Tesla Model Y vs. Model 3: Is Trading an Older Model 3 Worth It?

Would you trade in a 2018 Tesla Model 3 valued at around $38,000 for a 2020 Tesla Model Y valued at $50,000? This question has sparked debate among Tesla owners, with some considering it a good deal, while others find it less appealing.

Trade Scenario

Recently, I attempted a trade of a 2018 Tesla Model 3 with 12,000 miles for a 2020 Tesla Model Y. Tesla offered me $33,000 for a Long Range (LR) model. While the deal seems appealing due to the additional AWD, more space, and only 2.5 years of usage, it’s not a straightforward decision. The trade value of the Model 3 can vary based on its equipment and the level of options, which are assumed to be comparable in this case.

Comparing Model Y and Model 3

Personally, I would not make this trade. The Tesla Model Y is not significantly larger or better than the Model 3 to warrant such a substantial trade value hit. However, the deal might be worth considering depending on the specific model and options of the Model 3 being traded in.

For instance, if the Model 3 is a Performance or Long Range variant and well-optioned, offering a trade value of $20,000 less might not be compensate for the 2 years of usage. In such cases, the trade becomes less appealing. The decision largely depends on your financial situation and whether trading to a Model Y aligns with your needs and motivations.

Factors to Consider in Your Decision

Understanding the value of your Trade-In

Check the Kelley Blue Book or other reputable sources for an accurate valuation of your vehicle Assess the condition of the Model Y you are considering. A newer vehicle with low miles offers better value and lower maintenance costs Evaluate the dealership's trade-in offer. Compare the value against other dealerships to ensure you are getting a fair deal

Personal Financial Considerations

Assess your disposable income and whether you can afford the trade-in value Consider the long-term financial implications. A higher trade-in value might mean higher recurring expenses but could also be seen as an investment in a more durable and modern vehicle Evaluate your preferences for Model Y or Model 3. Some may prefer the additional space and features of the Y, while others might stick to the reliability and handling of the 3

Conclusion

The decision to trade in a 2018 Tesla Model 3 for a 2020 Model Y is not a one-size-fits-all scenario. It requires careful consideration of the trade-in value, your personal preferences, and financial situation. While the deal may seem straightforward, the nuances of your specific situation must be carefully weighed to make an informed decision.