Thinking about trading in my 2019 Subaru WRX, have some questions

[daica]

I am thinking of trading in my 2019 Subaru WRX, I have a few questions regarding the trade-in process if anyone can help me out.
Im thinking of getting a Model 3 Long Range, Silver, maybe with FSD (still deciding and trying to see if its worth it).

1. I was offered around 26K for my car, this is just the basic put in my VIN and get a quick offer.
I was involved in a very minor hit-n-run and got my car fixed up through my insurance. It was just cosmetics. Does Tesla ask for this like CarMax or Carvana during the trade-in?
I'm asking this because apparently, Carvana and CarMax drops the value of my car by around 5K when I put in that the car has 1 accident, they dont ask if its minor or major.

2. The current wait time is around 9-12 weeks for the long range model, Tesla's trade-in offer only lasts for 30 days. I'm going to be putting about 1000-miles on my car a month until the Model 3 is available. I think I could use one of my family's car as a daily driver so I dont continue adding miles to my car and make the value drop even more. Would this be the best route for me to take?

Thank you

 

[jjrandorin]

No one has any idea whatsoever what the vehicle trade market will look like in 9-12 weeks. Most people expect it to correct back "toward reality" which is NOT where it is right now.

If I were you, I would run a carfax or something on my car and see if this "cosmetic" repair was actually reported, and if not, then I would sell to vroom / carmax / carvana NOW (before values change much), and use a family members car until the tesla comes in, removing it from the trade in equation.

We dont get tax credit trading vehicles into the dealer here in CA so you are not losing anything that way. The market WILL correct at some point, we just dont know when. You run the VERY REAL risk that your vehicle changes in value by thousands (lower) in 9-12 weeks, as the used car market in general is bonkers right now, but there is no chance it stays that way long term.

 

[daica]

No one has any idea whatsoever what the vehicle trade market will look like in 9-12 weeks. Most people expect it to correct back "toward reality" which is NOT where it is right now.

If I were you, I would run a carfax or something on my car and see if this "cosmetic" repair was actually reported, and if not, then I would sell to vroom / carmax / carvana NOW (before values change much), and use a family members car until the tesla comes in, removing it from the trade in equation.

We dont get tax credit trading vehicles into the dealer here in CA so you are not losing anything that way. The market WILL correct at some point, we just dont know when. You run the VERY REAL risk that your vehicle changes in value by thousands (lower) in 9-12 weeks, as the used car market in general is bonkers right now, but there is no chance it stays that way long term.

Can't vroom / carmax / carvana take legal actions if I sell them my car telling them its never been in an accident, but then 90 days from now (usually how long it takes for the accident to be reported) the accident is then reported?

I dont mind selling to 3rd party but I just dont want any legal trouble doing so by lying to them. I mean, the car is 100% perfect other than a few minor scratch here and there

 

[jjrandorin]

I dont have an answer to that, I just know that some repairs are reported by body shops and some are not. It is not "mandatory" for a body shop to report damage. Whether it is reported or not depends on whether there was someone else involved, insurance payments etc..... but all of that doesnt normally occur when someone says "this is just cosmetic".

I am just stating that sitting and waiting to sell / trade in for 9-12 weeks is opening yourself up to the VERY real possibility that values drop like a stone between now and then, no matter what the accident history is.

 

[EVFamilyGrins]

Another option is to sell the car to a private party. It is more work, but you are not in a rush to sell and you should get a better price. You can always go back to the Vroom/carmax route if selling privately doesn't work out for you.

 

[daica]

Gotcha. The damage didn't exceed 25% of the car and usually thats what gets asked. It was like $3000 for labor and material. I'll shop around and see if I can get a better price for the car and sell it before the used car market drops.

I would sell to a private party, but I'm not done paying off the car yet so that usually puts off most buyers. I'd have to find the right person willing to work with me and the bank.

 

[DayTrippin]

Don't forget to also check with. your Subaru dealer. The best legitimate price I got for my trade was from the actual dealership where I bought it as luck would have it. They gave me almost 3k more than Carmax offered. Gave me a check on the spot and a lift home. Just another option that people often overlook.

Back to the issue about the repairs, I had a very cosmetic repair on an Acura 15 years ago. It was less than 2k to repair it. Which we all know at a body shop is almost nothing and wouldn't even cover a door ding on a Tesla... Anyway that minor repaint (nothing was even replaced) showed up on a Carfax. My car took about a 4k hit for a repair that cost less than 2k. I finally found a private buyer and I got what the car was worth out of it.

 

[hcdavis3]

Don't forget to also check with. your Subaru dealer. The best legitimate price I got for my trade was from the actual dealership where I bought it as luck would have it. They gave me almost 3k more than Carmax offered. Gave me a check on the spot and a lift home. Just another option that people often overlook.

Back to the issue about the repairs, I had a very cosmetic repair on an Acura 15 years ago. It was less than 2k to repair it. Which we all know at a body shop is almost nothing and wouldn't even cover a door ding on a Tesla... Anyway that minor repaint (nothing was even replaced) showed up on a Carfax. My car took about a 4k hit for a repair that cost less than 2k. I finally found a private buyer and I got what the car was worth out of it.

Was the accident reported to police? I don’t see any other way it would end up on Carfax.

 

[IChillinz]

Check Carfax, if it goes through insurance for repair I believe they report accidents tied to vin numbers. I think there is strong chance it will show an accident.

I do believe selling to private party is is great option. it takes little time but I think you will get the price you want and I wouldn't let having to pay bank affect things. with such short supply of used cars right now and your WRX is a popular car It should sell. Id list it and see what interest you get.

Ive never been a fan of trading in cars because you can generally get more selling it.

 

[DayTrippin]

Was the accident reported to police? I don’t see any other way it would end up on Carfax.

Nope, never reported it to the police. Once there is an insurance claim it is tied to the VIN based on my experience.

 

[raptor5244]

Can't vroom / carmax / carvana take legal actions if I sell them my car telling them its never been in an accident, but then 90 days from now (usually how long it takes for the accident to be reported) the accident is then reported?

I dont mind selling to 3rd party but I just dont want any legal trouble doing so by lying to them. I mean, the car is 100% perfect other than a few minor scratch here and there

It is up to the buyer to to determine if the condition of the car. Carmax will need to run a Carfax and physically check the body for repair/paint work and make their own decision. What if the car was new to you and the previous owner had a bumper replaced, etc.? You may have no idea it was ever in an accident. It is the risk of buying a used car.

I recently sold my M3P to Carmax. They feel around all the edges of the doors, frunk, trunk. They pull some weather stripping back to reveal repairs and paint work. They never asked me if it was in an accident. The only think you sign is something stating that you didn't tamper with the odometer.

 

[ArchEtech]

Get an offer from everyone. Weigh the trade vs. buyout against what you save on taxes. That is a significant factor, taking $26k out of your new purchase taxes depending on your state.