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What's the best way to switch 2021 Model 3 and wanting to change to Model Y

Hi

I live in the US. I have a 2021 Model 3 Standard Range Plus (with less than 1500 mileage and 2.5-month ownership) and want to change to Model Y 7 due to the size. I purchased the Model 3 with loan. What's the best way to buy the Model Y?

Sell/trade-in the Model 3 and buy/lease Model Y? The trade-in value from Tesla.com is very low. Thinking to sell to private party. Any suggestions? Thanks!
 
  • Funny
Reactions: Adam3
Yup, you have the two options, it’s really up to you whether the difference in the loss you’re eating is worth the convenience of trading it in.

I traded in a 2020 M3 for a 2021 and it cost me about $2700 out of pocket to pay off the remaining loan.

Bad financial decision? Yeah probably, but I saved about $2000 in taxes and I hate selling things...so meh.
 
Last edited:
  • Informative
Reactions: jjrandorin
Yup, you have the two options, it’s really up to you whether the difference in the loss you’re eating is worth the convenience of trading it in.

I traded in a 2020 M3 for a 2021 and it cost me about $2700 out of pocket to pay off the remaining loan.

Bad financial decision? Yeah probably, but I saved about $2000 in taxes and I hate selling things...so meh.
Tesla offered around 30k for the Standard Range Plus. How much was the offer you got for the trade in?
 
There are a limited number of Model Y SR left in existing inventories around the country. None have 7 seats as far as I know. So if you want a SR act fast.

Why the sudden change from the 3 to the Y? I ask because I've struggled with the decision but am 90% leaning toward the 3 right now.
 

CapeOne

Active Member
Jun 14, 2016
1,091
771
New England
Tesla offered around 30k for the Standard Range Plus.
The sales tax benefit is about 3700 but the trade-in value from Tesla is super low.

$3,700 sales tax credit on a $30k trade? You must live in a high sales tax state/city.

You're basically looking at $33,700 through Tesla which means you'd want to get at least that selling privately or to a dealer. I'd recommend you next get quotes from Carvana, CarMax, etc. Seeing some of the high Carvana retail asking prices, you may be pleasantly surprised by their purchase offer.
 
Wow, that's a big hit from Tesla considering it's still a 2021 and under 1500 miles. So you're saying the value of the car just dropped by $8K? I thought Tesla cars retains close to 90% of their value.
Yes. Tesla is taking advantage of us. I see a 2020 model 3 standard range plus with FSD in Tesla inventory sold at 46k. It has much more mileage than mine. removing the FSD worth 8k, it can still be valued 38k.. Tesla buys super low from us and sell extremely high. Recommend anyone considering Tesla think twice before buying.
 

CapeOne

Active Member
Jun 14, 2016
1,091
771
New England
Wow, that's a big hit from Tesla considering it's still a 2021 and under 1500 miles. So you're saying the value of the car just dropped by $8K? I thought Tesla cars retains close to 90% of their value.

That's mostly just hype. Tesla has even sold new cars for more than 10% off retail.

Below is a used 2020 M3 SR+ with FSD, 7k miles, clean history, etc. at Tesla for $41,400. This car new would’ve been $49,190. Tesla’s used RETAIL asking price is around 84% of new and the car isn't even a year old yet. Trade/wholesale value would be even lower.
 
Tesla offered around 30k for the Standard Range Plus. How much was the offer you got for the trade in?

Yeesh. They gave me $32K with about 6K miles after 10 months of ownership.

That does seem a little low for a car that new, I had in my head maybe $35K for you. Have you shopped that offer? I’d be curious to see what Carvana or Vroom would offer you.
 

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