The electric vehicle (EV) market in the U.S. is experiencing a surge in popularity, and for good reason. Modern EV technology has advanced rapidly. We now have options offering impressive range, making “range anxiety” a thing of the past.
Public charging infrastructure is also becoming more widespread and accessible, enhancing the appeal of EV ownership. If you live in a city with frequent low-speed driving, an EV can be a cost-effective choice, especially if you’re looking to reduce monthly expenses. EVs also typically require less routine maintenance due to fewer moving parts.
One significant hurdle for prospective EV owners is the higher initial cost compared to internal combustion engine (ICE) and hybrid vehicles. Comprehensive EVs, offering comfort, performance, and efficiency, often start around $40,000, which can be a substantial investment. Consequently, the used market provides compelling opportunities, with several well-regarded models available at more affordable prices. Used EVs benefit from higher depreciation rates compared to their gasoline-powered counterparts.
There is a particular used electric sedan that stands out as an excellent option for balancing performance, safety, and efficiency. To provide the most accurate information, the data in this article is sourced from Tesla’s website along with reputable sources like Consumer Reports, J.D. Power, and the EPA.
The Tesla Model 3 has consistently been a top-selling EV sedan. This success is driven by the car’s well-rounded nature and the availability of multiple drivetrain and battery configurations. When considering used models, reliability is a primary concern for many buyers. The Model 3 has faced some build quality and software-related issues. However, mechanically, it’s proven to be quite robust, offering a resilient platform.
The 2018 model year is a solid choice, earning a 54/100 reliability and 4/5 owner satisfaction rating from Consumer Reports. The recent 2024 “Highland” update has boosted the bar high with its 68/100 reliability and 5/5 owner satisfaction rating. Given that you’re considering a used model for savings over a new purchase, the 2024 model will likely cost a bit more.
J.D. Power reviewed the 2022 model year, which scored an 82/100 overall, including a 75/100 for quality and reliability, and an 87/100 driving experience score. Other competitive alternatives include the Hyundai Ioniq 6 and BMW i4, although they tend to command higher prices in the used market. There’s also a benefit from having access to the Tesla Supercharger network at preferential rates.
2018 Tesla Model 3 Specifications
Tesla offered the 2018 Model 3 in four configurations, with the base model being the rear-wheel-drive Mid-Range. This features a single permanent-magnet-synchronous motor producing 271 horsepower and 298 pound-feet of torque. After a software update shortly after launch, it could accelerate from 0-60 MPH in 5.2 seconds with a top speed of 125 MPH. Efficiency estimates from the EPA put the range at 270 miles on a single charge from the 65 kWh battery pack, consuming 27 kWh per 100 miles.
If longer distances are needed, the 78 kWh Long-Range variant extends the range to 310 miles and improves energy to 26 kWh per 100 miles. Despite the same power figures, its 0-60 MPH time is 5.1 seconds and can hit 140 MPH. The Long-Range Dual-Motor setup adds a motor to the front axle. While Tesla doesn’t provide the combined power, the front motor provides 184 horsepower and 161 pound-feet, while the rear delivers 241 horsepower and 240 pound-feet. Experts estimate a combined output of around 346 horsepower and 376 pound-feet. This model hits 0-60 MPH in 4.5 seconds with a top speed of 145 MPH. Similar to the Long-Range model, the EPA range estimate is 310 miles, despite the added power and weight, and the energy consumption is 29 kWh per 100 miles.
The Performance trim tops the range, boasting dual electric motors that generate 450 horsepower and 471 pound-feet. It achieves 0-60 MPH in 3.3 seconds, with a top speed of 155 MPH. EPA energy consumption estimates match the Dual-Motor variant.
Discussion
While EVs often promise reduced maintenance expenses, a potential battery replacement can be costly. Tesla’s battery packs are designed to last 300,000 to 500,000 miles, but an out-of-warranty replacement can be expensive. Battery replacement costs, including labor, can be significant– potentially exceeding $15,000. Are the technological benefits, or the future savings, worth the long run costs?
Based on CarEdge’s depreciation calculator, a base Model 3 Standard Range purchased five years ago for $23,785 could be sold today for as high as $17,496, reflecting strong value retention in the used electric car market. Consumer Reports highlights a similar trend, with the entire 2019 model year range priced between $16,900 and $23,150. J.D. Power data indicates values between $20,431 and $28,571 for the same model year in the used market. Depending on trims and options, a new top-of-the-range Model 3 with all the possible options would have cost $58,190. Calculators indicate the car could be worth $42,805 today, but it’s likely to sell for less.
