Want a Tesla? You can pay to jump the queue
Near-new Teslas are hitting the second-hand market but are asking a premium over a new-new one. Is it worth it? Name a colour? Blue. Name a vegetable? Carrot. Name an electric car? Tesla. It’s the go-to brand for the groundswell of EV sales, and with 12.094 sold in 2021, and 4481 in 2022 year-to-date, the Tesla Model 3 is Australia’s top-selling electric vehicle. However, even before the launch of the highly anticipated Model Y SUV earlier this month, wait times on a new Model 3 were out to nine months or longer. What about a used one you say? Turns out you can have one, if you want to pay for it. The arrival of the Model Y has seen a few more second-hand Tesla Model 3s hit the market (likely owners stepping to a new toy) but there are also a few very-low kilometre examples for sale, hinting that savvy buyers who jumped on available stock while they could are looking for a quick profit. An entry-level rear-wheel-drive Tesla Model 3, with the standard battery, white paint, black interior and ‘aero’ wheels is listed at $70,741 drive away in NSW ($65,500 list, before order/delivery fees and on-road costs). This example in Western Australia, in that exact spec but with just under 2000km on the clock is asking $89,459 drive away. That’s an $18,718 (or a 26 per cent) mark-up. To order that car new notes an approximate 10-month wait, which means you’re paying $1872 per month for the privilege of driving your car today. That’s enough for 843 litres of 95RON fuel at today’s national average of $2.22 per litre. For even more context, let’s say you order your new Model 3 and spend the next 10 months saying goodbye to fossil fuels by zooming around in a second-hand BMW M3 or Mercedes-AMG C63, both of which should retain their value for when you sell. The premium price you’d pay for a Tesla right now is enough to fuel up your twin-turbo hot rod for somewhere around 5000km worth of driving… each and every month. The pricing disparity gets a little better as you up your Model 3 specification. A new Model 3 Performance, in the snazzy Multi-Coat Red paint lists for $106,405 drive-away. An identical second-hand car (albeit a 2020 model) is currently advertised for $111,824. That’s a lower jump of $5419 (or five per cent) for the range-topping model, despite it being two years and around 20,000km old. While we understand that some buyers need a car right now, and are able to deal with the premium, do take your finance repayments into account before committing. In our $70,000 to $90,000 rear-drive Model 3 example, an approximate repayment (over a five-year term) could jump from around $250 to $320 per week (assuming a standard interest rate and approximate 30 per cent residual payment). That’s an increase of 28 per cent, and you still owe $10,000 more (the residual of the higher purchase price) at the end of the term, for what is essentially the same car. Model 3 and Model Y orders are both noting an approximate eight to 11-month wait time, but this could change if there’s an improvement in supply chain logistics or increase in manufacturing capability from Tesla’s factory in China. If you want one, we’d recommend to get an order in now, as you may see that wait time drop to your benefit. We’d also recommend a last-hurrah premium-unleaded purchase to make your transition to electric a pathway to remember. Just watch that licence! The post Want a Tesla? You can pay to jump the queue appeared first on Drive.