> If the battery costs $20K to replace, well, a gas engine + transmission + exhaust system in a $60,000 car depreciates as much in that time, too.

A Tesla with a failed battery is $20k away from being a useful vehicle. A depreciated Jaguar is a driveable vehicle.

And, even with a new battery, a 3-5 year-old Tesla isn't worth as much as a new Tesla (even if we ignore the likely advances in 3-5 years).