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Trade In Value from Tesla? WTF?
- Thread starter bdaviskc
- Start date
I recently traded in my 2018 Volvo XC90 for a model Y, and the experience was good. In fact Tesla offered $41,500, 1.5K more than the local Volvo dealership where I bought the XC90.
Three years ago when I bought that XC90, we were also considering a new model X, and the person at Tesla described how the trade in works (we had a Toyota Highlander at the time to trade in). He stated that these trade-ins go directly to auto wholesalers, where they are bid on once you have uploaded the pictures and info. There are couple online wholesaler auctions like this (as far as I know). Tesla has no interest in making money on the used trade ins. They just want to get rid of it as soon as possible. Their model is quite a bit different from a typical dealer, where they want to flip it and make money.
As for other's trade-in experiences, not much I can offer, other than European luxury brands like Audi, BMW, and Mercedes are some of the highest depreciating vehicles around, especially as they go out of warranty. IMO, I would never own any of those brands outside of a bumper to bumper warranty, and ideally I would only lease one. This is what ultimately pushed me to get rid of the XC90 right now, instead of waiting longer (in spite of having a extended warranty to 8 years and 100k miles). I know that after the first 3 years, the value is going to drop like a rock.
Three years ago when I bought that XC90, we were also considering a new model X, and the person at Tesla described how the trade in works (we had a Toyota Highlander at the time to trade in). He stated that these trade-ins go directly to auto wholesalers, where they are bid on once you have uploaded the pictures and info. There are couple online wholesaler auctions like this (as far as I know). Tesla has no interest in making money on the used trade ins. They just want to get rid of it as soon as possible. Their model is quite a bit different from a typical dealer, where they want to flip it and make money.
As for other's trade-in experiences, not much I can offer, other than European luxury brands like Audi, BMW, and Mercedes are some of the highest depreciating vehicles around, especially as they go out of warranty. IMO, I would never own any of those brands outside of a bumper to bumper warranty, and ideally I would only lease one. This is what ultimately pushed me to get rid of the XC90 right now, instead of waiting longer (in spite of having a extended warranty to 8 years and 100k miles). I know that after the first 3 years, the value is going to drop like a rock.
Thomaswest
Member
I traded in my 2020 Model Y to Tesla and was given $56,400. Very early VIN (2000’s), pearl white, black interior, fsd, induction, tow hitch w less than 12k miles.
While I agree they aren’t in the business of dealing with used cars, I thought that was a pretty fair trade in amount.
While I agree they aren’t in the business of dealing with used cars, I thought that was a pretty fair trade in amount.
You answered your own question in your post. Your not missing anything.
When you arrive at a Tesla store you don’t see a big “USED CARS” section because they are not interested in selling used cars. Anything they take in on trade goes straight to auction... unless it’s a Tesla. Those become loaners wile being listed for sale.
Super_Popular
Well-Known Member
Tesla isnt the one buying your car, its a local delier or wholesaler. All they do is shop your car around.
Thomaswest
Member
I looked but didn't see someone say this specifically. Tesla will match a CarMax quote for trade, you're just burdened with going to get it. In my case it was a $2K difference and I got to keep the sales tax benefit.
[EDIT] I'm seeing instances where they may have stopped the CarMax match in June 2020. Can't hurt to ask.
Was told by Tesla at the end of December when we inquired that they do not match trade-in values, even on their own Teslas. Actually suggested that we sell to Carmax.
ChrgdTeCHick
Member
I got a good one for you... I know Tesla doesn't want trades, I traded in my ICE when I got my first Tesla and it was a good experience, matched CarMax but they weren't too low, and the tax break ended up being better to trade. Now I have an order in for a Y and started looking around for offers.
Sept 2020 I rcvd a trade in offer from Tesla for $24.5k on my S
Feb 2021 Tesla offer.... $18k
Feb 2021 Carvana and Vroom... $24k
$6500 less from Tesla just 5 months and an extra 262 miles since their September offer.
I was hoping to trade in for the tax break again, even if the break was a little less than the difference of selling private to avoid the hassle. But $6500 less.... that's a bit much...
Sept 2020 I rcvd a trade in offer from Tesla for $24.5k on my S
Feb 2021 Tesla offer.... $18k
Feb 2021 Carvana and Vroom... $24k
$6500 less from Tesla just 5 months and an extra 262 miles since their September offer.
I was hoping to trade in for the tax break again, even if the break was a little less than the difference of selling private to avoid the hassle. But $6500 less.... that's a bit much...
Bought a 2020 model X December 27th for $92K. Requested a trade in value on May 7th form Tesla. They offered me $59,200. Car Max offered $76k, Porsche and Audi offered $79. Needless to say this will be my last Tesla. Tesla service is also pathetic in Fort Lauderdale. Check out te Taycan, Etron and Mustang Mach E. Mutch better build quality and service.
Less than 6-month old high-end car, what did you expect? Let me guess, you expected to get $91,500?
GTFO
I'm sure they did want that much - and also a refresh happened and we all know the older models will drop in value. Brian from i1Tesla was really ticked about his trade in offer from Tesla for his X as well...
I tried to trade in my truck and had a similar experience. They offered about 4k less than trade-in value, but the truck had some small dents and dings and worn tires, so I didn't think much of it. I decided not to trade it in, and spent about $6k fixing it up. About a month later I changed my mind and submitted new pictures to trade it in. This time they offered me $8k less than trade in value.
AZSTAD
Member
jordanair45
2019 Model 3 SR+ w/ FSD
Just did this, thanks.
Let's see how it goes. I'm more than convinced my trade in was holding up my order.
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