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

[electric_three]

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.

That’s what I’m hoping with mine too, glad to see I’m not alone. I feel seen!

 

[enable20011]

I accepted an offer of $36,600 for 2018 RWD red model 3 (FSD) with 27K miles, I'm picking my Y next week.

 

[uicandrew]

I accepted an offer of $36,600 for 2018 RWD red model 3 (FSD) with 27K miles, I'm picking my Y next week.

congratulations! that seems like a very reasonable offer. if you don't mind me asking, how long ago did you submit your pictures/information to get the trade in ?

 

[enable20011]

congratulations! that seems like a very reasonable offer. if you don't mind me asking, how long ago did you submit your pictures/information to get the trade in ?

I started the trade in process back in August, at that time they offered my $49,000. but these offer's expire every month, so, I used to submit this every month until this month when I got the VIN for my model Y.
$49,000 > $44,500 > $42,000 > $38,000 > $36,600

 

[uicandrew]

I started the trade in process back in August, at that time they offered my $49,000. but these offer's expire every month, so, I used to submit this every month until this month when I got the VIN for my model Y.
$49,000 > $44,500 > $42,000 > $38,000 > $36,600

Wow. That must’ve been discouraging to see the decline. I can definitely sympathize. When was the last time you submitted the info? I submitted mine about 12 days ago.

Maybe if have them re-eval , I could get a slightly higher value. (Or it could go down even further…..)

 

[Unclepaul]

Most all used cars have been droping in trade in values over the last few Months. Not just Tesla.

 

[Thud]

I just got an email from Carvana, my trade-in quote dropped another $2400 from 1 week ago. Now my low-mileage 2018 Model 3 Performance with FSD is valued at $34k. Sheesh! By the time I’m actually ready to get a new car (late 2023) my current car should be worth a cool $3.50

 

[uicandrew]

I just got an email from Carvana, my trade-in quote dropped another $2400 from 1 week ago. Now my low-mileage 2018 Model 3 Performance with FSD is valued at $34k. Sheesh! By the time I’m actually ready to get a new car (late 2023) my current car should be worth a cool $3.50

How many miles? How much did Tesla offer you?

 

[Thud]

How many miles? How much did Tesla offer you?

24k miles. Tesla’s current online quote is 33-37k. They might actually come in higher than Carvana if I were to trade in now.

 

[evfam4]

We just received a formal trade-in offer a whopping 9.2K below the low-end of the estimated offer range for a Model 3 we got 5 days ago…

 

[VT_EE]

We just received a formal trade-in offer a whopping 9.2K below the low-end of the estimated offer range for a Model 3 we got 5 days ago…

Not surprising. Used Tesla prices are dropping like a rock. Private sale is the way to go. Price below what all the local dealers are charging and you‘ll sell it quickly while still making far more money than the trade in.

 

[Thud]

The used cars on Tesla's web site certainly aren't dropping like a rock. I think they must be adding the full $15k for FSD to the used prices, even though they are likely adding $3.50 for that feature on trade-in estimates.

A used Raven Model S would be a pretty solid buy in the current market though.

 

[Kokukenji]

Not only the used car market is tanking a bit when compared a few months ago, right now, everyone trying to sell or trade in their Tesla need to factor the potential of new owners buying a Tesla with the $7500 in mind + the value of 10K supercharger.

Example for the cheapest 2023 Model 3 right now from Tesla is $46,990. With the $7500 and let's give the 10K SC a $1000 value, looking at $38,490...that's a crazy good deal!

 

[Possib1edoc]

Bought a readily Model Y 2023 for 56k after tax on Saturday and sold to a car dealership for 64k same day.

 

[Operator64]

Bought a readily Model Y 2023 for 56k after tax on Saturday and sold to a car dealership for 64k same day.

Never heard of a readily Model Y is it a new model? You should really post a BS warning prior to posting so someone don’t take you serious.

 

[RedSupraT]

Just got hammered on my non-Tesla trade. Let's face it, doesn't matter what you're trading in, you're gonna get lowballed.

 

[ucmndd]

The used cars on Tesla's web site certainly aren't dropping like a rock.

They will, but certainly not until Jan. Right now they absolutely don’t want to sell used cars or give anyone any incentive whatsoever to buy anything other than a new one.

 

[ZenRockGarden]

I see this simply as a return-to-rationality where used cars are worth less than new ones, with an additional adjustment to the coming reality of $7500 new car rebates (with a much lower cap on used electrics making them somewhat less appealing)

 

[WowSuchRicky]

Same boat, I looked out of curiosity recently and was offered ~$48k for a 2017 S P100DL with 45k miles on it and FSD. They sell similar ones used themselves (haven't seen an L in ages though) for >$65k.

I paid $70k for it two years ago.

 

[ZenRockGarden]

Same boat, I looked out of curiosity recently and was offered ~$48k for a 2017 S P100DL with 45k miles on it and FSD. They sell similar ones used themselves (haven't seen an L in ages though) for >$65k.

I paid $70k for it two years ago.

We all got used to the more-demand-than-supply world of 2 year old Teslas trading in for almost what we paid for them.

That's over - at least in the short term as supplies rise and tax refunds make buying new more attractive.

Roughly $50k trade in for a $70k car is.... kinda normal. You can probably get $60k selling it privately which is outstanding - the fleet-average 2 year depreciation of all cars in the US is 69% (as measured on retail value, not trade-in). Teslas have tended to hold value much more strongly but trade-in values are at around 70-75% right now. Yep.