The Tesla Model Y is the company’s newest SUV and comes in Long Range or Performance versions. The former can drive 331 miles on a charge, while the latter has ludicrous acceleration, allowing it to get from 0-60mph in just 4.8 seconds. To save on upfront costs, many buyers are considering purchasing a used Tesla. Here are a few advantages of doing so:
Maintenance
While Teslas have a reputation for being expensive, they’re also considered incredibly well-built. Their quality is a big reason they tend to hold their value well and increase, making them ideal for those seeking a luxury vehicle on a tight budget.
Teslas are also easy to drive compared to other premium vehicles. Their controls are extremely minimalist, with only two scrolling buttons on the steering wheel and stalks for the indicator and windscreen wipers. Everything else is done through the touchscreen. This can make driving the Model Y easier for new drivers. It also helps that its acceleration is top-notch. The base version can reach 60 mph in under two seconds, outpacing even many Ferraris.
When choosing a used Tesla Model Y for sale, you can find one at a traditional dealership or online marketplace. You can work with a lender to get the necessary financing in both cases. Lenders will want to verify certain documents and information such as your driver’s license, proof of income, insurance coverage, trade-in or cash-down, and validation that the vehicle you’re purchasing is, in fact, a Tesla Model Y.
If you have the money upfront, you can also save to purchase a Tesla outright. This option will help you avoid making monthly payments and is an excellent way to build equity.
Depreciation
As with any car purchase, you have a few options to choose from when purchasing a used Tesla Model Y. You can pay for it in full as a cash transaction, finance it through Tesla or another financial institution, or enter into a lease agreement. The best option for you depends on your circumstances and financial goals.
A Tesla Model Y can be purchased for significantly less than it would cost if you were to buy one new. This makes it a great choice for those looking to save on the initial price tag and financing costs.
Teslas are known for their impressive battery life and longevity, which means you can enjoy your vehicle for a long time without worrying about depreciation if you opt for a used model. Additionally, many used models have been driven considerably fewer miles than their new counterparts.
However, remember that the quality and condition of a used Model Y can vary greatly. Therefore, it is important to inspect the vehicle thoroughly before deciding. Furthermore, many used Tesla vehicles may no longer be covered under the original manufacturer warranty. If so, you must be prepared for higher repair and maintenance costs.
Interest Rates
Many car shoppers justify luxury purchases by focusing on the vehicle’s resale value. It’s a great way to maximize bang for your buck. For the Model Y, this is especially true given that the SUV has a high-demand resale value.
Tesla’s loan program starts at an annual percentage rate (APR) of 2.74% if you opt for financing. This can be higher than rates offered by other lenders. The loan APR will be based on factors like your credit score, the car’s purchase price, and the loan term.
If you plan to finance your Tesla Model Y, checking your loan offers before depositing the vehicle is best. Others can provide you with pre-approvals for Tesla loans, giving you a clear understanding of your monthly payments. You can also see your monthly payments if you select a deferred down payment option with Tesla’s loan calculator.
Repairs
Purchasing a used Tesla Model Y is a great way to jump into the electric vehicle world without paying the premium of a new model. However, it’s important to consider your budget and how long you want to keep the car to determine whether a used or new vehicle is a better fit.
If you buy a used Tesla, you can find great options at sites. Private sellers often have MyTesla accounts and can share service history reports with you online, so it’s easy to see how well the car was maintained. These reports also show the car’s options, such as Full Self Driving or Autopilot, so you can ensure you’re getting exactly what you want.
Regarding maintenance, Teslas typically have fewer repairs than traditional cars. That’s because they don’t need oil changes, and their batteries are backed by a battery warranty that lasts up to 150,000 miles. Additionally, Teslas are one of the least-stolen vehicles on the road, featuring cameras that deter thieves.
On the other hand, gas-powered SUVs such as the Mercedes GLC, Audi Q5, and BMW X3 start at $45,000, and they can be much more expensive to service and refuel. Additionally, if you run an ICE car out of fuel, it’s unlikely that the manufacturer will offer roadside assistance to help get you home or to a mechanic.
