Dealers buying used Tesla Model 3s for as much as $13K over retail in Canada

Model 3 auction

Demand for the Tesla Model 3 is at record levels at the moment. Combined with global supply chain shortages, the wait time for the entry-level Standard Range Plus (SR+) variant is now approaching a full year.

If you need to get one quickly, you only have two options. The first is to keep a close eye on existing inventory and hope you are able to snag a vehicle that meets your specifications before someone else does.

The only other way is to buy used. With such high demand and limited supply, prices have skyrocketed leaving people to pay more for the car than it was originally purchased for.

The phenomenon isn’t just limited to consumers. Dealers are also paying a premium.

In some recent closed dealer auctions, businesses have been paying as much as $13,000 over retail pricing for used Model 3s.

In one auction last week, the details of which were shared with Drive Tesla by one of our readers Josh West, a blue 2021 Model 3 SR+ with 18″ aero wheels, 10,900kms, and regular Autopilot sold for $59,000.

The craziness wasn’t limited to just this one auction. Last month another 2021 SR+ Model 3 with 15,600kms sold for $60,000.

These price does not include the $500 buyer fee, safety certification costs, and transportation the dealer will have to pay to ship the car to their location.

Since they’re obviously in this for a profit, they will likely price these cars in the mid or even upper $60K range, nearly $20K over what you pay for a brand new one (after a very long wait).

On the other side of the deal, this also means Tesla is making a lot of profit. Many of these cars that appear at auction are from Tesla themselves, selling the cars they have received as trade-ins.

If you haven’t been following along, they often give extremely low values when trading-in your Tesla. Especially if you have paid for Full Self-Driving (FSD).

Have you seen any crazy used Model 3 or Model Y prices in your area? Have you recently sold or purchased a used Model 3? Let us know in the comments below.

About Darryn John 3378 Articles
Founder and Editor-in-chief of Drive Tesla Canada | Darryn@DriveTeslaCanada.ca Have a Tesla tip? Email tips@driveteslacanada.ca, or DM us on Twitter @DriveTeslaca