tesla trade-in values decreasing :( Nov/Dec 2022

[uicandrew]

I finally put my trade in info (2018 Model 3 tesla dual motor with fsd) due to my impending model Y delivery, and the trade in value that i got back in 24 hours was sobering. just above $28k for a 58k mile.

At first, i thought tesla was lowballing me or i was too "harsh/honest" about my cars condition, so i went to carmax (also similar value after in-person appaisal), and also vroom gave me similar numbers.

KBB's range is 31k-35k, but KBB really means nothing since it's not a real offer to buy the car........

the only thing working in my favor is that trading into tesla also reduces the amount of tax i have to pay on the car.

i haven't selected "accept offer" yet...... but it may come to that.....

anyone else have really reduced numbers than expected recently?

 

[240vPlug]

Wholesale values are down and continue to drop. Many dealers are offering below wholesale (well below in some cases) for trades in order to protect themselves.

If the offers are the same and you don't want to sell privately then trade in to Tesla. I know in my state when it's part of the same transaction you only pay tax on the difference between the price of the new vehicle and the value of your trade.

If your thinking of selling privately check how many are available in your area first. If you want a quick sale you will need to price it lower than all the others. I know within 50 miles of me there are around 600 used model 3 available.

 

[Jalapeno]

I finally put my trade in info (2018 Model 3 tesla dual motor with fsd) due to my impending model Y delivery, and the trade in value that i got back in 24 hours was sobering. just above $28k for a 58k mile.

At first, i thought tesla was lowballing me or i was too "harsh/honest" about my cars condition, so i went to carmax (also similar value after in-person appaisal), and also vroom gave me similar numbers.

KBB's range is 31k-35k, but KBB really means nothing since it's not a real offer to buy the car........

the only thing working in my favor is that trading into tesla also reduces the amount of tax i have to pay on the car.

i haven't selected "accept offer" yet...... but it may come to that.....

anyone else have really reduced numbers than expected recently?

I went in to a dealership to trade for a BMW and they’re offering like 15k below prices listed on Tesla. So no. I am just going to sit tight and wait for the numbers to be reasonable before I trade in. I’m waiting to hear back from Tesla on their offer to trade in before getting a new car.
I have a blue 2021 model y performance with 18k
I was offered 50k for it

 

[Mr. Wonderful]

A lot of people haven't yet accepted the price for used cars is coming down.
Inventories are increasing, and Federal rebates are just over the horizon.
Tesla will again qualify for the rebate, meaning a lot of people are waiting to buy new until after Jan. 1.
So that alone would cause someone in the market to put off buying a car until then if possible.
The good old days (6-18 months ago) when you could get more for your car than
you paid for it are gone. It will take some time for sellers to see their values continue to drop
before deciding to finally sell. Time in this case is your enemy.

 

[240vPlug]

I went in to a dealership to trade for a BMW and they’re offering like 15k below prices listed on Tesla. So no. I am just going to sit tight and wait for the numbers to be reasonable before I trade in. I’m waiting to hear back from Tesla on their offer to trade in before getting a new car.
I have a blue 2021 model y performance with 18k
I was offered 50k for it

50k wasn't a bad offer in this market. Offers for similar cars are in the 40s. Up to 25% below wholesale due to the continual loss of value. It's not a good time to trade up at all. Selling privately will even be a challenge.

 

[Operator64]

I finally put my trade in info (2018 Model 3 tesla dual motor with fsd) due to my impending model Y delivery, and the trade in value that i got back in 24 hours was sobering. just above $28k for a 58k mile.

At first, i thought tesla was lowballing me or i was too "harsh/honest" about my cars condition, so i went to carmax (also similar value after in-person appaisal), and also vroom gave me similar numbers.

KBB's range is 31k-35k, but KBB really means nothing since it's not a real offer to buy the car........

the only thing working in my favor is that trading into tesla also reduces the amount of tax i have to pay on the car.

i haven't selected "accept offer" yet...... but it may come to that.....

anyone else have really reduced numbers than expected recently?

List it in the for sale section here with an added % for the tax liability and see if you get any interest the FSD alone purchased today is $15K maybe someone Here would rather pay you for it than pay another dealership $45 K

 

[voip-ninja]

I finally put my trade in info (2018 Model 3 tesla dual motor with fsd) due to my impending model Y delivery, and the trade in value that i got back in 24 hours was sobering. just above $28k for a 58k mile.

At first, i thought tesla was lowballing me or i was too "harsh/honest" about my cars condition, so i went to carmax (also similar value after in-person appaisal), and also vroom gave me similar numbers.

KBB's range is 31k-35k, but KBB really means nothing since it's not a real offer to buy the car........

the only thing working in my favor is that trading into tesla also reduces the amount of tax i have to pay on the car.

i haven't selected "accept offer" yet...... but it may come to that.....

anyone else have really reduced numbers than expected recently?

That price seems low even with that mileage unless the car is in pretty rough condition. Mine was in very good bordering on excellent condition and I was getting offers for trade of between $32K-$33K. Mine was EAP with 26,000 miles. It's worth noting that the real lesson out of this is that resale value of EAP and FSD are completely worthless and you are better off paying for those features by the month if you want them unless you plan on keeping the car for an extremely long period of time to make it even out.

Wholesale values are down and continue to drop. Many dealers are offering below wholesale (well below in some cases) for trades in order to protect themselves.

If the offers are the same and you don't want to sell privately then trade in to Tesla. I know in my state when it's part of the same transaction you only pay tax on the difference between the price of the new vehicle and the value of your trade.

If your thinking of selling privately check how many are available in your area first. If you want a quick sale you will need to price it lower than all the others. I know within 50 miles of me there are around 600 used model 3 available.

There's almost never going to be a case where you can't do better than Tesla offers since they are giving you a low wholesale price. I ended up getting about $4000 more than Tesla offered and even with the difference in taxes I was ahead over $2000.

I went in to a dealership to trade for a BMW and they’re offering like 15k below prices listed on Tesla. So no. I am just going to sit tight and wait for the numbers to be reasonable before I trade in. I’m waiting to hear back from Tesla on their offer to trade in before getting a new car.
I have a blue 2021 model y performance with 18k
I was offered 50k for it

Resale is going to continue going off a cliff due to a softening economy, increasing inventory, increased lending rates and a looming huge tax incentive.

I just started a thread about this in the OT forum. As bad as your resale looks to you now it could easily go down another 10% in the next 30-60 days. Just being realistic here, my car bled $10K of resale value in about six months time. I should have unloaded it at the peak and just driven one of my other cars for six months.

 

[uicandrew]

thanks for your input, everyone. it just looks like bad timing for me. and it's not going to get better anytime soon, especially with the new rebates coming.... that'll have a lot of people trading in. it's humbling to think that if they take away my FSD value of 15k today, they're only offering me $13k for the actual car.

i'll suck it up and accept the trade in value. I hit a deer with my tesla model 3 (but fixed with a tesla body shop after 10k of repairs) and had ppf from front to back on everything except for the trunk.

getting the FSD was a waste of money for me. at least i only paid $7-8k at that time. i live around a lot of roundabouts that i don't trust FSD to tackle. i'm out of bumper to bumper warranty, the climate control has been wonky, and i don't have a heat pump for the long-ish winters...... i think it's time for me to trade up to a model Y

 

[voip-ninja]

thanks for your input, everyone. it just looks like bad timing for me. and it's not going to get better anytime soon, especially with the new rebates coming.... that'll have a lot of people trading in. it's humbling to think that if they take away my FSD value of 15k today, they're only offering me $13k for the actual car.

i'll suck it up and accept the trade in value. I hit a deer with my tesla model 3 (but fixed with a tesla body shop after 10k of repairs) and had ppf from front to back on everything except for the trunk.

getting the FSD was a waste of money for me. at least i only paid $7-8k at that time. i live around a lot of roundabouts that i don't trust FSD to tackle. i'm out of bumper to bumper warranty, the climate control has been wonky, and i don't have a heat pump for the long-ish winters...... i think it's time for me to trade up to a model Y

Since you have time it's still worth trying to get a better price from a private buyer.

If the title is clean (was not salvaged) you should be able to get at least $32K for it even if it was repaired.

Did you not approach your insurance company with a diminished value claim when the accident was filed?

I upgraded for the reasons you more or less mentioned... The MY will be a better fit for my family and in the CO winters, and I'm really looking forward to the revised suspension.

Definitely though FSD or EAP are absolutely NOT worth it. I never even turned it on without it trying to do something stupid that nearly got me in a wreck. Massive waste of $7500 for me and lesson learned. If it improves to the point I would want it for driving on a road trip or something I would just pay the occasional monthly fee for it.

 

[uicandrew]

Since you have time it's still worth trying to get a better price from a private buyer.

If the title is clean (was not salvaged) you should be able to get at least $32K for it even if it was repaired.

Did you not approach your insurance company with a diminished value claim when the accident was filed?

I upgraded for the reasons you more or less mentioned... The MY will be a better fit for my family and in the CO winters, and I'm really looking forward to the revised suspension.

Definitely though FSD or EAP are absolutely NOT worth it. I never even turned it on without it trying to do something stupid that nearly got me in a wreck. Massive waste of $7500 for me and lesson learned. If it improves to the point I would want it for driving on a road trip or something I would just pay the occasional monthly fee for it.

i live about 1.5 hours away from my tesla showroom where i would take delivery.

thanks for the reminder about the diminished value. surprisingly, carmax didn't find any accidents on record, but tesla's own body shop repaired mine, so i don't think i could lie to tesla, haha.

i'll also enjoy not bending over as much to load my toddlers into their car seats.

with regards to winter tires, is it possible to put cross climates 2 directly on the 21" uberturbines? I love my cross climates on my Model 3, but all the tire store websites say that there are no crossclimates compatible with the performance model Y... probably because of the different size rims?

 

[voip-ninja]

i live about 1.5 hours away from my tesla showroom where i would take delivery.

thanks for the reminder about the diminished value. surprisingly, carmax didn't find any accidents on record, but tesla's own body shop repaired mine, so i don't think i could lie to tesla, haha.

i'll also enjoy not bending over as much to load my toddlers into their car seats.

with regards to winter tires, is it possible to put cross climates 2 directly on the 21" uberturbines? I love my cross climates on my Model 3, but all the tire store websites say that there are no crossclimates compatible with the performance model Y... probably because of the different size rims?

You really don’t want to deal with putting winter rubber on the 21” rims or the 20s for that matter. Suck it up and get a dedicated set of winter tires and wheels if you are going with those wheel sizes.

 

[electric_three]

I’ve had the same experience lately - here - recently put a thread up on this here - been trying to trade my 21 LR AWD with 24K miles and from end Sept to now it’s lost 22K in trade values. I’m now getting offered $43-$45K and I paid $68K. Absolutely criminal if you think of the time period that loss happened in, but the user car market trade In values for sellers is dropping heavily as per many of the reasons stated above. What frustrates me is used cars at dealerships are obviously not coming down as quickly, I track 20 cars that have been on sale for more then 120days and the dealerships will drop pricing 2.5K over that period - meaning they are still riding the last of the wave while they can.
My worry is where does it bottom out? Can’t believe a car that was bought for $70K when new is now worth $41K losing ~40% of its value!
That said I think Tesla is being hit harder because of that oversupply and under-demand issue due to new Tax regulations. I candidly don’t think Elon’s twitter antics are helping. Either way I hope I didn’t end up buying a 7 series bmw here .. this thing is gonna be worth half of what I bought it in 1year! :/

 

[uicandrew]

I know it’s like apples to oranges, but my pre -Tesla car, a fully loaded Infiniti q 50 red sport, lost about 33% of the value in 1 year.

I honestly expected my trade in to be 35-40k, so 28k was a shocker, but I guess with the new government subsidy coming soon, the resale will likely not improve in the near future.

 

[Yelobird]

I know it’s like apples to oranges, but my pre -Tesla car, a fully loaded Infiniti q 50 red sport, lost about 33% of the value in 1 year.

I honestly expected my trade in to be 35-40k, so 28k was a shocker, but I guess with the new government subsidy coming soon, the resale will likely not improve in the near future.

Minor detail you missed in your first post was the small part about hitting a deer And full front end repair. I know I personally would Not consider buying a used car with that “minor” detail omitted….

 

[uicandrew]

Minor detail you missed in your first post was the small part about hitting a deer And full front end repair. I know I personally would Not consider buying a used car with that “minor” detail omitted….

True. The reason why that was not mentioned initially was that it didn’t seem to make a difference.

I told carmax about the accident upfront, but According to Carmax, there was nothing in their record search that indicated an accident. Afterwards, I went to the other websites that offer to buy your car, I put it in as “no accident” to see how the numbers came up, and the offers were the same.

 

[Thud]

My Tesla estimated trade-in for my 2018 P3D (24k miles) dropped about $15k in the span of a month. Late Summer I was quoted something like $50k-$55k, then a few weeks later it topped out at $39k. Now it’s $37k max. Similar to Carvana.
The quote includes FSD (which is active on my car) which tells me that Tesla must value FSD very little on trade-in.

I’m going to hold on to my car for another year, and then swap it for a MY, CT (reserved) or R1T (also reserved). All I can bank on is that my current car will depreciate less from its current value in the next year, compared to a new car if I were to trade in today.

 

[uicandrew]

My Tesla estimated trade-in for my 2018 P3D (24k miles) dropped about $15k in the span of a month. Late Summer I was quoted something like $50k-$55k, then a few weeks later it topped out at $39k. Now it’s $37k max. Similar to Carvana.
The quote includes FSD (which is active on my car) which tells me that Tesla must value FSD very little on trade-in.

I’m going to hold on to my car for another year, and then swap it for a MY, CT (reserved) or R1T (also reserved). All I can bank on is that my current car will depreciate less from its current value in the next year, compared to a new car if I were to trade in today.

wow. that is pretty low mileage! if i had your car, my mileage would be up even higher! at the time of Model 3 dual motor purchase, my infiniti was only 1 year old so i had difficulty justifying spending an extra 5-8k at the time for the performance model. thank you for that info.

by waiting, you'll get to maybe take advantage of the FSD software. of course, the time i'm trading in the vehicle, the FSD gets better. There's no way I'm getting FSD on the model Y. a waste of 7-8k. i hope your trade in value goes up!

 

[Yelobird]

True. The reason why that was not mentioned initially was that it didn’t seem to make a difference.

I told carmax about the accident upfront, but According to Carmax, there was nothing in their record search that indicated an accident. Afterwards, I went to the other websites that offer to buy your car, I put it in as “no accident” to see how the numbers came up, and the offers were the same.

Again it’s about the details. Curious what did a 2018 Model 3 cost back then? 36k-40k? (list) Add that to the 60k miles driven and major accident (yes they know) and your offer doesn‘t sound overly crazy.

 

[uicandrew]

Again it’s about the details. Curious what did a 2018 Model 3 cost back then? 36k-40k? (list) Add that to the 60k miles driven and major accident (yes they know) and your offer doesn‘t sound overly crazy.

Mine was 62k….. ouch. I shouldn’t have looked it up

 

[D.E.]

If used prices are off a cliff, it might be worthwhile to consider buying used and let someone else take that great big hit. Perfect paint and low mileage would be worth a lot to me but doesn’t add much to the sales value. And $20K or so will buy a lot of repairs, however unlikely, once the warranty is up. That and you might get FSD free…. Since the brunt of the value drop will have already happened, the value lost during your ownership will be far less when you sell later. This won’t be right for everyone but it’s certainly worth a thought.