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Can I sell my brand new tesla to someone the day I take delivery?
- Thread starter Usain
- Start date
It's like selling any other car. List it up on Facebook Marketplace, Craigslist, etc. You will likely get some tire kickers and people looking for big discounts. Just have to weed through those. Just make sure you factor in taxes, registration fees, etc so you know where your breakeven is and profit. You can also try selling to places like Carvana, Givemethevin, Driveway, etc. Not sure how much profit but it will be an easy sale.
Also keep in mind you might have to wait a few months if your paying cash to get the title. Banks are taking longer to issue titles than in previous years (at least that is my experience). If your financing I am not sure how it works if you sell the car right away as the bank you are financing from may take a bit to get the title too.
Also keep in mind you might have to wait a few months if your paying cash to get the title. Banks are taking longer to issue titles than in previous years (at least that is my experience). If your financing I am not sure how it works if you sell the car right away as the bank you are financing from may take a bit to get the title too.
You're gonna need to wait to get the title before you can officially sell. That could take several weeks.
No, you need to have the title in your name (and pay for any of the taxes etc that go along with that).
There is a post here in the model Y subforum somewhere of some person who tried to sell a car without taking the title. They waited for the title to be mailed but never paid for the taxes, and then sold the car and sent all the title paperwork that was in their name to the "new owner".
That didnt work, because the titling organizations could not title the car in the new buyers name because that poster had never taken possession of the title (and paid the taxes on the car).
So, no, you are going to have to both wait for the title and pay the taxes on the vehicle.
One other note, because lots of times people start trying to offer the car for sale in threads like this, actual for sale talk goes in the marketplace and is not allowed in the other subforums. This question is fine, but If you want t the post to stay in this subforum, dont put anything like "anyone want to buy it?" or "the price is XXX PM me" or anything like that.
As for selling the car, its like selling any other car.
Your best bet would probably be to wait until at least you've had time to take care of the initial paperwork. Selling it the day you take delivery would require a *ton* of trust on someone else's part, because they would have to pay you, then wait a few weeks for you to get the titling documents, send them off at your local DMV, then the state to process everything, then get them an official bill of sale and title transfer docs. I wouldn't do it, but someone else might.
FWIW, we just sold a '22 base M3 with over 5k on the clock for $51,500. Could've gone higher if we were willing to haggle a bit longer. We were getting tentative offers in the $52-53k range from some of the online car buying services, but in the end, the dealer's offer and easier aspect of trade in won out.
FWIW, we just sold a '22 base M3 with over 5k on the clock for $51,500. Could've gone higher if we were willing to haggle a bit longer. We were getting tentative offers in the $52-53k range from some of the online car buying services, but in the end, the dealer's offer and easier aspect of trade in won out.
Talked to an autobroker I know about doing the same thing. He said you'd have to wait till it was titled. He said you could do a sales contract, contingent upon titling, which would be 1-2mos depending on your state. On top of that, he would do a rental agreement with a large nonrefundable deposit so the new buyers could take the car right away.
The new buyers can get pre-approved for the loan, but the bank won't complete the transaction without the title info.
The new buyers can get pre-approved for the loan, but the bank won't complete the transaction without the title info.
I went and found the thread I was talking about above:
Tesla Registration with TitleGirl
Sold my Tesla Model Y unregistered to a private buyer. Hes having issues with the registration as TitleGirl people asked for the bill of sale with red stamp on it. Bill of sale that I provided was Notorized and according to the state of Texas. Title girl office says "I need to get the title...
teslamotorsclub.com
FindMyElectric
Former Vendor
This range is fairly accurate based on our latest data for the Model 3 you're describing, although this literally changes daily--especially in this market.
That said, when looking to "flip" a Tesla--a lot of people don't take sales tax into consideration; we get this question all the time.
If you're in a state that charges sales tax on motor vehicle transactions (most do), that's really going to eat into your profit margin unless you had a really old reservation before Tesla raised the price so you've got a bigger spread to work with.
Generally speaking, when you buy the car from Tesla, you're going to get hit with thousands of dollars of sales tax paid to the state where you live (unless you live in a state that doesn't charge this, as mentioned above).
This is something that people who have new reservations and are considering taking delivery and "flipping" the car should think about. The margins aren't worth the headache in many cases (not to mention that you'll also likely owe additional taxes on any profit you make as well).
Excellent points to consider! Here in my state, we have a 60-day window after or before selling a car to get a sales tax credit for the new vehicle. If you sell your previous vehicle for more than your new one, you pay $0 in tax. In the case I cited above, we sold the M3 for $51,500 and bought its replacement at $60k, so we'll only pay 6.5% tax on $8500 instead of the full $60k.
If your state doesn't have laws like this, then flipping cars could be a costly endeavor indeed, even in this weird market.
Very interesting that there may be state laws like this. Do you know how the 60-day window is counted? Is it from the day you take delivery to the day the buyer gets the title in hand?
Otherwise, yeah the sales tax makes flipping a car much less worthwhile.
Doesnt exist in CA so if your location is actually Los Angeles like you have there, it does not apply to you. CA does not do any tax credits like that.
That’s a bummer. Here, it’s 60 days after or before the date on the bill of sale. Simply provide the bill of sale to your local dmv either when registering a new car or for a reimbursement if you’ve already sold it and had to pay the full tax. The only bummer with the latter is that the state can really drag their feet on reimbursement, so you might be waiting a month or two.
BigNick
Infamous Fat Sweaty Guy
Some states have laws against sales of cars for profit, if you're not a licensed dealer.
Search for the term "curbstoning." It might sound like you're sitting at the side of the road getting your 420 on, but it's frequently associated with scammers and such.
www.caranddriver.com
Search for the term "curbstoning." It might sound like you're sitting at the side of the road getting your 420 on, but it's frequently associated with scammers and such.
How to Avoid Getting Scammed By “Curbstoners” When Buying a Used Car
There's a shadowy world of "curbstoner" car sellers that you need to avoid—here's how. Full details at Car and Driver.
www.caranddriver.com
I just checked back and found that my thread came back to life. Thanks for everyone's valuable input! This gives me more to think about.
Just FYI, I know to the penny what I will pay after picking up the car here in Georgia. It's a standard M3 with all the cheapest options. Including tax and everything it will cost me $44,184.74.
This would be my second Tesla as I already own a MYLR. I was planning to trade in my 2017 Chevy Bolt EV. But since GM gave me a brand new battery, I've decided to keep it a little longer.
Sounds like I might be able to turn a profit somewhere in the 7K - 10K range. I think it will definitely be worth the hassle.
Just FYI, I know to the penny what I will pay after picking up the car here in Georgia. It's a standard M3 with all the cheapest options. Including tax and everything it will cost me $44,184.74.
This would be my second Tesla as I already own a MYLR. I was planning to trade in my 2017 Chevy Bolt EV. But since GM gave me a brand new battery, I've decided to keep it a little longer.
Sounds like I might be able to turn a profit somewhere in the 7K - 10K range. I think it will definitely be worth the hassle.
I say enjoy this nutball car market while you can. It's a bubble that will most assuredly burst. Not a clue when, but hopefully after the arrival of my M3LR in the fall!
It won’t happen until supply can meet demand, and with continued parts shortages, and supply chain and shipping issues it likely won’t be anytime soon and likely a few years. My local Honda dealer used to have 150-200+ new cars on the lot on any given day. They have 26 listed and I’d wager that most of those are in transit and sold. Most with dealer markup on top of full MSRP.
They (the entire car market) has figured out they can make a lot of money if they DONT keep all those cars on the lot. They will only return to that forumla (ever) if forced to buy XXX number of cars by their respective manufacturers.
This is like the "Butts in seats" mentality from older managers and supervisors (my age, mid 50s or older). The pandemic showed that "oh wow, we DONT have to have everyone in the office at all times "just because". They want to push people to come back Mon - Friday 8am to 5pm now, and there is massive pushback because that "toothpaste is out of the tube, so to speak.
Same thing here. Car dealers, and manufacturers are making more money with less inventory, etc. It may not stay like this, but I doubt we will ever see a market where the expectation at a regular car dealer by a savvy shopper is "I want $500 under invoice before any incentives, and I know your incentives are X, Y, Z and A, so I expect to pay 4500 under invoice".
That toothpaste is out of the tube too.
Yes I think so too, but we will see because manufacturers may go back to their old ways. Ford and GM, for example, force dealers to take cars they don’t want and they (the manufacturers) count that as revenue and profit because they sell cars to dealers, not the general public. The unions can impact this too because if plants are idle GM, Ford, etc still have to pay the workers salary, benefits, etc.
So it will be interesting to see if this is the new norm or not once supply improves.
Demand destruction for ICE vehicles. If you have TSLA stock with the high valuations, you would hope tesla would sell as many cars as possible -- even if that means finally creating the "affordable" EV that they have been talking about and flooding the market at every price point.
To be honest, I think the shortage should only last another year. Between the upcoming recession and the high mortgage rates; I just don't see the demand picking up and living in a "connected" society, I just don't see shortages lasting too long. People as a group are smart and they will figure out how to make more of stuff -- they always have.
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