Our 2024 Tesla Model 3 Lost Half Its Value in One Year

• We just sold 2024 Tesla Model 3 Long Range.
• After a little over a year of ownership, the car lost roughly half its value.
• That said, this makes the Model 3 a good buy on the used market, and brand-new Model 3s are less expensive than before. 

We just sold the blue 2024 Tesla Model 3 Long Range we bought for a One-Year Road Test in March of 2024. The car cost $60,630 when new, but we were only offered $31,000 at appraisal. That's one heck of a loss. The size of the check when we went to sell it off? Just $31,000 — a little over half of the $60,630 our Model 3 was worth when new, and more than $17,000 less than the $48,630 we paid for it. 

A quick caveat about the price, though: While our car's MSRP was $60,630, we only paid $48,630. That's because Tesla granted us a promotion to transfer the Full Self-Driving (Supervised) software from our 2020 Model Y Performance to this new car for free. That's normally a $12,000 option; without this one-off promotion, our Model 3 would've cost the retail price of $60,630.

That means, technically speaking, our car lost almost $30,000 in value during our period of ownership. On top of that, consider the fact that we only put 10,164 miles on our Model 3. That equates to a cost of $2.92 per mile — or $1.71 per mile, if you don't factor in the cost of Full Self-Driving Supervised. That's a hefty loss, but hey, at least it wasn't as bad as our Fisker Ocean.

Since purchasing our car, Tesla has reduced the price of Full Self-Driving to just $8,000, and there's a cheaper rear-wheel-drive Long Range model. Picking up a new Model 3 is a lot less expensive than it was a year ago.