What would you pay for a LR AWD used?

[more863-also]

Curious to see what you folks would pay for a LR AWD, blue with EAP @ 7.5k miles now. I'm feeling burned by Tesla's recent moves and I'm not sure I want to have such a large car payment anymore.

CarMax is offering me $45k which, to my calculations, is actually more than what you can buy a new one for with the $5k Colorado credit added in. That would put me back only about $2k in depreciation plus the taxes and fees I paid. I got it appraised on the day the price drops happened and I'm worried if I don't sell during the 7 day appraisal period I could go for a re-appraisal and be offered only $39k or so.

 

[Need]

You won't be able to beat that offer unless you found someone who cannot take the full fed tax credit and any state rebate/credit. I am not sure if CarMax will honor the quote even though it is within 7 days. There is probably some fine prints in there that let them back out of it when something like this happened.

 

[Probllama]

Curious to see what you folks would pay for a LR AWD, blue with EAP @ 7.5k miles now. I'm feeling burned by Tesla's recent moves and I'm not sure I want to have such a large car payment anymore.

CarMax is offering me $45k which, to my calculations, is actually more than what you can buy a new one for with the $5k Colorado credit added in. That would put me back only about $2k in depreciation plus the taxes and fees I paid. I got it appraised on the day the price drops happened and I'm worried if I don't sell during the 7 day appraisal period I could go for a re-appraisal and be offered only $39k or so.

First time I am seeing CarMax giving a really good price, take that offer before it expires. You can't do better than that selling yourself:

Your car new costs $52,700 (Autopilot instead of EAP)
Tax credit today $8,750
Net Price is $43,950 + tax on MSRP which would be about $4k for my zip code

For inventory cars they are offering free paint or wheel upgrades so someone can potentially buy your car for $51,200 + tax. You would be lucky to sell for $40k private party if the buyer can do basic math. CarMax would have to buy the car in Colorado and then ship it to a state with no state tax credit otherwise they will lose money on your car...

 

[brkaus]

Cars loose 10-20% the minute they drive off the lot. If you want to reduce the payment and get something cheaper, no better time than now to sell! Cannot beat $2k depreciation.

On the other hand, while prices dropping may hurt the trade value of a Tesla, if moving to a new Tesla it appears to not change the big picture much. New cars cheaper, trade in valued lower. Out of pocket similar.

 

[more863-also]

Hmm, that's what I thought and why I got it appraised literally an hour after the price drop. The quote they gave me clearly does not account for the price drop.

I don't want to sell it really, and I'll be out around $5k after the taxes and fees are accounted for. But it sounds like that loss will easily double if I wait any longer, so I need to either commit to long term ownership or dumping it within the appraisal period.

 

[zer0cool]

You should sell to carmax immediately at that price.

 

[mrau]

Let us know the price if you do sell. Seems like good deal from CarMax.

Normally with cars the longer you hold on to them the more value you will get out of it. Hopefully EV's will be the same way.

 

[more863-also]

Any CO owners anticipate any tax nonsense by selling before taxes are filled? Car was placed in service in 2018. As far as I know CO doesn't so the CA-style "must own for X months or repay a pro-rated rebate" thing.

 

[dnvr-ev]

I bought an AWD in Colorado too. I am nervous they will come out with a standard plus awd for $41k and my car will be worth $15k less in the coming months. The state rebate on each ev should be good even if you sell, unless the law has changed. Colorado is trying to pass a new energy bill, so you should probably read it and make sure that they arent changing the rules.

I got a state rebate on my leaf. They mailed me a check in May the following year. I had to go in person to the tax office and bring documents proving I bought it. Four months later I got the money. It was not easy for me. I hope the rebate on my Tesla is easier.

 

[ewoodrick]

If No other car, nor item had it's price decreased, this may make sense .
But since I pass ICE dealers with $13,000 off on cars...

 

[more863-also]

If No other car, nor item had it's price decreased, this may make sense .
But since I pass ICE dealers with $13,000 off on cars...

If Tesla had ever done sales before I would have waited an extra few days for my car. Instead I was told buying now would give the best price. Nobody buying a Silverado at MSRP thinks they're getting a good deal.

 

[Shygar]

Not sure why you would sell it though. Tesla's price doesn't really have a direct effect to you owning the car. If you don't want to make the large car payments, why did you go into it in the first place? You can always apply your $12500 towards the car and not make any payments for a year, or use it to subsidize your payments for a long time.

Personally I wish I had gone for AWD for the handful of drives I do in the snow a year. I'm curious what the Model Y will look like in a week when they reveal it.

 

[dnvr-ev]

If No other car, nor item had it's price decreased, this may make sense .
But since I pass ICE dealers with $13,000 off on cars...

That’s why some companies are in such decline. We live in an information age of transparency. Anyone who plays the old game by the old rules is going away. People want to feel like they were treated fairly.

 

[more863-also]

Not sure why you would sell it though. Tesla's price doesn't really have a direct effect to you owning the car. If you don't want to make the large car payments, why did you go into it in the first place? You can always apply your $12500 towards the car and not make any payments for a year, or use it to subsidize your payments for a long time.

Personally I wish I had gone for AWD for the handful of drives I do in the snow a year. I'm curious what the Model Y will look like in a week when they reveal it.

If I use the tax credit to pay the monthly payments, I will be massively underwater. There's a good chance my car will be worth $30k or so in a year, so that would leave me $15k underwater if my car got totalled in a year or if my situation changed and I had to sell - whereas I am only $2k underwater if I sell today.

 

[Luudcrs]

Hmm, that's what I thought and why I got it appraised literally an hour after the price drop. The quote they gave me clearly does not account for the price drop.

I don't want to sell it really, and I'll be out around $5k after the taxes and fees are accounted for. But it sounds like that loss will easily double if I wait any longer, so I need to either commit to long term ownership or dumping it within the appraisal period.

Just curious what your plan with the car was before last week (how long you plan to keep it)?

Honestly, I have never factored in a car's resale value when purchasing one (have never purchased used either). I always purchased what I needed, liked, or could afford. Yes, these price drops suck, but I'm definitely not going to sell it now due to that.

 

[Matt L]

Curious to see what you folks would pay for a LR AWD, blue with EAP @ 7.5k miles now. I'm feeling burned by Tesla's recent moves and I'm not sure I want to have such a large car payment anymore.

CarMax is offering me $45k which, to my calculations, is actually more than what you can buy a new one for with the $5k Colorado credit added in. That would put me back only about $2k in depreciation plus the taxes and fees I paid. I got it appraised on the day the price drops happened and I'm worried if I don't sell during the 7 day appraisal period I could go for a re-appraisal and be offered only $39k or so.

No way they are giving that to you now. If they are, take it and run.

 

[more863-also]

Just curious what your plan with the car was before last week (how long you plan to keep it)?

Honestly, I have never factored in a car's resale value when purchasing one (have never purchased used either). I always purchased what I needed, liked, or could afford. Yes, these price drops sucks, but I'm definitely not going to sell it now due to that.

I was hoping to keep it for 3-4 years. That's not a big deal if you buy a Toyota Tacoma but it appears to be financially ruinous in a 3.

Edit: not sure what the thumbs down are for. My buddy's Tacoma depreciated less over three years than my 3 did in three months and that's a fact.

 

[Luudcrs]

I was hoping to keep it for 3-4 years. That's not a big deal if you buy a Toyota Tacoma but it appears to be financially ruinous in a 3.

Sorry, but if you're comparing the 3 to a Tacoma in resale value, then you may not have been in the targeted buyers group. Tesla is seling green electric cars, with advanced technology like Autopilot and such.

 

[Lifeinabox]

Seems to be a bit of a knee jerk reaction but it's your money. Did you shop around with Carvana, Vroom, etc? They historically offer more than Carmax but I agree that it sounds like a decent price from Carmax.

 

[more863-also]

Sorry, but if you're comparing the 3 to a Tacoma in resale value, then you may not have been in the targeted buyers group. Tesla is seling green electric cars, with advanced technology like Autopilot and such.

I'm sorry, where was I supposed to find out which "targeted buyers group" I'm in? I read many articles about good Tesla resale value, only to find out that my car not only depreciated by the amount a truck would over YEARS of use overnight, but that I would be stuck with the artificially high MSRP on my registration forever (my fees are based on MSRP). In fact, I bought a Leaf in 2017 for $11.9k new after all credits and it's declined in value, over 40k miles, LESS than $4250!

Vroom offered $39k and Carvana offered $1 for some reason.