Update trade-in value?

[KenYoung1]

Received and accepted a trade-in offer from Tesla mid-March. My MY finally arriving in 2 weeks and the trade-in value shows the same amount in my account. Should I contact Tesla to make sure they will still offer the same amount?

 

[Matsayz]

Received and accepted a trade-in offer from Tesla mid-March. My MY finally arriving in 2 weeks and the trade-in value shows the same amount in my account. Should I contact Tesla to make sure they will still offer the same amount?

Yes you should. We got our trade-in value from them around the same time as you. I called last week and they said it expired and will need to be re do it.

Check CarVana and your local CarMax for quotes as well, they might give you more. Also, remember that the used car market took a full nose-dive since the onset of the pandemic so expect to possibly get a lower quote

 

[gundarx]

FYI my delivery advisor informed me that “they just announced we will no longer be taking Carmax offers“ (I think after June 1- No matching CarMax after June 1 : TeslaModelY)

edit: they being Tesla

My CarMax trade-in was just matched by Tesla on Saturday so I made the cut. Difference of $3600 from Tesla’s own appraisal)

 

[Matsayz]

FYI my delivery advisor informed me that “they just announced we will no longer be taking Carmax offers“ (I think after June 1- No matching CarMax after June 1 : TeslaModelY)

My CarMax trade-in was just matched by Tesla on Saturday so I made the cut. Difference of $3600 from Tesla’s own appraisal)

That seems like some BS and also their loss. CarMax will happily and easily take your vehicle.

 

[Fupresti]

That seems like some BS and also their loss. CarMax will happily and easily take your vehicle.

I got 5 quotes on my 2017 Lincoln MKC

Tesla - 11200
CarMax - 15000
Carvana - 16800
Vroom - 17100
Autonation - 17300

 

[gundarx]

That seems like some BS and also their loss. CarMax will happily and easily take your vehicle.

if it was just the reddit post, yeah but for it to be separately mentioned by my advisor after I submitted my CarMax paper, it’s probably true.

CarMax will happily take your vehicle, yes, but better to trade-in to Tesla for sales tax deduction if you’re in a state that benefits, and be able to drive your existing car into Tesla while taking delivery.

While at CarMax an employee had mentioned how Tesla and CarMax had a prior relationship that would have made selling/trading car easier during a Tesla purchase but was strangely terminated by Tesla about 2 years ago.

 

[Matsayz]

if it was just the reddit post, yeah but for it to be separately mentioned by my advisor after I submitted my CarMax paper, it’s probably true.

CarMax will happily take your vehicle, yes, but better to trade-in to Tesla for sales tax deduction if you’re in a state that benefits, and be able to drive your existing car into Tesla while taking delivery.

While at CarMax an employee had mentioned how Tesla and CarMax had a prior relationship that would have made selling/trading car easier during a Tesla purchase but was strangely terminated by Tesla about 2 years ago.

Oh I thought the Reddit post was yours, I only glanced over it.

Yes certain tax laws can help, gotta do the math if it’s worth it to play with Tesla or CarMax.

 

[SparkyTX]

Not all CarMax locations will give a better offer than Tesla. Back at the end of March, Tesla came in with an offer I thought was about $2K lower than expected for my 16 RDX. I went to my local CarMax and they offered me $3K BELOW Tesla's offer. The used car market is a whirlwind right now. I'm waiting for Tesla to assign my VIN right now and I'll see if they reevaluate the trade amount or not. I'm just hoping they don't drop it too much as it may cause me to cancel my order.

 

[KenYoung1]

Called Tesla and they said they will need to re-value the trade-in. The trade-in is now showing $0, not sure how long it's going to take for the new value to populated.

 

[MP3Mike]

That seems like some BS and also their loss.

Is it really their loss? I don't think they make much, if any, money on the non-Tesla trade-ins. And it is lots of extra work/paperwork. So they are probably perfectly happy if you sell your old car elsewhere. I suppose it could be their loss if someone refuses to buy their Tesla because the trade-in value was lower than they wanted and they didn't want the hassle of selling it elsewhere themselves.

 

[Matsayz]

Is it really their loss? I don't think they make much, if any, money on the non-Tesla trade-ins. And it is lots of extra work/paperwork. So they are probably perfectly happy if you sell your old car elsewhere. I suppose it could be their loss if someone refuses to buy their Tesla because the trade-in value was lower than they wanted and they didn't want the hassle of selling it elsewhere themselves.

Hey, Tesla wants profits and you know all these trade-in amounts are way less than what they’ll sell them for and even sending them to a quick auction.

It’s all about looking as good as possible this quarter.

 

[Scooby24]

Carvana, KBB Instant, Carmax quotes all 4k higher now than my Tesla trade in offer and now Telsa isn't honoring Carmax any longer so if I sell outright to them I lose about 2500 in sales tax credit.

And with that financial F you from Tesla to me, I'm returning the favor. Hopefully they get their crap together at some point in the future so I can reconsider the brand.

 

[Dre2390]

Was emailing rep a few days ago about my trade in and he straight out said they couldn't match any other 3rd party offer I have... Didn't mention CarMax or any buyer in particular. Anyone else have luck recently?

 

[SparkyTX]

I think I have seen that Tesla isn't taking CarMax quotes in another thread somewhere. I can't help to think that trade-ins may be the reason some of us don't have a VIN yet. The used car market is a mess right now. Hertz announcing bankruptcy doesn't help as that may flood the used car market with a bunch of cars.

 

[Fupresti]

Was emailing rep a few days ago about my trade in and he straight out said they couldn't match any other 3rd party offer I have... Didn't mention CarMax or any buyer in particular. Anyone else have luck recently?

I got my rep to match CarMax on Saturday but he said after June 1 they were no longer going to match.

 

[Ghanziang]

The Littleton, CO Tesla delivery center is right next to a Carmax. So you can still drive your old car to carmax, then walk over and pick up your Tesla. ;-)

 

[gundarx]

I think I have seen that Tesla isn't taking CarMax quotes in another thread somewhere. I can't help to think that trade-ins may be the reason some of us don't have a VIN yet. The used car market is a mess right now. Hertz announcing bankruptcy doesn't help as that may flood the used car market with a bunch of cars.

Yes this is likely the case (call from NV definitely asked to confirm no trade in), however I only expressed desire for trade-in after securing a delivery date (after sale to friend fell through) and Tesla matched CarMax and told me good timing as they would stop honoring soon.

 

[jjrandorin]

That seems like some BS and also their loss. CarMax will happily and easily take your vehicle.

They want carmax to take it. No one wants used cars right now at all. With hertz now declaring bankruptcy, it is going to be a GREAT time to BUY a "regular" used car, and conversely, a horrible time to trade / sell one. Its going to be even worse than it has been related to used car values.

I would not be surprised to see tesla seriously lowball (like several thousand dollars) to make sure they dont have to take too many used cars. Tesla doesnt sell non tesla used cars anyway, they go straight to auction, and auction prices are already low, and about to fall "through" the floor., not "too" the floor.