M3P: Trade or sell?

[Stokkes]

Hey all

Strongly considering upgrading to an MS (TBD if it’s an LR or Plaid). Initially ordered the MSLR back in Nov ‘21 but the EDD was June 2022 and I needed a car, so joined the $250 club and bought an M3P which I received in Dec 2022.

Regretting it. It’s a great car don’t get me wrong but I wanted the bigger car, front screen, hatch, storage, etc. Also find the MS is better looking and finally but less important there are so many M3 on the road the car just doesn’t feel special. I test drove the MSLR recently and really enjoy it.

Curious what people think would be realistic to sell (privately) my M3P. Tesla is offering 46K on the trade and I’m right-side up on the loan, but not by a lot.

Here are the specs:

2022 M3P
Red w/White seats
20” Uberturbines
Full car PPF+ ceramic coat
Seats were ceramic coated as well
Set of winter tires and rims (Michelin X-Ice 19” and replika rims)
Total mileage is 25K Kms (about 50/50 on summer and winters)
No FSD/EAP

Car is pretty much immaculate.

Wondering if I should try to sell it privately. I see them going for 55-60 on Autotrader but I have no idea if they are selling at that price.

Thanks!

 

[jmaddr]

I think 46k is pretty good, especially if you get the tax reduction in CAN with trade-ins. Go with your heart.

 

[Tony_YYZ]

$46k plus the taxes saved on the trade-in works out to be around $51,980. Not sure if you considered that or not.

 

[WheresMyKeys]

I want an S. My bank account does not LOL. Trade in value, if firm and not an estimate, seems reasonable considering new current pricing. Plaid is a pretty big premium for bragging rights IMO. But if you want it, you want it. I think the MSLR now sneaks in under the ontario luxury tax cut-off. Not sure if plaid does. I might be wrong, but may want to look at that to add to your consideration if you haven't already.

Tesla trade in doesn't care about any of the add-on on your M3. Keep the winter wheels and tires to sell separately. You'd just be giving them away to include with your trade.

Good luck. I'm jealous. I love the S.

 

[Technokrat]

Selling will always give you more value but trade-in will save you on taxes. So need to see how much tax saving vs extra money in selling.

Keep in mind though that tax savings will only apply for the amount you actually have equity for i.e. if car is worth 46k and outstanding loan is 40k you will probably only get tax savings on 6k and not 46k

 

[HarleyW]

Selling will always give you more value but trade-in will save you on taxes. So need to see how much tax saving vs extra money in selling.

Keep in mind though that tax savings will only apply for the amount you actually have equity for i.e. if car is worth 46k and outstanding loan is 40k you will probably only get tax savings on 6k and not 46k

No he would get savings on the trade in not the equity.

 

[Braumin]

I prefer to trade because it's so much easier, plus I don't have to deal with idiots wanting to "test drive". With a M3P you will probably get a lot of people that only want to floor it and then walk away.

Plus, as others have said, the trade value goes against the total tax you will pay on the car so the price difference between selling/trading isn't as big as it initially looks.