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Model X Depreciation....WoW!

Discussion in 'Model X' started by Hitman007, Sep 8, 2016.

  1. Hitman007

    Hitman007 Member

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    so I called my advisor today to have him run some numbers on trading my 3 week old 90D in on a P100D. I figured I would take a 10% to 15% hit. It has 540 miles. Imagine when he quoted me a 23% hit! I almost fell over. I thought Land Rovers were bad but I think Tesla wins with the fastest depreciation. 23 friggen percent!!!
     
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  2. passcore

    passcore Member

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    A pre owned ( albeit with just ~600miles) Model X would not qualify for the fed tax credit so it should depreciate by at least 7.5k. I would say that would bring down the real depreciation to about 15-16%.
     
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  3. Hitman007

    Hitman007 Member

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    I forgot the tax credit. That would make the depreciation 17.2%. Still high but not as bad as before.
     
  4. number12

    number12 Member

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    Thank you so much for your post.
     
  5. Canuck

    Canuck Active Member

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    23%, or 17.2% are probably not the correct number to determine depreciation. Tesla sells trade-ins at a profit. The amount Tesla sells it for determines depreciation, or what you could sell it for privately.
     
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  6. Hitman007

    Hitman007 Member

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    What do you think I could get for it on eBay?
     
  7. Camera-Cruiser

    Camera-Cruiser Fully Charged

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    There is that, and I am guessing you get to keep driving yours for 8-12 weeks until the new one is delivered? Then, they still have to go through the reconditioning process (probably quickly in this case) prior to or at the time of resale.

    I hope it works for you.
     
  8. number12

    number12 Member

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    I'm waiting for my X 60d that might deliver end of sept or beg of oct. I don't want to miss out on 2.0 and for some reason I feel like beg of year will have better resale then end of the year (oct 16 vs Jan 17). So I have already talked to my parents about running numbers on a almost new X trade in if 2.0 is released. Basically exactly what you called about.

    Taxes would almost wash out because you pay taxes on difference only in GA. And you would get two tax credits if they are still available. And tesla gets two sales and makes money on trade in (I don't care about this but some people on here care about tesla more than themselves for some unknown reason).

    Let's say you take a 20% hit or $20,000 to make math easier. 7,5 is recouped in tax credit. And rest will be "cost to upgrade". If someone is willing to pay $20,000 for a .1 second faster car. I'm willing to pay half that for 2.0 hardware and a 2017 vs 2016 car and I would get to drive an X in the mean time.

    Not best financial decision of my life but compared to canceling my order ($2500 additional lost) it's not that bad.

    We will see but definitely something I am considering. Thanks again for your post.
     
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  9. Hitman007

    Hitman007 Member

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    It's not going to happen. As much as I would love to get the 100 I can't justify that kind of hit. I guess the good news. In 3 years when I trade they may have a P200D! 0-60 in 2 seconds.
     
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  10. number12

    number12 Member

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    Something that will slightly "help" resale is if tax credit goes away.. And maybe new prices increase again (doubt they will when credit is removed)
     
  11. Hitman007

    Hitman007 Member

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    Good point.
     
  12. number12

    number12 Member

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    I can probably figure it out roughly but do you mind posting sticker price vs trade in offer in dollars?

    Also I would love to know what tesla values option wise. or is a $90k X trade in for % of $90X no matter the color or option choices.
     
  13. mjeagent

    mjeagent Member

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    This is exactly why I leased. I've been burned too many times with "hot" vehicles - especially AMG vehicles.
     
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  14. number12

    number12 Member

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    This early on I also wonder if Xs on the private market would carry any sort of premium for such a small market? Has to be slightly higher than trade in, but you lose tax savings which would be a deal breaker in my case
     
  15. Hitman007

    Hitman007 Member

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    Once you buy the car you book the tax credit. I would also get another tax credit on the next one unless there is some sort of limitation on the number of EV cars in year that I don't know about.
     
  16. number12

    number12 Member

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    Yes correct. If you take delivery in 17 vs 16 there will be some risk maybe. 16 almost sure you get it twice.

    I mean there's almost no private party X for sale. Low supply maybe higher price? Has to be someone who doesn't want to wait.
     
  17. number12

    number12 Member

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    Small note. I can't edit my post, but for some reasons I put "parents" instead of " owner advisor". Now I have pointed it out to everyone. Good
     
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  18. travwill

    travwill Member

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    Luxury cars depreciate the most, Teslas being part of that group in reality. Electric cars tend to also take a hit now more still. Found this graphic online that was interesting. It doesn't take into account the luxury market fully as well as the tax credit even.

    CarDepreciationInfo.jpg
     
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  19. Ingineer

    Ingineer Electrical Engineer

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    Tesla never seems to offer good amounts on trade-ins. Best bet is a private sale (what I did with my old S). I sold it on eBay and got an excellent price for it.
     
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  20. number12

    number12 Member

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    If you trade it in early, it can't be easy for people to get financing on a 70k used car. Plus some states only make you pay tax on difference in trade in vs new. So going into a new tesla the convenience + tax savings would probably win for me.
     

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