2016 Model S 60 Facelift AP 1.0 RED Multicoat, Black leather interior

[phsiao11]

My car S60 was delivered Aug 2016. Trying to trade in and see what kind of values you guys think it should be worth, and if I should change my mind. Have to decide on Monday what to do.

It's a Base S60 (non D) but upgradeable to S75 for 2k. Has just under 12000 miles. with Xpel on front bumper and partial hood and mirrors ($850) . Pretty clean with only a slight scrape on one of the wheels and a slight rock chip on the side door bottom (very small and you have to be really looking there).

Options:
Next Gen Black seats with Black headliner
Red multi-coat
panorama glass roof, sunroof.
Life time supercharging (transferrable)
Autopilot (AP 1)

Went to Tesla beginning of August, got 47.5k.
Got a quote next from Vroom.com at 54k
2 weeks later (last week)....
Got a quote from Carvana at 50.5k
Got a quote from Vroom, still at 54k
Got a quote from Carmax(maple shade township) at 40k (this one made me laugh and I talked to the appraiser who said S60 are going at mid 40s at auction and they are partner with tesla. I think he is clueless about Tesla's, but he didn't budge on the quote).

I think i'm going to trade into Vroom for another car since I can get about 3k in tax savings and avoid the hassle of private sale which I think is worth about 59k? For me my time and effort saved is not worth the extra 2-3k in a private sale since vroom guys will come and pickup and deliver to my door and not going to haggle over small details on the car.

 

[stan23]

Are you not happy with the car?

 

[phsiao11]

Are you not happy with the car?

It's a long story...I wanted to upgrade to the latest generation, which is why I started with tesla first on the trade-in. But they gave me such a lowball offer(the sales associate even suggested I keep driving it for another few years). After some research, I decided to get another car on a tradein to save on taxes and maybe buy a tesla later(my state has no sales tax on EV, but do have taxes on ICE). I plan to gift the car to my parents if I upgrade to a newer tesla, or keep it since it's an AWD SUV and good for all the camping trips I do. Im all set on the vroom car, but can't decide if I'm selling my self short on the trade in price. If it really is worth just 59-60k on a private sale, then I'm just going to trade it in. Wanted to get some opinions from others who know more about the current market, and also maybe inform those who are trying to sell to avoid carmax and Tesla. I drove 160 miles round trip in my tesla to the closest carmax today, what a waste of time!

 

[Mrwatchdawg]

Take the 54 and run.

It's not worth more than 60 so your doing good at vroom

 

[jfrieden]

Can you provide some pics?

 

[phsiao11]

Can you provide some pics?

 

[phsiao11]

Can you provide some pics?

It's not perfect. imperfections I notice are shown above

 

[phsiao11]

Take the 54 and run.

It's not worth more than 60 so your doing good at vroom

Thanks for confirming... my first car and no experience selling to private, so sounds like the trade in will be the easy route...

 

[Mrwatchdawg]

Thanks for confirming... my first car and no experience selling to private, so sounds like the trade in will be the easy route...

Ya because the tax credit makes it totally worth it.

 

[AmitHorizons1]

Sending you a pm, interested

 

[phsiao11]

Wanted to close this loop. So I traded in my Tesla to vroom. Some delays in picking up, but overall the pickup was smooth, I got my trade in value of $54,000, even though I drove it about 2000 miles since I submitted my quote in late August. The car was picked up about 2 weeks ago and they paid the value to my bank because I had a loan on it. I saw it a week later posted on Vroom website(you might even still be able to see it, 2016 with just under 14,000 miles) for 59900, now I see it pending sale at $60,730. I probably could have gotten about 59k on a private sale(someone offered me 56k just a couple of days after I posted this.), but overall it was not a bad experience considering someone picked it up without any hassle. I was really sad to see it go and took photos and videos when it left, and I went online and reserved a model 3 just to feel attached to a Tesla.

 

[sperkin]

Wanted to close this loop. So I traded in my Tesla to vroom. Some delays in picking up, but overall the pickup was smooth, I got my trade in value of $54,000, even though I drove it about 2000 miles since I submitted my quote in late August. The car was picked up about 2 weeks ago and they paid the value to my bank because I had a loan on it. I saw it a week later posted on Vroom website(you might even still be able to see it, 2016 with just under 14,000 miles) for 59900, now I see it pending sale at $60,730. I probably could have gotten about 59k on a private sale(someone offered me 56k just a couple of days after I posted this.), but overall it was not a bad experience considering someone picked it up without any hassle. I was really sad to see it go and took photos and videos when it left, and I went online and reserved a model 3 just to feel attached to a Tesla.

Just FYI, it's not a trade if you didn't use that $54k to buy another car from Vroom. This is cosidered income and it's taxable. Consult your accountant.

 

[wahoo_ilm]

Just FYI, it's not a trade if you didn't use that $54k to buy another car from Vroom. This is cosidered income and it's taxable. Consult your accountant.

Not unless it was a business viable (and even then there are often ways around it). I am an accountant.

 

[Super_Popular]

The private sales market suuuuuuuuuuuuuuuuuuuuuuuucks right now. I'd trade it in, or give it a few weeks for a private sale.

 

[dweeks]

Just FYI, it's not a trade if you didn't use that $54k to buy another car from Vroom. This is cosidered income and it's taxable. Consult your accountant.

Why would the proceeds from the car sale to Vroom be considered taxable income?

I do agree that if the OP did not buy a car from Vroom then he did not do a trade-in...

 

[Sunshine State]

It’s not taxable income but what you don’t get is the $54,000 discounted from the taxable amount that is charged on a new vehicle purchase unless it is trough the same transaction.

 

[sperkin]

Why would the proceeds from the car sale to Vroom be considered taxable income?

I do agree that if the OP did not buy a car from Vroom then he did not do a trade-in...

I'm not an accountant so I advised him to talk to his. I know I have to report it. Sold my car to CarMax and didn't buy from them. That was income to me because I made $16,000. I just don't want IRS coming at me 10 years later and said I owe them money. I believe if I sold and bought in the same transaction then its a trade and there some tax saving (like the post above me said)

 

[bkp_duke]

Just FYI, it's not a trade if you didn't use that $54k to buy another car from Vroom. This is cosidered income and it's taxable. Consult your accountant.

What a load of horse@#$%.

This is pretty much the final word:
Your Income Tax and Selling a Used Car | DMV.org


As a private (not business) transaction, only in the VERY VERY VERY RARE circumstance that you sold your car for MORE than you paid for it, would you have to report it as income, and then only on the profit. Plus, if you had the car more than a year it would be at the capital gains tax rate (15%), not the likely higher individual rate.

 

[bkp_duke]

I'm not an accountant so I advised him to talk to his. I know I have to report it. Sold my car to CarMax and didn't buy from them. That was income to me because I made $16,000. I just don't want IRS coming at me 10 years later and said I owe them money. I believe if I sold and bought in the same transaction then its a trade and there some tax saving (like the post above me said)

More false info here. Under most circumstances, the IRS has only 3 years to audit you from the date of your return.

There are a few exceptions, summarized here:
Learn About IRS Audits, Collections, and Time to Claim Refunds

Regardless, if you DON'T KNOW, please stop making things up.

 

[sperkin]

More false info here. Under most circumstances, the IRS has only 3 years to audit you from the date of your return.

There are a few exceptions, summarized here:
Learn About IRS Audits, Collections, and Time to Claim Refunds

Regardless, if you DON'T KNOW, please stop making things up.

All of my posts said talk to an accountant. I'm just posting my experience. I think the IRS can extend the years to audit if they like. I have received a letter from the IRS after 5 years about stocks I sold because etrade didn't deduct the cost per share my employers had given me. They said I owe taxes on $350,000 but that money went to the company I worked for because that's how much the stocks were when I was hired. All I had to do show them the paper works.

Also if it's only 3 years then why my work makes me keep all reimbursement, donations, and R&D spends for 7 years?