Non-Tesla Vehicle Trade In Value / Process (Canada)

[SSD420]

My DS recently warned me recently that I may be quite disappointed with the value I'm offered for my current non-Tesla car, as I'm inching closer to the delivery of my Model X. I do understand that I'll get much less than selling privately, but for my time and hassle, trading in would be simpler.

Does anyone have experience trading in a non-Tesla vehicle to Tesla?

 

[juschilin]

I trade in a vehicle back in March and the process was fairly easy. Value wise was not totally off the mark. of course it's always more profitable to sell private but i couldn't deal with the wasted productivity. Having to list on auto trader then deal with the phone calls etc. Just remember that the ownership has to be in your name otherwise you won't get the HST benefit. My ownership was in my wife's name and i couldn't wait so i ended up losing the HST benefit.

 

[SSD420]

HST benefit?

 

[InternetDude]

I got an offer of trade-in for my 2 year old Prius Plugin when I bought my S. In the end the offer was kinda brutal so I sold it to a family member for the same price (plus the tax allowance) since I didn't want to be bothered selling privately to get the extra $5K or whatever I could have gotten.

 

[SSD420]

Can someone explain this HST benefit or allowance ?

 

[wayner]

The HST benefit works like this - let's say you are paying $150k for your new car and Tesla gives you $50k for your old car. You then only pay 13% HST on $100k, or $13k, vs HST on the whole $150k, which would be $19.5k. So trading the car in saves you $6500 vs selling privately.

The HST rate above assumes you are in Ontario.

 

[Dakkor]

They offered me 5K less than H Gregoire (used car dealer)

 

[RiverBrick]

At the Montreal center they cooperate with "ventes d'accomodation." In Quebec this works out to you getting about 5% less on your old car than you would on straight private sale, but getting the full sales tax benefit of 15% of the sales price of it.

 

[sitter_k]

I trade in a vehicle back in March and the process was fairly easy. Value wise was not totally off the mark. of course it's always more profitable to sell private but i couldn't deal with the wasted productivity. Having to list on auto trader then deal with the phone calls etc. Just remember that the ownership has to be in your name otherwise you won't get the HST benefit. My ownership was in my wife's name and i couldn't wait so i ended up losing the HST benefit.

My wife's father actually was registered on her car for insurance purposes. I had the car "gifted" to me by filling out some paperwork at the Service Ontario in a couple min.