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Carmax lowball offer

Discussion in 'Model S: Ordering, Production, Delivery' started by jmsurpri, May 2, 2017.

  1. jmsurpri

    jmsurpri Member

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    After hearing the success stories on the forum, I took my 2016 85D in excellent condition to carmax for a quote. They offered $58K. They said they don't directly sell Teslas so they offer based on what they could get from auction. I was shocked. My price guarantee from Tesla at 3 years is higher!
     
  2. chillaban

    chillaban Active Member

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    With a 2016 70D, Tesla gave an offer $3k higher than Carmax.

    It doesn't seem worthwhile to cross check a newer Tesla with them -- Tesla will give you the best no hassle trade in. The only open question is private party sale.
     
  3. TexLaw

    TexLaw Member

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    So, don't sell it to Carmax. Sell it privately, or hang on to it.
     
  4. jmsurpri

    jmsurpri Member

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    KBB trade-in is $71k for my car, $75 for private. Would Tesla offer something between those two? Can one sell to Tesla without having to buy another car?
     
  5. Skotty

    Skotty 2014 Model S P85

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    Carmax offered me a peanut butter cup for my 2012 Volt when I was upgrading to my Tesla. I do like peanut butter cups, but I turned down their offer.
     
    • Funny x 3
  6. Cricket88

    Cricket88 Member

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    for mine, Tesla stated they appraise vehicles on a formula based on 80% of retail price you paid, then 80% from that number to come up with the trade-in offer price. Regardless of how clean your car might be, they use that 20% margin as a reconditioning expense and profit margin of course). So use that formula and you should get something similar to what Tesla will offer you.

    Example:
    $100,000 original price
    $80,000 what they would sell your car as a CPO
    $64,000 what they would offer you for your car + or - adjustments for mileage, condition, etc.
     
  7. chillaban

    chillaban Active Member

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    Tesla offered me between the KBB trade in value range.
     
  8. Cricket88

    Cricket88 Member

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    i think the timing of the sale/trade-in can greatly affect the value as well, including the model. I opted to private-sale mine and got what I asked for it without much issues... Had several inquiries on the same day.

    In my case, Tesla did offer slightly below the trade-in value (here in Los Angeles) and my mileage was a tad above average, however for giggles I went to Carmax and I did get the same explanation as the OP and their bid came in $6,000 below Teslas.

    On the flip side, Tesla did confirm that they honor Carmax appraisals (so if you happen to get lucky and get a higher bid from Carmax, Tesla will match it).
     
  9. jmsurpri

    jmsurpri Member

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    If/when I sell I plan on trying private party first, but given it's such a big expense, I wanted to see if there was another option if private party fails.
     
  10. cgiGuy

    cgiGuy Active Member

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    What year and how many miles did you have? I find it hard to believe that there would be an across the board equation like that, since people still look at things like mileage when considering market value.
     
  11. JClu

    JClu Member

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    So...why not ask Tesla what they would offer?
     
  12. DougH

    DougH Active Member

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    there's no point, Tesla would offer lower than Carmax. Generally Tesla's offers are thousands below wholesale.
     
  13. jmsurpri

    jmsurpri Member

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    Who do I call at Tesla? I definitely want to hear what they offer as well.
     
  14. K-MTG

    K-MTG Sunshade Captain of TMC

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    Tesla offered $24k for my Cadillac ELR. So I decided not to get an S until I get my $$$ out of the ELR. GM offered $38k if I trade in my ELR for a CT6
     
  15. SMAlset

    SMAlset Member

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    When we were buying our Tesla we wanted to trade in our Toyota Camry. Carmax offered quite a bit more than Tesla did on their quote and Tesla did match Carmax's quote. It does seem to depend on if it's a car that Carmax can sell on their lot or will sell thru auction.
     
  16. Cricket88

    Cricket88 Member

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    If its a Tesla, sell it back to Tesla or Private Sale it. Carmax will underbid Teslas specifically for the reasons they stated to the OP
     
  17. R0b_

    R0b_ Member

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    They offered me $6k for my Audi A4 years ago, and wrote it up that it had evidence of being in a wreck... but yet when questioned couldn't show me said evidence which led them to believe it was in an accident. It was NEVER wrecked and in excellent condition. I sold it for $15.5k a few weeks later, private party book was $17k but I had to flip it quick. I'll never set foot on a Carmax property again.
     
  18. wdolson

    wdolson Supporting Member

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    Carmax will always low ball offer on a car they don't sell. Watch the Doug Demuro videos on YouTube. He's very entertaining, but he takes exotic cars into Carmax to see what they will offer as a kind of running joke. He's made that point with Carmax, if you bring in a car they would want to sell themselves, they will make a pretty good offer, but if they don't sell that kind of car, they give you their "go away" offer.
     
  19. jmsurpri

    jmsurpri Member

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    Definitely lesson learned. It would have been nice for them to tell me up front that they will be offering wholesale values and do I really want to wait for the offer? I sat there for over an hour.
     
  20. Paladin732

    Paladin732 Member

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    We actually got a great offer from Tesla for our trade-in. About $1500+ the all my other offers and only $500 less then private party.
    Was a 2014 focus electric.
     

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