Here’s how much a 2020 Tesla Model 3 has depreciated after 5 years

For a brief, delirious moment in 2022, the Tesla Model 3 was the only car in history that defied physics. You could drive one for two years and sell it for more than you paid. It was the infinite money glitch of the automotive world.

But that party is over. The lights came on, the music stopped, and Elon Musk slashed new prices aggressively in 2023 and 2024.

In November 2020, the Model 3 was establishing itself as the “California Camry.” It was ubiquitous, it was cool, and it was the default choice for anyone with $40,000 and an aversion to gas stations. But with the “Highland” refresh now dominating the roads and a flood of ex-rental units clogging the classifieds, how has the 2020 vintage held up?

Let’s crunch the numbers.

The question

We are focusing on the volume seller: the 2020 Tesla Model 3 Standard Range Plus (SR+). This was the rear-wheel-drive gateway drug into the Tesla ecosystem.

In November 2020, prices were fluctuating more wildly than crypto, but a Standard Range Plus generally carried a sticker price of roughly $37,990 (before any incentives). If you balled out for the Long Range AWD, you were looking at $46,990.

So, if you bought into the hype five years ago, is your minimalist spaceship still worth a premium?

The numbers

According to current market listings in late 2025:

• 2020 Tesla Model 3 SR+ (New): $37,990
• 2020 Tesla Model 3 SR+ (Used, 2025): ~$18,500
• Depreciation: ~$19,490
• Value Retained: ~49%
• Percent Lost: ~51%

A 51% drop is a shock to the system for Tesla faithful who were used to seeing 80% retention figures a few years ago. The Model 3 has officially normalized. It now depreciates just like a BMW 3 Series or a Mercedes C-Class—perhaps even a little faster due to the rapid pace of tech obsolescence.

How it compares

The Model 3 is no longer the resale king, but it’s still outperforming the bargain-basement EVs.

• Nissan Leaf / Chevy Bolt: As we’ve seen, these cars have lost 60-70% of their value. The Tesla retains a significantly higher floor because of the Supercharger network and software updates.
• BMW 330i (Gas): A comparable 2020 BMW 3 Series has also lost about 50% of its value. The Tesla has effectively converged with its German gas rival.
• Toyota Camry: The boring, reliable sedan wins here. A 2020 Camry XSE has likely retained 55-60% of its value, proving that widespread fear of battery degradation still suppresses older EV values compared to bulletproof ICE cars.

The “Hertz” wildcard

There is a specific reason why 2020–2021 Model 3 prices feel artificially low: Hertz.

In 2021, Hertz announced they were buying 100,000 Teslas. By 2024, they realized repairing them was expensive and started dumping thousands of high-mileage Model 3s onto the used market for fire-sale prices.

This flooded the market and dragged down the value of your pristine, garage-kept 2020 Model 3. Buyers now look at a used Tesla and assume it was abused by Uber drivers or rental tourists. To sell yours, you have to compete with a fleet car that is listed for $16,000.

The “Chrome” factor

November 2020 was a transition period. If you bought a 2020 model year, you likely have the “pre-refresh” look: chrome window trim, piano black center console (the fingerprint magnet), and no heat pump.

The 2021 update (which arrived late in 2020) brought the “blacked out” trim, the matte console, and the highly efficient heat pump. The market knows this. A 2020 “Chrome Delete” model (factory black trim) commands a premium, leaving the actual 2020 chrome-trimmed cars looking instantly dated.

The verdict

If you bought a 2020 Model 3 new, you rode the wildest roller coaster in car value history. You likely could have sold it for a profit in 2022, but if you held until 2025, you are now facing standard luxury car depreciation. You lost 50%, just like everyone else.

But for the used buyer? This is the golden ticket.

For $18,500, you are getting a car with access to the world’s best charging network, software that still feels modern, and performance that embarrasses most traffic. As long as you check the battery health and don’t mind the chrome trim, a used Model 3 is arguably the best value in the entire automotive market right now.

Depreciation Grade: C (Welcome to reality)
Used Value Grade: A+ (The new “Civic” of the used market)