How will trade-ins work??

[Siciliano]

Can any Model S/X owners that have traded in their previous vehicle please chime in?

When the time comes for configuration, and I've picked all my options/color/etc...will they ask for a full payment at that point? How will that even work with my trade-in? I assume I will first have to bring my car into the nearest Tesla store to get the trade in value?

I've been reading that Tesla is notorious for giving really low valuations on trades, so I'm not looking forward to it! I'm trading in a Range Rover, and they hold their value pretty well, so I guess I can hold onto that for a bit of optimism lol

 

[tsla007]

I plan on donating my porsche 911 to the national kidney foundation in an auction.

 

[tomas]

With S they partnered with autotrader. You put in info on your car, and were given online offer. Offers were ridiculously low. I brought my prior car to carmax and they bought for fair price. There are also local options. My sister in law got great price for 2 cars at Texas direct auto.

 

[Dan Detweiler]

I will be selling my classic Triumph TR6 and need to get every penny I can to use as the down payment for my Model 3. I am going to be putting it on an online auction site that gets really good reviews from people that have used it. I don't think there is any way that Tesla could give me anywhere near what I hope to get with the auction for a 45 year old car.

Dan

 

[Bimbels]

I've mostly heard that the offers are very low as they intend to basically auction them - you're better off selling on your own. Maybe that will change with the Model 3, at least eventually.

 

[tomas]

Tesla is not in used car business, except their own CPO. I do not expect this to change with the 3. With the ordering and delivery process, you have ample time to do private sale or get offer from a used car reseller like carmax.

 

[Bimbels]

Also, I always felt the trade in price offered by dealerships was just another way to jack you around on the price of your new car. No such issue when buying a Tesla.

 

[lolachampcar]

Tesla started by working exclusively with CarMax. CM used this position to low bid ICE trades to Tesla which infuriated Tesla's customers. Tesla wised up and turned the trade process over to one of their brightest young guns with experience in the industry. This person put together an evaluation process and built a group of high end wholesalers around the US. Incoming trades were evaluated and a copy of this written evaluation was provided to all in the wholesale group at the same time with a time certain to respond. The highest bidder got the trade. This competitive bidding process dramatically improved the quality of offers while reducing the bid cycle time. Most of the complaints regarding Tesla's handling of ICE trades went away.

Fast forward to the release of the dual motor cars, start examining Tesla's trade practices for returning MS customers with MS trades and everything has changed (for the worse).............

 

[Siciliano]

Thanks guys for the info...it looks like I'll be trying to sell it privately; if not I'll try carmax or a similar company. I have no experience whatsoever with privately selling or dealing with car buying companies - I've always just traded my cars in.

The timing will be a pain, but luckily I have a run-around car as well if I end up selling it earlier than expected.

 

[Jason Bourne]

Can any Model S/X owners that have traded in their previous vehicle please chime in?

When the time comes for configuration, and I've picked all my options/color/etc...will they ask for a full payment at that point? How will that even work with my trade-in? I assume I will first have to bring my car into the nearest Tesla store to get the trade in value?

I am not a current/previous owner, but OP you should know that full payment is NOT due when you place your order and choose your color and options. It'll be due at delivery.
Further, at least in Pennsylvania, whether you trade your car in affects how much sales tax is due for the Tesla purchase. The value you receive for your trade in is deducted from the taxable amount. Check NY's laws.

 

[tomas]

Tesla started by working exclusively with CarMax. CM used this position to low bid ICE trades to Tesla which infuriated Tesla's customers. Tesla wised up and turned the trade process over to one of their brightest young guns with experience in the industry. This person put together an evaluation process and built a group of high end wholesalers around the US. Incoming trades were evaluated and a copy of this written evaluation was provided to all in the wholesale group at the same time with a time certain to respond. The highest bidder got the trade. This competitive bidding process dramatically improved the quality of offers while reducing the bid cycle time. Most of the complaints regarding Tesla's handling of ICE trades went away.

Fast forward to the release of the dual motor cars, start examining Tesla's trade practices for returning MS customers with MS trades and everything has changed (for the worse).............

We are both remembering wrong. At S launch it was exclusive with auto nation. Not car max or autotrader. I have 2012 offer to prove it. Auto nation really low balled. I'll trust @lolachampcar regarding evolution since then.

 

[gregincal]

We are both remembering wrong. At S launch it was exclusive with auto nation. Not car max or autotrader. I have 2012 offer to prove it. Auto nation really low balled. I'll trust @lolachampcar regarding evolution since then.

Yeah, I sold my car through Auto Nation as a trade in. I thought my offer was fair. It had the advantage that I was able to drive my old car to the factory, take the tour, and drive home in my Tesla.

 

[lolachampcar]

tomas,
Good catch. Thanks.

 

[Siciliano]

I am not a current/previous owner, but OP you should know that full payment is NOT due when you place your order and choose your color and options. It'll be due at delivery.
Further, at least in Pennsylvania, whether you trade your car in affects how much sales tax is due for the Tesla purchase. The value you receive for your trade in is deducted from the taxable amount. Check NY's laws.

Yes you're 100% correct - I happen to know this because I've traded in a lot of cars over the years... you subtract whatever the amount of the trade is from the new car, and that's the amount that's taxable. I'm in NY and it's always been this way, which is nice. If I do decide to trade it in, I'd hope to get at least $30k,which would reduce the taxes by almost half of I end up getting the fully loaded model 3.

Yeah, I sold my car through Auto Nation as a trade in. I thought my offer was fair. It had the advantage that I was able to drive my old car to the factory, take the tour, and drive home in my Tesla.

So did they appraise the car while you were there, or did they give you a rough idea of what they would pay for it in advance, based on miles/condition/year/etc??

 

[gregincal]

So did they appraise the car while you were there, or did they give you a rough idea of what they would pay for it in advance, based on miles/condition/year/etc??

I first filled in a detailed online form with pictures to get the trade in value. Then somebody from Auto Nation came by my house a few days before purchase to verify that everything was accurate.

 

[dgpcolorado]

I first filled in a detailed online form with pictures to get the trade in value. Then somebody from Auto Nation came by my house a few days before purchase to verify that everything was accurate.

It was much the same for me, save that I don't remember which company made the best offer for my trade-in car (since I didn't go through with it and sold it on Craigslist instead).

This from my CPO advisor:

Keep in mind that Tesla does not resell non-Tesla vehicles, and as such depends on bids from major auto resellers, resulting in an “ACV,” or "actual cash value" appraisal.

This valuation is a true valuation, uninfluenced by manufacturer incentive money and future profit from the sale of your trade, and is the cleanest valuation available.

The car reseller then sent a contractor to go over my car with a fine-tooth comb and verify that the information I gave was accurate. The next day I sold the car myself so I never did find out the results of the inspection, although I expect that the previous offer would have been honored.

My distance from the city where the Tesla Service Center was located, and the car resellers likely were based, led to delays in inspecting and valuing my trade-in and that was frustrating because my Tesla had already made it to the SvC. But that's not something that likely would happen to those who live near the Service Center that is handling delivery. I sold my car for a few hundred more than the trade-in offer to clear the deck for my Tesla delivery.

 

[FirstSea]

Sorta related question for those familiar with Tesla trade in.

What would be the best /smartest choice (money wise)?:

1. Buy a 3 then after 3-4 years trade in to buy another Tesla.

2. Lease a 3 for 3 years then lease/buy another Tesla.

Normally, I would say leasing is the best option, but I have no idea how well Tesla handles their own car trade in, plus I absolutely have no idea by how much a Tesla depreciates.