I sold my 2013 Model S to get ready to take delivery for new Model S. I used the auto trader guarantee at my local Toyota dealer. Went incredibly smooth and was paid $8000 for than what Carmax offered and $6000 more than Tesla offered. I thought for sure it was going to be a scam to get me into dealer but it was not.
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Auto trader guarantee trade in/sale vs carmax vs tesla
- Thread starter hankinjax
- Start date
Austin Powers
Member
Wshowell
Member
These are relative values. Can you also,provide the actual values please? If Tesla offered you $20K for your Model S.....well, you get it. Thanks for sharing.
In MD, you get a tax credit towards your new car, based on the trade-in value of the car you are turning in. This only applies if you trade in your car to the same dealer you are buying a new car.
So if you buy a $10k car, and your trade-in amount is $10k, your new car is effectively tax free.
CapeOne
Active Member
Many (most?) states deduct trade value from purchase price before calculating sales tax e.g. if you are buying an $80K car and have no trade the sales tax is on the full $80K but if you are buying an $80K car and have a $20K trade the sales tax is based on $60K ($80K-$20K).
If sales tax is 7%, the tax savings with trade would be $1,400. In this example, as long as one is getting over $1,400 more selling to another dealer or privately it would be worth it at least from a financial standpoint.
If sales tax is 7%, the tax savings with trade would be $1,400. In this example, as long as one is getting over $1,400 more selling to another dealer or privately it would be worth it at least from a financial standpoint.
Austin Powers
Member
Cnasty,
If private party sales price < trade-in + sales tax savings, then definitely trade-in. I plan to put mine up on craigslist to see if there is any interest between now and delivery date. Worst-case, will trade-in with Tesla, just for the sake of convenience. Don't forget to get a quote from carmax for Tesla to match.
Austin Powers
Member
I put up my beat up Murano on Craigslist and I'm flooded with offers (yet to see how many are legit). I listed it about 2k more than what Tesla was offering. Will come out with way more cash than sales tax savings via a trade-in. Most likely going the private sale route now.
You should definitely give it a try! Title transfer is a simple 20 minute thing at the county clerk's office.
EternalChampion
Member
I've sold two vehicles with the AutoTrader guarantee in the last year. The first transaction was perfect, took in a Ford Raptor and received only slightly less than I paid for the vehicle (which was 4 years old with 22k miles), the second transaction was complete crap. The dealership thought my BMW was a "specialty" vehicle and low-balled my Autotrader offer which caused me to walk. Ultimately, Tesla gave me the same deal on a trade-in for my Model X.
I think that if you're selling common vehicles, the Autotrader guarantee seemed to work well, although you will receive a little less than you'd get in the private market. The convenience was totally worth it to me...at least for the first vehicle.
I think that if you're selling common vehicles, the Autotrader guarantee seemed to work well, although you will receive a little less than you'd get in the private market. The convenience was totally worth it to me...at least for the first vehicle.
Ciaopec
Active Member
Hi! Just crawled out from under a rock and your post was the first thing I saw. What is the "auto trader guarantee"? Thanks. I'll await a response in the deep shade of my Precambrian abode.
Super_Popular
Well-Known Member
Austin Powers
Member
A private sale on Craigslist is not a bad idea either. Just make sure you show the car at a public place and not invite people over to your house.
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