Carmax offer on 2013 Model S with 37k miles

[Jrmarek]

I thought I would share here for folks wondering about values... With my son entering college, I thought I might sell my 2013 Model S and pick up again with a Model 3 that has autonomous driving and the latest sensors. Model S values seem to fluctuate a lot so I took an hour to swing by my local Carmax. I showed up with a:

• 2013 Model S 85
• Red with dual chargers, Pano roof, technology package, standard wheels, no parking sensors, no autopilot
• CHAdeMO adapter
• 37k miles
• A few very minor chips from freeway driving and no other damage, looks close to how it did the day I picked it up

Grand total offer: $39,000

I figured Carmax would be easy since it doesn't require messing with loan payoffs and titles. I wasn't expecting a particularly competitive offer but that was really, really low. I'm pretty certain I could sell a Tesla in hour at that price. Sigh... I'll have to look at doing this the hard way.

Anyhow, sharing for reference.

Jeff

 

[kort677]

see if you can do better, tesla gave me a lot more than carmax offered when I traded in my '14

 

[bkp_duke]

Add 20k to what they offered, and I would consider it fair value for what 2013 85s are going for, but the Carmax offer is just absurd.

 

[gavine]

Bummer! I am selling my 2014 S60 when my Model X comes (in a couple of weeks). I had planned on going to Carmax next week with hopes that they would be interested in making me a good offer. This is very disappointing. I guess I'll still give it a shot, but I'm thinking it's going to be a waste of time. Looks like the private sale is going to be the way to go.

 

[JPUConn]

I brought my Grand Cherokee to Carmax and they low balled me - tesla trade in was more competitive.

The sales guy at Carmax said that cars like Tesla and higher end Mercedes are bought cheap and senior level employees and executives get first dibs at close to cost. Otherwise he said they have no interest in the cars because they don't retail them on the lot so to them it's worth under wholesale so they can still make a profit if it hits auction.

Maybe try a local high end dealer.

 

[ddimit]

CarMax isn't a good a bellwether for trade in pricing at all. They usually are the worst offer.

 

[chillaban]

CarMax isn't a good a bellwether for trade in pricing at all. They usually are the worst offer.

Really? What's better?

I'm getting rid of my leased fully-loaded 2014 Audi A6 (sticker price $73k). Tesla offered me a laughable $33k, a local BMW dealership offered $30k, and CarMax offered $35k, which is the highest offer that I've seen after spending a good 10+ hours doing trade in appraisals.


Considering that the residual value of the car is $38k with 6 more months left on the lease, I'm just going to let it collect dust in a parking spot when my Model S comes in. But I am not sure CarMax is the worst offer out there. In my experience they are one of the best. It's just that trade ins suck in general, and it seems like trading your car back into your manufacturer often gives a better deal because they have a more streamlined CPO path rather than just auctioning off your car.

 

[Bonlaw]

Cargurus has been the best for selling by owner. I have sold three Model Ss. Last one in one day.
Price it fairly and it will sell.

 

[tliving]

The CHAdeMO adapter they'll give you no money for on a trade (same for any extras like that), better to sell separately.

If you go that route, PM me as I may be interested. Ive been thinking about getting one. Or just put it up on the board.

 

[No2DinosaurFuel]

I am not trying to low ball your tesla but i think $45K should be MAX what your car is worth. So carmax is not that off. They have to make some money. Tesla CPOs include warranty and they actually refurb the cars a bit before delivering it. With something around your mileage, i would think tesla includes new tires, filters, coolant etc. They were selling at around $45K recently and around the same price fall/winter of 2015.

 

[Tico]

I thought I would share here for folks wondering about values... With my son entering college, I thought I might sell my 2013 Model S and pick up again with a Model 3 that has autonomous driving and the latest sensors. Model S values seem to fluctuate a lot so I took an hour to swing by my local Carmax. I showed up with a:

• 2013 Model S 85
• Red with dual chargers, Pano roof, technology package, standard wheels, no parking sensors, no autopilot
• CHAdeMO adapter
• 37k miles
• A few very minor chips from freeway driving and no other damage, looks close to how it did the day I picked it up

Grand total offer: $39,000

I figured Carmax would be easy since it doesn't require messing with loan payoffs and titles. I wasn't expecting a particularly competitive offer but that was really, really low. I'm pretty certain I could sell a Tesla in hour at that price. Sigh... I'll have to look at doing this the hard way.

Anyhow, sharing for reference.

Jeff

I'd be interested in the CHAdeMO adapter if you're interested in selling that separately.

-Tico

 

[Superloud]

Mind sharing what the new MSRP was?
And is it closer to 3 or 3.5 years old?

I bought my July 2013 P85 from a private party 2 months ago. 33k miles. Every option except cold pkg I believe. MSRP 112k. It was 2.75yrs old at the time and tesla offered them a bit under 51k trade in I believe.

Not sure if your 39k offer is comparable, when adjusted for MSRP

 

[Jrmarek]

For reference, my original purchase price on 7/10/2013 was $94,020. Delivery was about six weeks later. That included the features breakdown below.

$ 69,900 Model S
$ 1,500 Panoramic roof
$ 10,000 85 kWh battery
Includ Supercharging
$ 3,750 Tech Package
$ 950 Sound Studio
$ 2,250 Active Air Suspension
Includ 19" Wheels
$ 1,500 Twin Chargers
$ 1,500 Red Multi-Coat Paint
Includ Obeche Wood gloss
$ 1,500 Tan Leather Interior
$ 1,170 Destination and Documentation
--------
$ 94,020

Comparing to SuperLoud's purchase above (45.5% or original price) would put the value at about $42,700. Now had I financed through Tesla I could have qualified for guaranteed resale value. The calculation would be 50% of the base model 60 price + 43% of all options. Using the above numbers, I get .50*69,900 + .43(22,950) = $44,818 [Note, I assume Tesla would ignore the $1,170 destination and documentation).

While I think $39,000 is too low a value, $45-$53k is probably relatively close to accurate.

What I think is particularly interesting with the introduction of Tesla is ... Does the depreciation and resale curve more closely resemble a traditional automobile purchase OR a used Apple laptop. I suspect it's a blend with a strong tendency towards the Apple model. In other words, there is a sweet spot where the technology is superseded but not outdated but the value holds for a very long time. The big question on my mind is what is the value after 8 years when the battery warranty and drivetrain warranty expire.

----

And for anyone who has stayed with the post this long and wondering what I'm planning on doing... Well, I reran the computation of driving the Tesla vs. My Ford Expedition... I keep forgetting how much gas adds up over multiple years. In addition, the expedition needs an oil leak repaired, new ball joints, new spark plugs... Blah blah blah

That's right... I remember why I bought an electric space ship in the first place. I don't mind doing all that work on a jeep... I mind it greatly on other cars.

Jeff

 

[SageBrush]

For reference, my original purchase price on 7/10/2013 was $94,020. Delivery was about six weeks later. That included the features breakdown below.

I'm not surprised to hear of 50% depreciation in 3-4 years, AFTER the 7500 tax deduction.

So my Arithmetic says 0.5 (94000 - 75000) = $43,250

 

[No2DinosaurFuel]

Remember carmax has to make a profit. So hence why the lower price. This is akind to you getting more if you sell your own car to a private party vs a trade in. Also keep in mind the reason for the guarantee buy back from tesla. It was meant to get more people to buy their cars. Some might argue it was tesla's way of maintaining Tesla's car value. Whether the latter is working or not is a topic for another discussion. For anything in this world, what determines the price is the market forces. Like I have been saying all along, tesla has been trying to fix the market for their used vehicles hence why you these discrepancy in carmax's numbers and tesla's guaranteed buyback. There were comments on the CPO thread of people who identified their cars on the CPO website and said tesla paid MORE for the buyback than what it was selling on the website after tesla refreshes the car and add the additional 4 years and 50K miles on it. And this was happening when the CPO program was in its infancy more than a year ago. Imagine what it is now?