audi, Land Rover and others. These vehicles depreciate like crazy, so they become really affordable over time. Or do they? Let's say you're in the market for a vehicle and you've got $25,000 to spend. According to Auto Trader, today that will buy you a 2020 Toyota Camry or a 2015 Audi A6. That makes the A6 tempting, because why would you drive a Toyota when you can drive an Audi for the same money?
Consider this: When both cars were new, the Audi cost over twice what the Toyota did - and the more a car costs new, the more it costs to maintain. The Audi buyer in this situation is often shocked when it comes time to repair their car the first time. "What do you mean a steering rack costs $4,700?" Perhaps they were planning on ownership costs more in line with that of a Toyota Camry.
Today we're seeing the same issue with Tesla's high end models. It's possibly to buy a used Model S for $25K these days, but you need to remember that when you're servicing it, you're repairing a $120,000 car - not a $25,000 one.
🔧 Yes, the headlamp assemblies cost $3,000 each.
🔧 Yes, the shocks cost $1,250 each.
🔧 Yes, it does take 6 hours to replace the rear toe links and yes, they are probably seized in because they're aluminum.
Your steering rack is slightly cheaper than the Audi though, at just $4,500.
The Toyota Camry rack costs $950 if you're wondering.
That being said, we still think a used Tesla Model S/X is a good buy, as long as you understand what you're getting into. They drive great and are actually very reliable. Charging them at home will cost up to 75% less than buying gas, and they still need less maintenance than a gasoline vehicle. (A $120,000 gasoline vehicle, anyway.) 🙂
We hope this helps!
