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(Purchasing / trade-in advise) Upgrade to 2021 LR from 2020 SR+?

radicaldreamer

New Member
Dec 12, 2019
3
3
San Jose
Hi everyone, hope you can help me in my predicament.

I took delivery of a 2020 M3 SR+ back in Dec'19, currently have ~30K miles on it as I have driven it more than I should have, lol. The purchase price out of the door was about $39K before taxes and fees.

I decided to play around with the trade-in estimates if I were to purchase a 2021 LR AWD ($50K), and the estimate was about $38K to trade-in the SR+ directly to Tesla, which to me seems like a really good option to consider..? I am aware of the price increases throughout the year on the LR model so that would offset some of the benefit from that trade-in..

Also, my APR I was able to get at the time on the financing of the SR+ is 3.3% (I know :(), so I think I should be able take advantage of the lower interest rates being offered at the moment when financing for the LR... Tesla's advertised rates are 2.49% on the website.

What do you guys think? Is there anyone who made traded in a financed SR+ to a LR recently and can offer some input? Considering how the used car market is now right now, does trading in / upgrading make sense or should I keep the SR+?

Pros/cons I can think of at the top of my head...

Pros:

- Longer range / faster charging obviously. I live in the SF bay area and the furthest I would travel out occasionally to is Sacramento / Central Valley for family, so the range would have a nice-to-have but not need-to-have.
- AWD, more grip and better acceleration
- 2021 models went through a refresh so would have the nice-to-have features that come with it (USB-C ports, wireless charging, power trunk, chrome delete, etc.)
- Warranty refresh as I am starting out with new vehicle. And LR model has a longer warranty on the battery.

Cons:

- Have to consider other charges and fees on the LR. For example, have to consider the sales tax on the LR. And I believe that in California, the trade-in does not reduce the amount of sales tax you owe on the new car..

Thanks in advance! :)
 

Delraybeach

Supporting Member
Supporting Member
Aug 18, 2021
49
12
Florida
I am thinking of the exact same thing. But, I’ll wait until I can get delivery after January 1st in case Congress passes the EV tax credit. Now I’m trying to think about how to sell my car after I order and near my estimated delivery date.
 

jjrandorin

Moderator, Model 3, Tesla Energy Forums
Nov 28, 2018
11,424
13,299
Riverside Co. CA
Hi OP - curious…what did you end up doing?

There are a lot of threads here on this general topic. In another thread on this topic, I took a few minutes and did a search to identify a few for people to look at.

Here are some threads, but there are more (many more) if you search for "SR vs LR" or search terms like that.


Note, I find this type of response a lot more polite than other forums where people simply say "use search" even though I realize it amounts to the same thing, in the end.
 

earthwormjim

Member
Jun 25, 2019
203
206
California
I was in essentially the same situation with my 2019 SR+, although slightly better off since I had $6750 in total government rebates bringing my total out the door cost after taxes and DMV fees at just a little above $38,000.

I sold my car to the local Infiniti dealer for $42,000. BMW dealer offered $40,000, carbuyersusa.com offered $40,050, Carmax $38,000, Autonation $38,600, cali cars $39,000. The car was a June 2019 build, and had 34,000 miles. I would not settle for $38,000, you can get more I bet since your car is newer than mine was. Check your local car dealers, they are absolutely desperate, and are buying anything to fill their lots. It is quite shocking to see how empty their lots are.

Now I patiently wait for delivery of my 2021 Model 3 performance, EDD is 10/22-11/01.
 
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Delraybeach

Supporting Member
Supporting Member
Aug 18, 2021
49
12
Florida
This is great info about the local dealers. There are many around me here. Again, trying to prepare for selling my car, I found this website measuring battery health. Besides the lighter weight by 5 pounds each Enkei 19 inch wheels and the really great ceramic tint work, the battery condition should be a key piece of buying information- see attachment. Mine is a 2020 (August) M3 with under 12K miles and you sold yours a 2019 for $42K. OMG! Again, just waiting to make sure I get a 2022 delivery date just in case the EV tax credit passes.
 

Attachments

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Two-rocks

New England IPA
Jan 18, 2021
226
264
gone
Crazy times with the used values.
My '21 SR+ will make a profit factoring all costs and taxes (7k miles, delivered in January).
Ordered the identical car, but LR.
Worst case is just under $3k delta (including all TTL etc.).
Best case is profit (local 2.5K rebate plus any federal possibilities).

Seems to be a no brainer decision. Only real concern is that our SR+ is perfect in all ways, and is in pristine condition.
 

Delraybeach

Supporting Member
Supporting Member
Aug 18, 2021
49
12
Florida
Just announced today on CNET that Tesla will be using the LFP batteries on the SR+ moving forward. It appears that the LFP battery wants and should be charged to 100% or 253 range miles. Don’t know when this will be fully implemented, but a SR+ with an LFP battery really raises its attractiveness. I’m still thinking that the $8K price difference between the LR and the SR+ even with the LFP battery will still make the LR more viable. Again, hoping Congress passes a provision for an EV tax credit, taking delivery of either model in early January or anytime in 2022 would be important.
 

Delraybeach

Supporting Member
Supporting Member
Aug 18, 2021
49
12
Florida
Okay on the tax credit and thanks for that info. Since we are this close I might not take a chance and just wait for a January 2nd delivery. I’m also getting more interested in the LFP battery technology and it’s benefits over NCA, charging to 100% daily, battery longevity and better safety, but shorter range. In the end, I might just continue on with the LR and it’s extra range as I have been planning. With an $8K price difference compared to the SR+, the LR is probably a decent value.
 

Two-rocks

New England IPA
Jan 18, 2021
226
264
gone
Check your trade in values again. Mine were from last week. Just checked/updated this am and they gained another $500+. Going to re-up Monday when the price increase for the SR+ just listed by Tesla sinks in.

The Model 3 mid tier price (LRAWD) is the same as the original order, but they have upped the price for several models across the product line.
 

Delraybeach

Supporting Member
Supporting Member
Aug 18, 2021
49
12
Florida
thanks. I am planning to market my SR+ to the many nearby dealers here. I also will look at Carmax and Carvanna. The trade in to Tesla could be valuable, since the sales tax here in Palm Beach County with FL state tax Totals 7%. So any Tesla trade in offer could be about 7% lower and still be a good deal. I assume I could sell my M3 in about 7-10 days. About the tax credit, what’s the betting wisdom it will be retroactive to cars purchased in 2021?
 

raptor5244

Active Member
May 10, 2019
1,332
986
Florida
thanks. I am planning to market my SR+ to the many nearby dealers here. I also will look at Carmax and Carvanna. The trade in to Tesla could be valuable, since the sales tax here in Palm Beach County with FL state tax Totals 7%. So any Tesla trade in offer could be about 7% lower and still be a good deal. I assume I could sell my M3 in about 7-10 days. About the tax credit, what’s the betting wisdom it will be retroactive to cars purchased in 2021?
Tesla trade-ins are usually horrible compared to Carmax, Carvanna and Vroom. Carmax offered $5,500 more on my M3P than Telsa. Make sure you shop it.
 
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earthwormjim

Member
Jun 25, 2019
203
206
California
However, the House version is not clear if it is retroactive, hence, there is a chance that it might apply only for cars sold in 2022.

This is the current state:
View attachment 725729

Correct, however I would pay far more attention to the Senate version. The House only needs a majority, and it is extremely likely they will pass whatever the Senate passes, especially if the Senate is more generous in certain areas.
 

lawless116

Member
Jun 22, 2021
25
19
Indiana
I’m seriously considering upgrading the 21 sr+ to LR with the market the way it is and the tax credit on the horizon. I’m only hesitant because I love my car and if they were to retro the credit to my purchase in July I could claim that credit and use for down payment upcoming taxes season or just keep mine and use that credit to pay towards my SR+. Decisions decisions. Guess I could place the $250 order and decide later. Worst case I’m out $250 in 6 months
 

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