The Tesla Model 3 is a wildly popular electric vehicle (EV) for shoppers with a bit of cash to spend on an entry-level Tesla car. The Model 3 is modern, offers battery varieties, and moves with purpose. Although if that isn’t good enough news for Tesla Model 3 owners, you might be shocked to find out how much the EV is worth in resale and trade-in value. 

What is the cheapest Tesla? 

The Tesla Model 3 is the cheapest car in the company’s EV lineup. It is more affordable than the larger Model S, the Model X, and the Model Y. However, the Model 3 fails to provide the refined ride and insulation that its sibling sedan, the S, provides. Furthermore, the Tesla Model 3 lacks some of the interior material quality that similarly priced European rivals feature. 

How much is my Model 3 worth in resale and trade value? 

The Tesla Model 3 holds one of the highest used car and EV resale values. Specifically, the 2018, 2019, 2020, and 2021 model years have the most retained value to offer owners. Cars.com reports that the Tesla Model 3 is worth 12 percent more in resale value than in 2019. That value puts the Model 3 ahead of the Model Y, which is worth nine percent more in resale value. 

How much does a Tesla Model 3 cost now? 

Considering the bump in resale and trade value, the Tesla Model 3 is a hot commodity. Consumer Reports (CR) finds that buying a used 2021 Model 3 will likely cost shoppers more than it did new. Specifically, the new price range was $44,990 to $58,990, whereas the used car range was recently $53,575 to $68,225. 

Is the Tesla Model 3 worth it?

According to CR, the Tesla Model 3 has some of the highest owner satisfaction ratings of any comparable vehicle. The 2018, 2019, 2020, and 2021 model years received high marks in satisfaction ratings. Furthermore, CR commended the Model 3 in road testing, stating that the car was responsive, quick, and modern.  

Should I sell or trade-in my Tesla? 

Although the Tesla Model 3 offers excellent resale and trade-in value, you might want to think twice before you cash in. Firstly, if your Model 3 is your only means of transportation, replacing it might be more expensive than you think. Supply chain deficiencies and inventory shortages have led to fewer new cars at dealerships. Furthermore, the vehicles at dealerships, including used cars, are likely marked up to cope with the inventory issues. 

Finally, automakers have started shipping cars with fewer features in response to the semiconductor chip shortage. So, if you have a plan, you might want to cash in on your Tesla’s value. However, you might want to hold on to your EV if you don’t have a second vehicle. Scroll down to the following article to read about the car that tied the Model 3 in resale value, the Kia Optima.