Model X Trade-in

[Falcon Wings]

Does anyone has experience with trading-in Tesla Model X. I own a Model X 60D, Delivered Oct 2016 with 9500 Miles (upgrades - Seven seat interior,Premium package, Autopilot, Leather seats). Its very clean, not a scratch.
I requested for a trade-in to purchase Model X 100D and Sales Rep valued it 30% less than purchase price.
I didn't think Tesla depreciated this much and given that I am paying property tax on car with just 10% depreciation.

 

[idleuser]

Tesla's trade in are historically low. You're better off selling the X60D on the private market.

 

[SoCal Jimmy]

Makes sense considering the X60 is no longer a current model and the 90D's Tesla had remaining were mostly sold for 10-20k off, which represents 9-20% off Sticker plus the $7500 Federal tax credit.

Thats another reason why I think their leases, even though pricey rate wise, still makes sense to protect yourself against depreciation.

I'd try and sell it private party first, before taking the trade in amount from them. Also, can you upgrade it to a 75 before selling it? It might be worth it to the buyer seeing its a 75 vs. a 60. Just my .02

 

[rpskanter]

Does anyone has experience with trading-in Tesla Model X. I own a Model X 60D, Delivered Oct 2016 with 9500 Miles (upgrades - Seven seat interior,Premium package, Autopilot, Leather seats). Its very clean, not a scratch.
I requested for a trade-in to purchase Model X 100D and Sales Rep valued it 30% less than purchase price.
I didn't think Tesla depreciated this much and given that I am paying property tax on car with just 10% depreciation.

I JUST ran into the same deal. I have a Model X 90D with every option but 5 seater, with 2200 miles. They offered me 80K for my car and wanted me to spend 35K to get a six seater with 1800 miles--that they are selling as NEW. I HATE my bench seat but not 35K worth of hate.

 

[stan23]

Check with Vroom to buyback your vehicle. I've read of some higher than standard offers from them. It also looks like their used inventory of Tesla's are selling well, so they are probably motivated to buy more.

 

[Insureit1]

I JUST ran into the same deal. I have a Model X 90D with every option but 5 seater, with 2200 miles. They offered me 80K for my car and wanted me to spend 35K to get a six seater with 1800 miles--that they are selling as NEW. I HATE my bench seat but not 35K worth of hate.

Interesting I am in similar position but want a 5 seat model and 22 inch wheels. I have 2016 X90D with every option and 11.5k miles AP1 and they offered $77k. I paid $116k a year ago so $39k loss in one year. Subtract the tax credit and still a $32k loss. Depreciation is the worst of any car I have owned. The 100D I was considering is priced at $108k. I would have leased last year but lease deals were horrible. In hindsight I should have leased. Lease deals are better now but trade in value stinks. And Vroom and Carmax were no better. Their trade in estimates were exactly the same as Tesla. I own $93k. Today they offered me a 4 year service contract or an extra 2 year warranty if I go with the 100D. They will not up the trade in offer or discount the new X100 any further. I am going to pass right now and wait and see. They extra range is nice but I will rarely need it. I purchased a set of brand new 22 inch take off wheels so I am set on that. What I really want is the folding 2nd row but not so much to lose (or spend depending on how you look at it) an extra $15k to $20k. Tesla depreciation stinks and likely will not be better in the future but is typical of $100k SUV's. The mistake many have made (myself included) is thinking it would be different because Tesla said it would be.

 

[vandacca]

Interesting I am in similar position but want a 5 seat model and 22 inch wheels. I have 2016 X90D with every option and 11.5k miles AP1 and they offered $77k. I paid $116k a year ago so $39k loss in one year. Subtract the tax credit and still a $32k loss. Depreciation is the worst of any car I have owned. The 100D I was considering is priced at $108k. I would have leased last year but lease deals were horrible. In hindsight I should have leased. Lease deals are better now but trade in value stinks. And Vroom and Carmax were no better. Their trade in estimates were exactly the same as Tesla. I own $93k. Today they offered me a 4 year service contract or an extra 2 year warranty if I go with the 100D. They will not up the trade in offer or discount the new X100 any further. I am going to pass right now and wait and see. They extra range is nice but I will rarely need it. I purchased a set of brand new 22 inch take off wheels so I am set on that. What I really want is the folding 2nd row but not so much to lose (or spend depending on how you look at it) an extra $15k to $20k. Tesla depreciation stinks and likely will not be better in the future but is typical of $100k SUV's. The mistake many have made (myself included) is thinking it would be different because Tesla said it would be.

Before the S even hit production, I was predicting that Tesla vehicles would hold their value better than any vehicle because the power train is so much more simple and the vehicle is mostly aluminum. It should require very little service and I was expecting depreciation to be very low.

I would have been right, but I didn't count on Tesla's relentless improvements. It's those constant upgrades that drives the depreciation. It's a double-edge sword, but I can't imagine it will continue at this pace for more than 3-4 years.

 

[outie]

Yes just hold on to your car for few more years. I got a 69k trade in offer from Tesla with 95k sticker. The OA suggested I sell it privately because the offer is so bad. Tesla is undergoing a lot of changes recently. Maybe when EAP finally takes off with all the EAP features available in a year or two. The depreciation should be leveling by then as first 1-2 years usually have the worst depreciation.

 

[Insureit1]

Well part of the problem is Tesla themselves. EAP still needs work and FSD is nowhere close to being fully functional. My AP1 works great and AP2 may hold promise but it is also $5k vs AP1 $2.5k. BMW, Mercedes, Lexus and many other high end brands make a living on repeat sales to well healed buyers every 18 months to 2 years. If Tesla cannot support residual values even buyers loyal to the brand won't lose 30-40% to upgrade in the 1st year or two. Not every Tesla buyer has gobs of money to throw away and lose $30k. Model X appears to be worse than the S. If trade in value and/or discounts on inventory X were better I would have pulled the trigger. I had been looking at several inventory X's and put the brakes on when buzz started a few days ago about changes. All the vehicles I had been looking at in inventory did not change in price after the price drop last night and are now a worse value than ordering new. Other than the performance models, the inventory vehicles really don't have that great of a deal with the price drops they have made. They only look like discounts because the price when built was higher. I was only looking at new inventory with zero miles. I am going to keep watching in the 4th qtr to see if any deals pop up. I am not optimistic the trade in values will hold up though. Other than the 6 seats (i want the folding 2nd rows) I am content with my X90 and AP1.

 

[Falcon Wings]

Thank you all for your input. Mine is AP1, I was bummed when AP2 came just few days after I took delivery.
Anyways, the reason I was looking to buy 100D was for longer range but not worth losing ~40K for longer range. (62K Trade-in/100K Purchase after taxes). I have given up idea of trading in.

 

[Uncle Paul]

Think most full size SUV's have significant depreciation in the first few years.

Cadillac, Mercedes, BMW, Lincoln Jaguar etc also drop a bunch the moment you drive it off the lot.

A saving grace for Tesla is the $10,000 of so Tax credits the original owner enjoys.

 

[number12]

Tesla teaches three solid virtues. Wait. Sell private party. Buy used or with a inventory discount.

Listen to their teachings.

 

[playoutside]

I'm considering buying my wife a used X instead of buying her a Model 3 in two months. If anyone wants to sell their X, I'll pay $2K over Tesla's trade in offer. This will only make sense for people who live in states witihout the sales tax credit:
California
District of Columbia
Hawaii
Kentucky
Maryland
Michigan
Montana
Virginia
Plus Oregon and other states with no sales tax.

 

[commasign]

I have a late 2014 Model S and an early 2016 Model X. Everytime I've been tempted to upgrade, I convince myself not to with the following 3 points:

1) I'm (intentionally) underwater with my Tesla loans. I'm even more underwater when factoring in the various upgrades and aftermarket items (wrap, tint, wheels, etc).
2) AP1 is currently better than AP2
3) With the money saved from not upgrading, I can and will get a fully loaded Model 3. It's like getting a fully loaded Model 3 for free!

 

[DarkMatter]

Tesla's trade offer on my 2014 S allowed them around $7500 worth of margin for rehab and resale. Given the potential warranty costs the offer did not actually seem that out of line. When you trade in you're exchanging convenience for dollars.

 

[Insureit1]

I have a late 2014 Model S and an early 2016 Model X. Everytime I've been tempted to upgrade, I convince myself not to with the following 3 points:

1) I'm (intentionally) underwater with my Tesla loans. I'm even more underwater when factoring in the various upgrades and aftermarket items (wrap, tint, wheels, etc).
2) AP1 is currently better than AP2
3) With the money saved from not upgrading, I can and will get a fully loaded Model 3. It's like getting a fully loaded Model 3 for free!

Ha I just did the same comparison and also decided to keep my current X. Between the negative on my current X and the cost of a new X100 it was almost $40k. I plan on getting the Model 3 right away (currently listed between Nov 2017 and January 2018) and will have the X and 3 for not much more.