This solution for some reason is basicaly hidden to the old player. if you used to play tera a while back there is a huge chance your TERA client is the discontinued one!
The problem: You'll try to press the PLAY button and nothing will happend.
The fix: Remove the game from your steam account simply by right clicking TERA > Manage > Remove from account. Then go the the steam store and get to the new TERA store page labeled as "TERA - Action MMORPG". Once the game has been downloaded you should be able to be back on track and play the game!
I have been lucky enough to encounter a dude after more than 2 years to tell me how mislead i was.
Hope this helped.