Many people think that electric cars are the way of the future. But what has held many people back from buying them is that because their value is so high right now, many people can’t afford them. That’s why the industry is waiting to see what happens when Tesla unleashes their first value vehicle this week.
Tesla has the best reputation of any electric car company on the market. While their cars are expensive – starting at $70,000 – they have been known to retain their value longer than similar gasoline-powered cars.
In a press conference on Thursday, Tesla will be announcing the details of their Model 3. The company has already leaked that this will be their first value-priced vehicle – starting at roughly $35,000.
No other details are available at this point, so it’s unclear what features the Model 3 will have when it finally hits the road next year. But it is expected to disrupt the industry. If people can buy an electric Tesla for $35,000 and know it will retain its vehicle value longer than other $35,000 cars on the market, it could cause gasoline-powered cars to take a huge hit in the marketplace.
That would lead to gasoline-powered cars losing their vehicle value even more quickly, and a general downward spiral in the overall value of such vehicles.
We’ll keep you updated when Tesla releases the details of their Model 3 value vehicle.
If you are curious how much your car is currently worth you can use our free vehicle value calculator.