Crazy trade in value

[sbr127]

My Tesla Model s trade in estimate was $125,300.00 on 06/06/2017
Today my new trade in value is $85,400.00 on 10/18/2017

Never seen any car drop like this. No more Tesla for me.

Drop like an iphone.

Check attachments for reference

 

[brkaus]

31,000 miles and a year old?

That car, new, would be $135k (ballpark). Less $7500. $127,500. The $125,300 was a mistake.

 

[kort677]

I guess you've never owned such a high priced car before this one.

 

[cwerdna]

31,000 miles and a year old?

That car, new, would be $135k (ballpark). Less $7500. $127,500. The $125,300 was a mistake.

OP is Toronto. So, it might be Canadian $ and km, not miles.

$7,500 Federal tax credit is US only. Don't know if Canada has a similar program.

Not sure what the car's original price was in Canadian $.

 

[brkaus]

OP is Toronto. So, it might be Canadian $ and km, not miles.

$7,500 Federal tax credit is US only. Don't know if Canada has a similar program.

Not sure what the car's original price was in Canadian $.

Good observations.

That is still just under 20k miles. Average annual miles for a US car is 12k. That’s high mileage for a year old car.

 

[EVCollies]

Hmm, in 2016 a new BMW 7 series started at $83,000. Kelly Blue Book would give you $47,000 for a 1 year old with 31K miles.

 

[rypalmer]

Original price would have been about $185k. Ontario rebate was either $8500 or $14k depending when in 2016 OP purchased.

And km, not mi. But why did they not change June to Oct?

 

[hockeythug]

iPhones hold their value well actually.

 

[ky_soldier]

31k is a ton of miles. That’s about a third of the way to 100k. If it had 5k, different story. It always amazes me when people post stuff like this. It’s as if they’ve never owned a car before. Most cars a depreciating assets. Especially when driven many miles. On a cheaper car, it may not seem so significant but Tesla’s resale is actually surprisingly good. Compare it to a panamera...night and day

 

[Phrixotrichus]

Your first luxury car?
On your way home from the seller you usually lose a low class car or 2 in value.
You get used to it.

 

[drsaab]

All you people who are saying this is normal are making no sense. OP bought the car for 185K in canada and has 19k miles in 1.5 years and the car is worth 100k less in trade in? That is not normal. 185k to 85k is a 100k drop!

The issue probably is that the dollar rate changed against his favor, he has AP1 vs AP2, also now its a P100D and more features are included as standard for 183k CND new.

But yeah 100k drop is not normal on even a MB S65 AMG in that short time, nor a Panamera or other 185k car. I would say minus the rebate of 8.5k and then maybe 55-60k more.

I am sure he can sell it privately for much more.

Leasing even would be 6k down and 3k a month x 18 mos = 60 k Out of pocket so far, not 100k