What a bummer, my first ever Tesla, 2023 MX and took the delivery on 3/26 under the salesman's push of getting the supercharging incentive, and now only get to know 2 weeks later that lost $5k immediately on the car's value. Guess I'm too new to the Tesla's game.
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Another round of price cut?
- Thread starter druken
- Start date
What's interesting is that most of the people selling their used '20-'22 cars seem to have no idea what Tesla is going on new cars. Can't believe how many used Teslas are asking more than brand new ones despite Tesla having no supply shortages.
Sometimes it goes the other way, price of FSD goes up and up! Not that that shows on the resale value.
Have you met even a single person or dealer with a car for sale, lol
My favorite locally has been a 2021 plaid S for sale for more than a year at consistently $5-10k above new sticker. Their price cuts still haven’t caught up to Tesla’s
Most people put little to nothing down so they are upside down on their loans. They cant sell for less. you think someone driving a $100k car is "loaded" but most of them are broke up to their eyeballs in debt.
Or maybe everyone tried to get on the bandwagon of making money off used Tesla's. Hilarious to see everyone upset that their "new" car is worth "less" than what they paid 2 months ago.
People should already expect that their new car will depreciate immediately, so being upside down on a loan for a 100k car with little to nothing down should be no surprise.
Most of these people thought they could drive a Tesla and make a profit after a short period of ownership, but the market changed quickly. For someone that can hardly afford the car to begin with, it's an irresponsible situation to get into.
Trying to sell for more than the car is worth doesn't help as obviously no one is going to buy it. If they really need to exit, they can cut their losses and learn an expensive lesson.
Surely this enormous, extemely fast change in the way the luxury used car market works won't ever swing the other way! LIFE HACK
What... you mean I can't sell my luxury vehicles for massive markup? BTW, someone bought this the same week I just got frustrated and got a (now I know to be) piece of crap Model X.
From what I believe this Escalade sold for the listed "Dealer Price" because they absolutely refused to negotiate... then the car was sold. I wish I knew how people were affording this stuff lololol.
Funny how they itemize the different types of market adjustments like it's going to justify why they are screwing customers over.
Yeah the broader USA auto industry is basically shooting itself in the foot. But they know when times get tough down the road, there are going to be mega bail-outs coming that taxpayers will need to pay for.
While I would love to believe the average buyer has $165k in cash lying around to pay this type of thing (with sales taxes and reg fees), you know the average person is simply taking on wicked loans or leases with exceptionally terrible terms (bad money factors).
People have locked themselves into metal over the last 2 years that put them immediately upside down. If credit/lending tightens, they won't be able to get out of their existing vehicles to buy future vehicles. And, the absolutely insane money factors people are paying on leases today suck cash out of their savings that are necessary to complete a future lease transaction.
Selling cars at what people can barely afford today means they can't afford a vehicle tomorrow. Cars aren't supposed to leverage families up to their eyeballs, but that's where we've landed in 2023. If folks simply walk away from their auto loans to get their upside-down money-traps repo'ed, it's going to crush the auto loan market.
Come on, you live in the Bay Area. Everyone is rich there, otherwise why are they still living there when homes are $500+sq.ft. Lol! I think a lot of the money is from the Covid business bailout. For instance and I won’t name the restaurant in Palo Alto as he’s a close friend of mine but he received $2mil. and didn’t end up needing it. But the bank facilitated it and he kept. I’m honestly a little pissed because I lost money and got nothing and now he’s going to use the funds to buy an investment “vrbo”property in Cabo, even though it was supposed to be used for business expenses. His accountant found some loophole I suppose. He did buy a new loaded X5 with the money under his business. So, maybe a lot of business owners are using these type of funds to buy Teslas, etc.
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