ddimit
Member
Your in a bad spot as your taking most of the depreciation hit in the first year. The only chance you would come close to closing that gap would be a private party sale.
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Questions about trading in a vehicle for our new Model S
- Thread starter BigAirHarper
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- Model S
Your in a bad spot as your taking most of the depreciation hit in the first year. The only chance you would come close to closing that gap would be a private party sale.
I thought so.
The responsible person in me will hang back and pay off more each month and possibly reconsider next year.
The Tesla addict in me says get what I can, pay of the difference, and press confirm on the reserve button.
mikeash
Active Member
I traded my car in to Tesla. They gave me a great offer, far higher than Carmax and about what I expected to get from a private sale. I understand this is not the norm, but I was lucky.
The process for me was extremely simple. Two guys from Tesla came by my house a few days before and inspected the car. Once they saw that it was as described and not falling apart, they confirmed the initial offer. Then on my delivery day, I drove my car to the Tesla service center, moved all my stuff into the Model S, handed over the keys, and drove the Tesla home. Couldn't be easier.
Being so far from the service center, they might handle things differently for you. It may also vary by location, since there are various state laws that affect what they can do. I'd get in touch with your delivery specialist and find out exactly how it'll work for you.
The process for me was extremely simple. Two guys from Tesla came by my house a few days before and inspected the car. Once they saw that it was as described and not falling apart, they confirmed the initial offer. Then on my delivery day, I drove my car to the Tesla service center, moved all my stuff into the Model S, handed over the keys, and drove the Tesla home. Couldn't be easier.
Being so far from the service center, they might handle things differently for you. It may also vary by location, since there are various state laws that affect what they can do. I'd get in touch with your delivery specialist and find out exactly how it'll work for you.
Buckeye2320
Member
Here is the easiest and fasted option that Tesla recommends.
If you go to CarMax and have your car appraised, Tesla will match what CarMax appraises your car at. You need to just send your Delivery Specialist the CarMax offer. Then on the day that you pick up your new Tesla, you give the trade-in car to Tesla and they do all the work after that to sell the trade-in to various buyers.
CarMax takes about 30 Mins to do your appraisal. Its that simple.
If you go to CarMax and have your car appraised, Tesla will match what CarMax appraises your car at. You need to just send your Delivery Specialist the CarMax offer. Then on the day that you pick up your new Tesla, you give the trade-in car to Tesla and they do all the work after that to sell the trade-in to various buyers.
CarMax takes about 30 Mins to do your appraisal. Its that simple.
mikeash
Active Member
I doubt that detailing the car matters for Tesla. At least for me, they gave me the offer before they even saw the car, just based on the assumption that it was in good condition. Then when they inspected it, they verified that it wasn't a pile of crap and the offer remained.
With Carmax, they look it over first, then give you an offer, so there's some potential for bias to slip in. But I get the feeling they're too systematic for that. They'll go off of brand/model/trim/mileage/age and the amount of broken stuff, not how clean it looks.
I bet it helps a lot if you sell privately, though.
With Carmax, they look it over first, then give you an offer, so there's some potential for bias to slip in. But I get the feeling they're too systematic for that. They'll go off of brand/model/trim/mileage/age and the amount of broken stuff, not how clean it looks.
I bet it helps a lot if you sell privately, though.
Just had mine appraised this weekend at CarMax and this is spot on. It's very systematic and I don't think a detail is necessary. Mine was just washed a couple days prior and has only 9k miles on it so its basically new and I got a solid appraisal. Of course I wanted more but it seemed fair.
CapeOne
Active Member
Some possible options include:
1. Find a nearby dealer to sell the car for you on consignment. It's kind of like selling privately but most of the hassles are pushed to the dealer. The dealer will expect some sort of fee or commission but the net result should be a decent amount more than what you can get on trade. Of course, just like when trying to sell privately, it may take a while for the car to sell.
2. Simply take the financial hit by trading the car (or selling to CarMax) and paying off the loan balance yourself.
3. Have the loan balance rolled into the new loan but then you're already that much more upside down on the new car. The lender may or may not be willing to do it anyway depending on various aspects of the loan.
I’d say #1 would be your 'best' bet unless you are willing to wait until the loan is paid down enough where the trade value and payoff are about the same and you can go into your next new car 'clean' i.e.no waiting for current car to sell, no big loss on loan payoff, and no extra rollover debt.
Thank you for this. I did not know dealer's have this option or would even do it.
I knew of the other 2 options both of which were leaning toward option 4, waiting which stinks but would be fine.
I just wonder if with Alliant would I have to put money down or not. If I can do 100% financing it would release me from a down payment on the new car and then the amount I would use for the down payment is to pay off the other loan.
Buckeye2320
Member
I am not sure why you are asking a bunch of us on a forum what Alliant can or can't do, but Yes, you can do no money down with Alliant......here is a contact for Alliant. Enjoy!
Jessica Rivera |Branch Loan Consultant |NMLS: 1057747
Alliant Credit Union |233 South Wacker Drive Suite 435 Chicago, IL. 60606
Direct 773.462.3601
Fax 773.462.3619 |email [email protected]
Traded my 2011 Grand Cherokee on my CPO. Process was simple and painless.
Tesla offered $15,700 (plus the tax savings that's just shy of $17k)
Carmax and two local jeep dealers offered $15k
Listed the jeep on Craigslist, cars.com and eBay motors for $17,750 and got nothing but low balls below tesla trade.
On day of delivery I left the jeep and they even took care of transferring the plates to the new registration on my model s as an added bonus.
Tesla offered $15,700 (plus the tax savings that's just shy of $17k)
Carmax and two local jeep dealers offered $15k
Listed the jeep on Craigslist, cars.com and eBay motors for $17,750 and got nothing but low balls below tesla trade.
On day of delivery I left the jeep and they even took care of transferring the plates to the new registration on my model s as an added bonus.
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