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Anyway to look up NADA value?
- Thread starter acarney
- Start date
RayK
Active Member
A simple Google search of NADA, since I was not familiar with that acronym, yielded this: NADA Blue Book | Used Car Values | NADA
TX_M3P+
Member
Weird, the NADA site does not have an option for 2019 used Model 3! They have an option for 2020 Model 3 and 2018 Model 3 but not for 2019. I guess they think Tesla didn't sell a 2019 Model 3!
I couldn’t find an area to look up the value at all... just a “car search” which would show cars for sale...
TX_M3P+
Member
First option on the main page is "Begin By Selecting You Manufacturer or Body Style." I selected Manufacturer then selected Tesla Motors. The rest is pretty straight forward...
I also noticed that if you selection the option to choose you vehicle options the only options listed are Auto Pilot and TACC, but TACC option says it's included in the car price, so there is no additional cost for that. No options for 19" wheels or different paint options or white interior or FSD or HomeLink. So they leave a lot of option values out of the price they give you.
I did all that and selected a 2019 and it just showed me used cars within 200 miles or something... I’m thinking they just show you what cars are selling for and you have to purchase an official value from them or something...
Guess I’ll ask the lender if they can look it up a head of time, I hate to have a hard credit pull just to find out they can’t look up the value or something...
I guess people aren't selling used 2019 models enough to be included in the values. Closest is 2018 and the site works like it has for the last 15+ years.
2018 Tesla Motors Model 3 Sedan 4D Performance AWD Prices, Values & Model 3 Sedan 4D Performance AWD Price Specs
2018 Tesla Motors Model 3 Sedan 4D Performance AWD Prices, Values & Model 3 Sedan 4D Performance AWD Price Specs
CapeOne
Active Member
They don't have used prices/values listed yet for 2019 M3 but they do have 2019 new prices.
Ya... so I’m a little confused if my value would be used or new since I’m the original owner of the car and refinancing....
CapeOne
Active Member
Typically, a bank would use used values but since no NADA used values are currently available, at least not on the NADA consumer website, for a 2019 M3 I'm not sure what they'll do. Perhaps they will use alternative value guides e.g., KBB, Black Book, etc.
They specifically told me they use NADA values and “It can be hit or miss as far as getting a value on the Tesla's especially if newer.”
I just don’t know how a value can not exist from a company that makes its business on selling these numbers to lenders...
I would ask them to use the 2018 value since I think I would still be ok (original price as $41k before tax in August 2019 and I would be refinancing $33.8k) but they didn’t sell the SR+ in 2019 >.<
This doesn’t bode well for refinancing...
Carvana made an offer for $38k on it... I wonder if this credit union would take that as a valuation...
ElectricGhost
Member
FSD is also not an option for my 2018 model 3 in any of these online estimators. Which means I had to go out of pocket to pay down the loan to refi, and my DV Insurance claim Is much lower too.
CapeOne
Active Member
The bank is going to have to figure this out but if you are looking for a rough estimate, I suppose you could use a 2018. The closest match would be a 2018 M3 Mid Range. Add for AP and 6,600 miles and the average NADA trade-in value comes in at around $35,000. I believe banks consider "loan value" as 90% of trade-in value so in this case, loan value would be $31,500.
Tesla currently has a 2019 SR+ with 9,300 miles for $34,600. 2019 Model 3 | Tesla
Just curious why KBB (Kelley Blue Book) hasn't been mentioned? It was the gold standard for a long time: is this not the case any more?
I was able to get a trade in value of $37,610 on my 2019 car with 15,000 miles (although this is way too high). You could select AP as an option, but not FSD (or EAP)
I was able to get a trade in value of $37,610 on my 2019 car with 15,000 miles (although this is way too high). You could select AP as an option, but not FSD (or EAP)
CapeOne
Active Member
I mentioned KBB above. However, banks seem to more often use NADA and that is was the OP's bank apparently uses.
I personally have found KBB way off (too high or too low) in many cases when it comes to Tesla. Sometimes KBB values make no sense at all e.g., a 2016 MS 60 being valued higher than a 75 with same miles and equipment.
KBB puts the "good" trade-in value on the OP's car at around $38k.
For better or worse, I don't think banks really care too much about the accuracy of these figures. They have systems in place and whatever their chosen source lists as value is what they use.
