Trade-in vs. selling

[bdnorg]

(I'm new here, so please let me know if this isn't the best forum for this post.)

I have a 2015 Model S, which I absolutely love. But after a lot of deliberation, I finally decided to "downgrade" to Model 3.(*) It would be the least hassle for me to just trade-in my Model S. But they're offering me around $10k below the Kelly Blue Book value, which is a larger delta than I was expecting. I feel like maybe I should just split the difference and put it on offer for $5k under. That way someone else gets a good deal and I get a few thousand extra dollars. So it would be a win-win for everyone. Right? I have under 2 weeks to decide which route to go.

I'm wondering, how did other people decide whether to trade-in vs sell. For those who decided to sell, how much of a hassle was it and did you regret not just doing the trade-in?


* Well, it's sort of a downgrade for me. I'm getting a performance Model 3, so it will be faster. And I'll get the latest FSD hardware. And it will still be cheaper than what I paid for my Model S. I have mixed feelings about moving to a smaller car, but I'll definitely miss some of the more luxury features, like the bigger, smoother ride and the huge display.

--
Brandon

 

[YodaMan79]

I wish you the best of luck on your sale. But, why do you think KBB is an accurate gauge of value?

Your strategy of splitting the difference is a good start. The market will tell you right away if your price is on point. Luxury vehicles, plus the technology aspect has created a second hand market that's still trying to define itself.

 

[gearbox]

I would go up a couple thousand or so on your trade-in and say "you have two weeks to come to get this Tesla".

 

[Lasttoy]

I would sell it myself. Google and look at every used car in USA. Set your price by your research.
I bought mine that way, I tried Pre owned route, Tesla guy was jerk. I saved 10k.

 

[GMan324]

Tesla will honor CarMax appraisal, which people have found to be higher, if you are a “trade in” guy. You always get more value selling it yourself, but have to work a little for it. Remember that if you sell it yourself you will lose the sales tax discount of the trade in value so take that into account when pricing your car. We could be more specific if you listed you cars specs and miles.

 

[playoutside]

Tesla will honor CarMax appraisal, which people have found to be higher, if you are a “trade in” guy. You always get more value selling it yourself, but have to work a little for it. Remember that if you sell it yourself you will lose the sales tax discount of the trade in value so take that into account when pricing your car. We could be more specific if you listed you cars specs and miles.

I just bought a Model X and Tesla would not match Carmax on my Tesla trade in. But they would match Carmax on my F-150.

There’s no sales tax credit in California

 

[TampaRich]

Vroom and Carvana both offered me $7k more than Tesla on my 2015 S.

 

[Grassright]

Tesla will honor CarMax appraisal, which people have found to be higher, if you are a “trade in” guy. You always get more value selling it yourself, but have to work a little for it. Remember that if you sell it yourself you will lose the sales tax discount of the trade in value so take that into account when pricing your car. We could be more specific if you listed you cars specs and miles.

Tesla will NOT honor Carmax quote for "Tesla" vehicles (other brand okay). And in CA, there is no tax credit for trade-in.

 

[EXOTIC1]

neighbor has a 2016 model x with 35k on the dial
P90DL wondering what trade will be 145k msrp
i'm guessing 55-60?

 

[IGdawgI]

(I'm new here, so please let me know if this isn't the best forum for this post.)

I have a 2015 Model S, which I absolutely love. But after a lot of deliberation, I finally decided to "downgrade" to Model 3.(*) It would be the least hassle for me to just trade-in my Model S. But they're offering me around $10k below the Kelly Blue Book value, which is a larger delta than I was expecting. I feel like maybe I should just split the difference and put it on offer for $5k under. That way someone else gets a good deal and I get a few thousand extra dollars. So it would be a win-win for everyone. Right? I have under 2 weeks to decide which route to go.

I'm wondering, how did other people decide whether to trade-in vs sell. For those who decided to sell, how much of a hassle was it and did you regret not just doing the trade-in?


* Well, it's sort of a downgrade for me. I'm getting a performance Model 3, so it will be faster. And I'll get the latest FSD hardware. And it will still be cheaper than what I paid for my Model S. I have mixed feelings about moving to a smaller car, but I'll definitely miss some of the more luxury features, like the bigger, smoother ride and the huge display.

--
Brandon

Be more specific on your car details as this could also double up as a question on which direction to sell and a car listing. You may find a buyer as you are asking the trade in or sell private question. But I hear selling private is pretty difficult as you're competing against Tesla Used and their additional warranty they tack on. The warranty I feel is well worth it and I personally paid less than a local dealer and a private party asking price. I've used the warranty 3 times in about 2 months. Wouldn't be surprised if more warranty work is needed in the next 4 years.

 

[ChadS]

I have sold 3 Teslas privately. In all cases (and in two others others where I didn't end up changing cars) I asked Tesla for a trade-in quote, and I ended up doing better with the private sales even though my state does offer a trade-in sales tax exemption (and the tax rate is 10%, so that can be quite a bit on a Tesla).

The Roadster took three weeks to sell, and sold to the first person that looked at it. The Model S took a few minutes, and sold to the first person that sent me a message about it. The Model 3 took about a week, and sold to the second person that looked at it (the first person decided to get a Model S).

Sure, selling it yourself is more work; but in my experience it sure hasn't been much. And I've always ended up with more money. With the Roadster and Model S, a lot more money. With the Model 3, not very much...but it only had 2k miles on it.

I have tried getting quotes from Vroom and Carmax and such services, but that's never worked out either. Selling myself has always been the best deal.

 

[Gnzasu]

Vroom and Carvana both offered me $7k more than Tesla on my 2015 S.

Can you just sell to them directly without purchasing a vehicle?

 

[bdnorg]

Thank you for all the useful feedback.

Several of you said that selling didn't have to be that much extra effort and it was well worth the price difference for a trade-in (especially for what Tesla offers). As many of you advised, I did more research on pricing. Several people also suggested looking at sights like CarMax, vroom, and carvana. I looked into these and, like TampaRich, they offered me over $7k more than what Tesla offered. So I think I'm going to go with gearbox's suggestion of adding a couple of thousand dollars to the trade-in offer and and then post it with time limit on finding a better offer.

I'll post the details of my car on another thread. Thanks again.

--
Brandon

 

[bdnorg]

Can you just sell to them directly without purchasing a vehicle?

From their site, it looks like you can sell them your car without purchasing one from them. There may even be ways to still get the trade-in tax credit, but I didn't look into that since it doesn't apply to me.

 

[TampaRich]

Can you just sell to them directly without purchasing a vehicle?

Absolutely.

 

[CabaSw]

Thanks for this thread! Looking for some second opinions here on trade-in value (while I guess at the same time posting a 1/2 ad). I'm pulling the trigger on a P3 and will be trading-in/selling my S. I currently have a Model S 75, 2016 w/updated nose, solid white, gray leather interior w/glossy obeche wood, panoramic/sunroof, unlimited supercharging, AP1, 21k miles. Insanely well taken care of (always hand-washed) with full front wrap (Suntek) + entire care Opticoat. Tesla offered me $36,700 trade-in?! This was over $10k less than I was expecting. Am I way off in my expectations? My sales rep will not budge and will not take CarMax. Looking for close-as-I-can get real-world data here (vs speculation) for the San Francisco Bay Area. What could I get private for this and how long should I expect it would take to sell it? What would CarMax offer me? Thanks in advance for any data and advice!

 

[TampaRich]

Thanks for this thread! Looking for some second opinions here on trade-in value (while I guess at the same time posting a 1/2 ad). I'm pulling the trigger on a P3 and will be trading-in/selling my S. I currently have a Model S 75, 2016 w/updated nose, solid white, gray leather interior w/glossy obeche wood, panoramic/sunroof, unlimited supercharging, AP1, 21k miles. Insanely well taken care of (always hand-washed) with full front wrap (Suntek) + entire care Opticoat. Tesla offered me $36,700 trade-in?! This was over $10k less than I was expecting. Am I way off in my expectations? My sales rep will not budge and will not take CarMax. Looking for close-as-I-can get real-world data here (vs speculation) for the San Francisco Bay Area. What could I get private for this and how long should I expect it would take to sell it? What would CarMax offer me? Thanks in advance for any data and advice!

Have you tried getting an online quote from Vroom? They gave me the best offer on my 2015 MS.