I had originally indicated I wanted to trade in my car as part of my order for a Model 3. I don’t remember the details but I got the feeling that Tesla put trade in appraisals on hold given the long delay in order fulfillment. Now that I will be taking my order off of hold in the next few days I want to start the appraisal process again. Has anyone traded in a car recently and can advise how long the process took?
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Recent trade-in experience?
- Thread starter citivolus
- Start date
Is there a way to get a quote from Tesla without going through the purchasing mechanism? I got offered 49.8K for my 2020 LR 3 which I paid 47K for. I'm on the fence because the highest offer was from Vroom, but trading to them I lose the tax benefit...if Tesla offered me this amount I would upgrade to a 2022, it would be a no brainer...
CarlThompson
Member
For me Tesla's offer was more than $3,000 less than what I got selling my early 2018 LR RWD Model 3 to a local car dealer. A bit more hassle dealing with a car dealer of course but for me the extra money was worth it. The dealer gave me $47,000 but Tesla offered me only $43,900.
About a month ago Tesla gave me a preliminary offer of $47.4k which was about $3k below KBB low trade-in value. When I challenged their offer I was told the trade would be re-visited closer to the delivery date. I found 2 dealers within a few miles of Tesla who offered me $54k, which more than offset the lost tax benefit (10.5% where the Tesla DC is located). I passed on Tesla's request last week to have me pick up the car this week (a few weeks earlier than previous EDD), so am back in line for another one. Assuming when another VIN gets assigned that they will re-visit the trade-in value again, if it is the same or lower than their first offer, I will let one of the other dealers have it. I did enquire if Tesla would accept a written wholesale purchase offer from another dealer, thereby eliminating any risk or bother for Tesla, but "they don't negotiate trades". They apparently only deal with big brokers like Odessa or Adesa.
chipcaldwell
Member
Tesla offered me $61K for my 2018 MX 75D c 36K miles. Carvana only offered $38K. I'll check Vroom & CarMax.
These numbers are just all over the place, it's the wild west.
For me:
2021 M3P
Vroom/Carvana: $58-59k
Tesla: $47k
????
For me:
2021 M3P
Vroom/Carvana: $58-59k
Tesla: $47k
????
Tesla apparently has no interest in dealing with trades, which makes some sense given they aren't like traditional dealerships with acres of parking for selling cars. Their focus is on making and delivering new cars. But they could show more consideration for their customers if they would allow more companies like Carvana etc to bid on cars being traded. Whoever they are wholesaling to must be making a bundle.
Agreed, it is the one sore spot I have with Tesla during the buying experience.
My offers about a month ago for my 2018 M3 LR RWD were all coming in around ~45k including one from CarBuyerUsa at $46.9k that I'm kicking myself for not taking (even though it sounds like it may have been adjusted a bit downward after inspection based on other's experiences).
I had been waiting for our new MY which we just took delivery of and all offers seemed to have dropped to $40-42k over the last few weeks. Anyone else seeing the same sort of drop? I assumed lots of people were holding out for an EV credit, effective 1/1, and are all selling at once now but I was hoping that since it didn't end up passing, that resale value wouldn't be impacted much.
I had been waiting for our new MY which we just took delivery of and all offers seemed to have dropped to $40-42k over the last few weeks. Anyone else seeing the same sort of drop? I assumed lots of people were holding out for an EV credit, effective 1/1, and are all selling at once now but I was hoping that since it didn't end up passing, that resale value wouldn't be impacted much.
Every 30 days Tesla will send you an email or text asking you to update the mileage of your trade-in. They reevaluate their offer. That happens relatively quickly-- an hour or so. I was worried that they'd lower their offer. Instead, the offer has increased multiple times. I'll update this after I take delivery later this week.
Something to keep in mind: In addition to the sales tax savings you get when trading in, we are now in uncharted territory. If you happen to be selling your car for more than you paid for it, you owe federal capital gains tax. (In the US) If you owned the car for under a year, that short term capital gains rate matches your income tax rate (between 10% and 37%). For example, if you fall in a 20% tax bracket and you are selling for $5k over what you paid, you will owe an additional $1k at tax time. For me, coupling the sales tax savings and the reduced capital gains from Tesla's lower offer, the Tesla trade-in offer is not nearly as far from the vroom/carmax offers as it seemed. Also, if you owned the car for over a year, you do still owe capital gains tax-- but at the long-term rate that is likely 15% for the vast majority of Tesla purchasers, but would be 0% for those earning under $40k or 20% for those earning over $445k.
Something to keep in mind: In addition to the sales tax savings you get when trading in, we are now in uncharted territory. If you happen to be selling your car for more than you paid for it, you owe federal capital gains tax. (In the US) If you owned the car for under a year, that short term capital gains rate matches your income tax rate (between 10% and 37%). For example, if you fall in a 20% tax bracket and you are selling for $5k over what you paid, you will owe an additional $1k at tax time. For me, coupling the sales tax savings and the reduced capital gains from Tesla's lower offer, the Tesla trade-in offer is not nearly as far from the vroom/carmax offers as it seemed. Also, if you owned the car for over a year, you do still owe capital gains tax-- but at the long-term rate that is likely 15% for the vast majority of Tesla purchasers, but would be 0% for those earning under $40k or 20% for those earning over $445k.
Forgive ignorance but trying to look into trade-in options. Ordered my MY in October without asking for trade in. Now 4 months and 9 EDDs later (still no VIN and no updates…), I’m considering a trade in.
Can I do this now? How? I see that some people have gotten trade in estimates through the app but I don’t see how to do that. And I have had no contact yet from a SA so I don’t have any communication or way to discuss with Tesla.
Help?
Can I do this now? How? I see that some people have gotten trade in estimates through the app but I don’t see how to do that. And I have had no contact yet from a SA so I don’t have any communication or way to discuss with Tesla.
Help?
lUtriaNt
Member
trading in to tesla you will most likely get the lowest offer. better to sell to carvava, give me the vin, vroom, shift, driveway.com, carbuyer usa, AutoNation, carmax. i just sold my 2020 m3p to driveway for 55k and i only financed it for 51k in 2020. 19k on the clock.
