How is it Possible my 2023 MYLR Trade in value is so low?

[GDub]

I went to Tesla Service and wanted to see about upgrading my MYLR for a Model X and this is what I'm told my car is worth ($40K). My MYLR is Black with White Interior. Has 18,400 miles. I paid $71,000 for this vehicle ordered Feb 2022. I've heard some Model X and S Owners complaining about how their vehicles trade-in value has either plummeted or stagnated.

Back to my MYLR....if you go online say Tesla Used Car Inventory, you'll see 2020 MYLR are priced for sale at $50,000+

What is the deal. Not a happy Customer right now!

Thanks for hearing me out and sharing any experiences like this you had.

 

[Ostrichsak]

That's not what it's worth, it's what Tesla is willing to pay for it. Tesla has made it painfully obvious they don't want to be in the used car business by offering comically low trade-in offers. The only issue is that people continue rewarding this bad behavior by actually giving away their cars and Tesla has found a rather lucrative profit center.

The advice I would provide is that you go anywhere else to sell/trade your car. You'll get more from the other popular online car buyers and quite a bit more if you clean it up, get some pics and write a brief description yourself.

It's incredible to me how many people are willing to step over thousands of dollars in the name of convenience.

 

[Stirfry]

I went to Tesla Service and wanted to see about upgrading my MYLR for a Model X and this is what I'm told my car is worth ($40K).

As noted above that is what Tesla will give you, maybe not a representation of true market value. But of course remember that they have to re-sell to make a profit and, at least I've found, that they typically low ball as they would rather deal with new cars only. You will likely get a better deal if you sell privately.

We have two Y's, one with similar pricing to yours and one that I bought in Sept 2022, almost at the peak. I was ready to switch up to an X or an S but I will be taking way too big of a hit and decided to stick with the Y. Pretty annoyed that I almost paid the same for my MYP as a new MXLR, but thems' the breaks.

 

[Unclepaul]

All Teslas have come down in price since you purchased yours. You will notice that the Model X you are interested in is also much less expensive than last year. New long range Model X now $79,995. Quaifies for $7,500 Tax Credit( net. $72,500) and premium colors now free.

If you want the most for your trade in, you need to shop around. Other places might give you more than Tesla is offering.

An upgraded Model Y (Juniper) is just around the corner, so pricing is a bit soft.

In addition, your trade in is higher mileage than many.

 

[karkrazy]

And many car dealers are not willing to buy used teslas now due to the pricing volatility. Thus the plummeting values. At least you don’t have a plaid… those guys lost as much as $30-40k. Ouch

 

[Ostrichsak]

All Teslas have come down in price since you purchased yours. You will notice that the Model X you are interested in is also much less expensive than last year. New long range Model X now $79,995. Quaifies for $7,500 Tax Credit( net. $72,500) and premium colors now free.

If you want the most for your trade in, you need to shop around. Other places might give you more than Tesla is offering.

An upgraded Model Y (Juniper) is just around the corner, so pricing is a bit soft.

In addition, your trade in is higher mileage than many.

All of that is secondary to the well-known-fact that Tesla has historically given laughably lousy trade offers. Smaller fluctuations as you have mentioned can also impact this but the offensively low offers have been around for years now. It still stands true that if getting value out of your car is important, Tesla is the absolute last place you should consider given how poor their trade offers are and always have been. It's purely a convenience play.

 

[ThomasD]

You may not do much better selling it to a car dealer. Private sale might be best. Carvana has quite a few Model Y cars for sale for under 50K. The good thing is newer used Teslas cost less. The bad thing is every time Tesla lowers the price of their new cars, the cars people have are worth less. Owners are more upside-down on their loans.

Used Tesla Model Y for Sale Online | Carvana

Shop used Tesla Model Y for sale on Carvana. Browse used cars online & have your next vehicle delivered to your door with as soon as next day delivery.

www.carvana.com

 

[brainhouston]

I'll give u $41k

 

[Ostrichsak]

I'll give u $41k

I'd be lying if I didn't say that was the first thought that crossed my mind. A person could make a lucrative living by offering just over whatever Tesla offers people for trade-in. Pad it by taxable difference (if it applies in that state) and pad it by $1k to make it worth the seller's time and then flip it for tens of thousands more on the private market.

 

[uscbucsfan]

I'm pretty surprised they offered 40k. Ones that are actually selling with under 20k miles are 45k and under. So they wouldn't make much or any money on that.

You can buy that same car new for $48k or $41k with the tax credit. Only people who don't do research would buy it for much more.


And yes, you'll find people trying to sell MYs for $50+k, but carfax and cartrader are reporting MY LR with under 20k miles are mostly going for the low 40s. Some with less than 8k miles.

 

[jrmbadger]

OP,
I would also add that Tesla is being very aggressive on price right now to meet their sales goals. As @uscbucsfan noted, your car is now 48k brand new - which makes a 40k offer good.

As for Tesla's used car prices, they are likely keeping used prices higher because of two possibilities:
1.) they are trying to drive new car sales.
2.) they bought that used car when the new car prices were much higher (like when you bought yours) and they don't mind sitting on the inventory awhile to wait for new car prices to rise to try and make a profit.

 

[Msicario]

I went to Tesla Service and wanted to see about upgrading my MYLR for a Model X and this is what I'm told my car is worth ($40K). My MYLR is Black with White Interior. Has 18,400 miles. I paid $71,000 for this vehicle ordered Feb 2022. I've heard some Model X and S Owners complaining about how their vehicles trade-in value has either plummeted or stagnated.

Back to my MYLR....if you go online say Tesla Used Car Inventory, you'll see 2020 MYLR are priced for sale at $50,000+

What is the deal. Not a happy Customer right now!

Thanks for hearing me out and sharing any experiences like this you had.

I share your disappointment; This is going on all over the world; Everyone should accept the fact that Musk is all about the $ wealth; Has the power to discount and devalue Tesla prices anytime anywhere..
So it’s best to just enjoy our original purchase…

 

[Kairide]

Unfortunately you bought at the peak and Tesla prices have come down a lot since. No matter where you trade it in, you’re going to take a bath. Best to keep it, unless you’re willing to throw away money, which it doesn’t sounds like you are.

 

[bpobill]

I share your disappointment; This is going on all over the world; Everyone should accept the fact that Musk is all about the $ wealth; Has the power to discount and devalue Tesla prices anytime anywhere..
So it’s best to just enjoy our original purchase…

I think Elon is more concerned about selling vehicles than his personal wealth. You don't seem like you understand how a car company needs to run in order to survive. You need to sell cars, and hes pricing aggressively to increase market share which seems to be working well. Everyone else selling electric cars is losing significant money.

 

[Kairide]

hes pricing aggressively

I would say Tesla’s are being priced closer to what they’re actually worth. The Model Y was never a $60-70k car, the Model S and X were never $100k+ vehicles. But when people were willing to pay that amount, Tesla was selling them for it. If you paid that amount, you had to know you were overpaying for the “privilege” to own a Tesla right then and there. You can’t complain now that prices have come back to reality.

 

[gaswalla]

At least if you have a Plaid that fell in value, you still have a Plaid..
having a base model 3/Y fall in value hits hard twice

 

[Msicario]

I think Elon is more concerned about selling vehicles than his personal wealth. You don't seem like you understand how a car company needs to run in order to survive. You need to sell cars, and hes pricing aggressively to increase market share which seems to be working well. Everyone else selling electric cars is losing significant money.

How has Musk attained personal wealth? ….

 

[tradosaurus]

I went to Tesla Service and wanted to see about upgrading my MYLR for a Model X and this is what I'm told my car is worth ($40K). My MYLR is Black with White Interior. Has 18,400 miles. I paid $71,000 for this vehicle ordered Feb 2022. I've heard some Model X and S Owners complaining about how their vehicles trade-in value has either plummeted or stagnated.

Back to my MYLR....if you go online say Tesla Used Car Inventory, you'll see 2020 MYLR are priced for sale at $50,000+

What is the deal. Not a happy Customer right now!

Thanks for hearing me out and sharing any experiences like this you had.

I feel for you predicament. You bought "high" which you wouldn't have known at the time. Now the same car you paid $71K can now be had for $51k or lower brand new and get the tax incentive.

 

[GDub]

I share your disappointment; This is going on all over the world; Everyone should accept the fact that Musk is all about the $ wealth; Has the power to discount and devalue Tesla prices anytime anywhere..
So it’s best to just enjoy our original purchase…

HEAR! HEAR!!

 

[GDub]

I feel for you predicament. You bought "high" which you wouldn't have known at the time. Now the same car you paid $71K can now be had for $51k or lower brand new and get the tax incentive.

My big mistake was buying the FSD with it ($12K). The vehicle was actually $59K. However, I'm happy with my MYLR!