What tradition is this?
Teslas have always had strong resale prices versus their competitors.
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Bottom dropping out of used market?
- Thread starter Love2Run
- Start date
Teslas have always had strong resale prices versus their competitors.
Model 3s have, and model Ys have, but model S and X, prior to this crazy market, had the traditional "luxury car" depreciation of 50% ish in 3 years. Every other EV other than tesla model 3s and Ys depreciated that much as well, or more. Model 3s and Ys didnt though.
My 2016 model S p90d is worth $56,000. I don't know what it's worth on those websites though. I did put in to have vroom get back with me on a price just out of curiosity though. I'll have to update when they get back with me. We just bought ours last October. We flew down to Oklahoma from Michigan to buy it and drove back up. We bought it for $49,900 and at that time it was worth $62,000. We just happened to find someone who had to get rid of his Tesla before he got deployed so he had to get rid of it fast.
Yes. Scared of the economy. Scared of interest rate hikes. Scared of the EV credits starting in January. Less demand because you can order from Tesla and get a Performance car within a month.
I got offered $70,200 for my 2020 Long Range Y (direct with Tesla!) in August. I jumped so fast and got my Performance Y for just a couple grand out of pocket. I didn't think I would ever see a deal like that again and I think that's starting to come true.
I got offered $70,200 for my 2020 Long Range Y (direct with Tesla!) in August. I jumped so fast and got my Performance Y for just a couple grand out of pocket. I didn't think I would ever see a deal like that again and I think that's starting to come true.
Very few Tesla's will quality for that used credit, especially if people are trying to get top dollar. You have to have a selling price under $25k to qualify.
But that could mean these used guys are trying to snap up as many Bolts and other lower end EVs as possible because they know if they price them at $24,999 or something they'll be able to sell every single one of them with that essentially 16% back EV credit.
Checked trade-in value on my MYLR about 2 months ago and the highest offer I got was at $72k. Checked again at many places and they range from $53k to $61k now. Pretty dramatic drop.
@voltaren do you have recent MMR data for MYLR?
@voltaren do you have recent MMR data for MYLR?
Considering that a brand new one RIGHT NOW has a base price of 65,660 (before destination) this is not a "drop" but a proper correction. A world in which a used vehicle cost more than a new one of the exact same vehicle is both unsustainable, and silly.
fstop11
Member
Unfortunately I think the recession is going to wreak havoc on all used vehicle prices, Teslas included. Repos are already skyrocketing.
haha I'm not debating the legitimacy of prices at all. I think everyone knows this is unsustainable and crazy but it is a real drop/reduction in the trade-in offer value.
No matter what you think about the insanity of the market, if I had accepted an offer 2 months ago, I would have received $10k+ more in value.
Trying to "time the market" (any market) is usually a recipe for getting burned. Especially when "the market" we are talking about is trying to flip a brand new car, that is a "regular" car and not some sort of collectors item type vehicle.
The fact that people felt compelled to get valuations on their brand new car they just bought, or the fact that people feel compelled to try to sell their "locked in reservation" for X,XXX is going to end up being another in a long line of "this is why we cant have nice things" with the "nice things" in this case being "price locked in when ordered".
Agreed re: timing the market. However, there are a lot of reasons why people may keep an eye on their trade-in value like your job being converted to WFH, a change in driving habits, an upcoming move, etc. All of life is speculation to some degree.
I agree that many more people are playing the "game" but what do you expect people to do when it was easy to make money on a purchase and only risking a $250 order fee? Thousands of dollars of upside with only a trivial downside of losing your order fee if the market changes and you cancel the order. It's not that irrational to expect people to try to make some $.
Right, which is why I said this is going to end up being another one of those "why we cant have nice things" situation (and a whole lot of angst from people about "how can tesla DO THIS?!?!?! I locked in my price XXXX time ago, why do I have to pay todays price?!?!?!?" etc.)
Yea, some people like to feel aggrieved no matter what. The fact that Tesla lets you lock in your price when you order is already more generous than almost every other car manufacturer/dealer. That takes one factor out of the risk equation but you can't control where the market might go for trade-in values/resell prices. People should understand that but they don't always act like it.
I was just stating the fact that my trade-in value had dropped dramatically but I knew that was a very likely possibility.
Oh wellTotally. I really wish Tesla had cracked down hard on the reservation thing. Like only register the car in the name of the account when the reservation was originally placed etc. I think we might also see low cost orders or refundable orders go away because of that too.
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