Riding the wave of electrification came billionaire Elon Musk and his latest project, Tesla. The businessman made his fortune after acquiring Paypal; he always had a keen eye for future-oriented business ventures, and Tesla was no different.
The electric car brand quickly supplied a series of successful EVs that competed with BMW, Mercedes, and Audi.
A marketing success has led the brand to frequent headlines regarding autopilot, superchargers, and hypercar levels of performance. But many of their models have now depreciated dramatically, with the Model S being launched in 2012 and their highly desired roadsters being a few years older than that.
Tesla offers a trade-in scheme that allows the owner to put their current Tesla vehicle towards the cost of a new one. With a brief search online, you'll find many forum posts that express disappointment in what Tesla had offered for their vehicle.
However, there are plenty of other options out there for trading in your Tesla. Read on to find out how much you can get for trading in Tesla's most expensive and desirable EVs.
What Is The Trade-In Value Of The Tesla Model S?
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Tesla's Model S first hit the road in summer 2012. In this time, despite its lackluster interior, it has been a successful competitor to the S Class and 5 Series. With a range of battery options, the Model S' lineup did appear confusing to many, but at the top of the range were the Performance and Ludicrous specifications.
Both of these generated many clickbait articles and videos, showcasing the rapid and silent acceleration of these cars. As these top-of-the-line trim have recently been replaced with the Plaid brand name, many will be looking to trade their model in to get the latest and greatest of Musk's creations. According to Green Car Reports, the 2013 Model S P85D will trade in for around $30,000, which is a reasonable amount for a near decade-old luxury car that started life at over $60,000.
Due to Tesla's desirability as a new and alternative brand, their models have maintained their value very well. The 100D models from 2018 would return between $55,000 and $60,000 and P100D models around $70,000.
As far as trade-in values go, these are very generous when compared with other luxury brands. However, most Tesla models have an initial sticker price higher than the car's starting price. With an options list that rivals the likes of Porsche, the new Model S can cost as much as $162,000.
What About The Tesla Roadster?
The Roadster is the EV that marked Tesla's introduction to the market. Based on the lightweight Lotus Elise, the electric sports car seemed like an oddity in 2008, when the M3 had recently acquired a 4.0-liter V8. As a result, their sales were quite poor, but because Tesla has flourished since the Roadster's release, they've become a desirable part of the brand's history.
With a new Roadster coming, demand for these earlier vehicles is on the rise, but there are very limited supplies, with only 2,450 examples being sold worldwide.
The earliest models will trade-in for just under $30,000—well-maintained examples from the final model year in 2012 demand a slight premium. However, with this Tesla model, it is best to sell privately.
These vehicles sell for more at dealerships, potentially tripling the money that you'd receive from a company such as CarFax, True Car, Caravan, or Car Max, who would place your car in the dealer network.
For comparison, a similarly aged Lotus Elise currently sells for $50,000. The original Tesla Roadster is special, and these used values reflect this.
This Is The Trade-In Value Of The Model 3
The Model 3 was heralded as a Tesla for the everyman with a lower starting price, just shy of $37,000. But expected trade-in values vary greatly; Carfax gave an expected trade-in value of between $42,000 and $100,000 for a 2020 model depending on trim level, with an average of $67,597.
The Model 3 is not as fast as the Model S, with the highest trim only being able to accelerate to 60 MPH in a meager 3.1 seconds, but this trade-in value shows just how much prestige the Tesla name now holds.
How Much For A Tesla Model Y?
The mid-size SUV is designed to take on the likes of the Audi Q5 and BMW X5; the Model Y sports a higher ride height and the same ludicrous acceleration as found on other Tesla models.
Carfax returned a similar expectation to the Model 3 Long Range with an average trade-in of $64,000 and $74,000 for Performance models. SUVs have been proven highly popular as day-to-day cars, and the Model Y thus holds its value a little better than the Model 3.
It can seat seven, comes with AWD, and is marketed as having unparalleled protection, making it an obvious choice as a car for the more affluent family.
Teslas hold their used value incredibly well, so as a new purchase, they're safer than many other current brands. But as the brand moves forward, proliferating the market with new models annually, this might not always remain the case. But as of now, trading in your current Tesla model to get the latest update is a safe bet.