Saving Advice - Few car brands make headlines quite like Tesla (NASDAQ:TSLA). As a result, for those looking to save, the idea of buying a used Tesla may seem like an excellent idea on the surface. After all, you’d spend less upfront while getting a cutting-edge vehicle. However, there are reasons why you shouldn’t buy a used Tesla. If you’re wondering what they are, here are five reasons you’ll want to consider.
1. Issues with Battery Life
While the batteries in Tesla are designed to last quite a while, their ability to hold a charge does degrade over time. Depending on the age, current mileage on the used Tesla, and other factors, you might be closer to needing a replacement battery than you’d expect.
One issue is that it’s hard to gauge the condition of the battery solely during a test drive. Similarly, situations that can cause a battery to degrade quickly aren’t something the seller may be able to share. For example, fully charging the battery too often can impact the life of the battery, and a dealer isn’t likely to know whether that occurred with the previous owner.
While some slight decline in battery life over time is expected, substantial degradation significantly impacts the usability of the car. Less battery capacity means you won’t be able to travel as far on a charge, and it may prevent you from traveling to places you need to go or might make recharging during the journey frequently a necessity.
2. High-Cost Maintenance and Repairs
Overall, Tesla cars have a very high cost of ownership, which may be surprising since you aren’t dealing with fuel costs. The reason is that maintenance and repairs can be shockingly expensive.
Tesla cars feature a lot of cutting-edge technology. While that’s beneficial when it comes to using the vehicle, it also means that repair costs can get quite high. In some cases, you may also have to pay to maintain features the previous owner wanted that you’d choose to pass on if you bought it yourself, and those can add up incredibly quickly.
3. High Insurance Costs
When compared to other vehicle makes, insuring a Tesla is expensive. The high repair costs are one of the reasons, as insurers have to factor that in when calculating premiums. Additionally, while Teslas do have security features, they aren’t theft-proof. If you live in an area where Tesla vehicles are experiencing higher rates of theft, that will drive your insurance rates up, too.
4. Numerous Recalls
While essentially every car brand has experienced recalls, Tesla has had several in relatively quick succession. When you’re buying a used Tesla, you may not be able to confirm whether any recall work was done prior to making the purchase. Additionally, you may be at higher risk of a future recall than if you choose a car from a manufacturer with a better record.
5. New Tesla Prices Are Dropping
There have been some significant price changes recently in both the new and used car market. However, with Tesla dramatically lowering the price of its new vehicles in recent months, it’s created a little chaos in the used Tesla sector. There are situations where pre-owned Teslas aren’t more affordable, especially for newer models that weren’t owned by the previous buyer for long.
As a result, it’s critical to closely examine how much a used Tesla is compared to a similar new Tesla. In some cases, the price difference is small enough that buying used may not make the most sense from a value perspective.
Do you know of any other reasons why someone shouldn’t buy a used Tesla? Did you buy a used Tesla previously and want to tell others about your experience, including whether it was positive or negative? Share your thoughts in the comments below.