A new study has confirmed what many of us already knew – buying a used Tesla Model 3 (if you can find one in Canada) makes no sense, as it has the lowest amount of depreciation of any new car.
According to the automotive research firm and car search engine by iSeeCars.com, someone can buy a new Model 3 for just $2,529 USD ($3,365 CAD) more than buying used.
This could save a buyer from any potential problems a car might have after being driven for a year (although admittedly, those problems would be minimal for a Tesla, as it requires very little maintenance to begin with).
Over 6 million new and used car transactions were analyzed for this study from August 2019 to January 2020. Of the top 10 cars that had the lowest price difference from new to used, the Tesla Model 3 topped the list with a deprecation of just 5.5%.
Though the dollar amount between the first place Tesla and second place Ford Ranger is fairly close, as a percent of total value the Model 3 is the clear winner.
When it’s compared to iSeeCars average depreciation, which they estimate at 25%, it clearly shows that Tesla’s hold their value better than any other car on the market.
Part of the reason the Tesla Model 3 holds it value so well is because the car gets better over time with free over-the-air (OTA) software updates. Some of the more significant free updates last year included the addition of Sentry Mode, two 5% power increases, and the big V10 software update.