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Trade-In Estimate
- Thread starter Skunis
- Start date
MaxTorque
Member
Dante,
If you are in Ontario, Canada, then yes the trade-in price is subtracted from the purchase price for HST calculations. Good luck.
CapeOne
Active Member
Depends on the options the car has. A new M3 SR+ starts at $39,190 but can climb to as much as $43,690 retail without FSD or $51,690 with FSD.
Exactly! My car was $40,500 before delivery charges (paint upcharge). So the price was higher when I got mine in April 2019.
I also added the rear heated seats and FSD (got in at $4k).
If I were to buy a new car I would pay $48,190 (includes the delivery/destination charge of $1200). I would get $5k from NJ as a rebate for EV so that would put car at $43,190. I would have about $10 left from trade in after paying off loan. That would put me about $1k less than what my current loan is.
Would be nice to have the newer version with higher distance and upgraded interior/exterior but what a hassle.
Last edited:
coconutboy84
Member
CapeOne
Active Member
RScottyL
Member
Not sure if they do it up in CAN, but you can check with a CARMAX or something similar and get a quote for trade in and Tesla will match it!
Sunshine State
Automotive Enthusiast
lUtriaNt
Member
P-Lo801
Member
I got $35.5k from carmax for my LR RWD with 21k miles. It was $1.5k more than what Tesla offered me for trade-in.
Is that taking into account the tax savings from Tesla? I feel like I would compare "Trade in" quotes differently than "buy your car outright" quotes. Or am I misunderstanding how that works? Because you save the tax on the trade in value, you should add the cost of tax to the trade in quote to make it a fair comparison to the purchase?
P-Lo801
Member
I'm not sure I understand your question. But, I got a check from carmax for the difference in the remaining balance I had on my car loan. They offered me $35.5k for my car, but I had $25k payoff balance. So, I used the difference toward my down payment for my new car.
What they mean is when you trade in at the same time as your purchase, you dont pay tax on the net trade in amount.
So in your scenario there, say you got 35.5k and you owed 25k and traded in to Tesla, you would essentially be lowering the purchase price of the Tesla by 10,500 therefore paying less tax. If you sell your car to a 3rd party (Carmax), you would have a cheque for 10,500 from them to put towards the purchase, but there would be no tax savings.
Tax law would vary depending where you live, and it still might not be worth it to trade in vs sell to a 3rd party. Where I live (Canada) the tax would be 12% so on 10k I'd save 1200 in tax. If Carmax is offering you more than $1200 than Tesla then it would still be worth it. You said it was 1500 more than Tesla offered so if you have the same tax rate as me then you still saved money not trading in to Tesla.
So I bought a M3 SR+ with FSD in May 2019. (Black paint, standard wheels, white interior). I paid $46,500. Tesla just told me their trade-in value for it is only $33,600. To buy a new one would cost you $49,990.
I don't understand how my car depreciated 27.7% off the purchase price. Or 32.8% off the replacement value. What's more is that I got a trade-in quote on 10/16 for $34,200. They updated the quote today for $33,600. That's a $600 drop in 1 month!
I know all cars depreciate quickly in the first 1-2 years, but this seems excessive.
