When to submit trade-in info to Tesla

[miatadan]

Right now I am driving a 2022 Mazda MX5 GT ( Miata ). Will want to trade it in after ordering Model 3 ( highland ). Likely there will be less than 1500 miles total on Miata.
So I am concerned about ordering now as balance of finance for existing loan may prevent approval for loan on Tesla. Do you wait until your Tesla almost arrived or submit trade in info right away?

Dan

 

[TesslaBull]

I would reconsider buying such an expensive car that you have to jump through hoops to qualify for financing.

 

[Kairide]

I would reconsider buying such an expensive car that you have to jump through hoops to qualify for financing.

I don’t think the OP was looking for a financial advisor.

I’ve never traded in to Tesla, but I believe this is how it goes. You would select that you’re trading in when you order your Tesla. Then they request updated odometer readings every 30 days until your car is delivered.
You’ll get more via private sale or even from CarMax than Tesla.
I wouldn’t worry about getting approved based on your current car loan. Typically if the lender were worried about your ability to take on another car loan they would reach out and ask if you were going to keep your current car(s) or be selling/trading them in.

 

[Eugene Ash]

1) Place an order when you're ready, create a Tesla account. 2) install Tesla app. In the app you'll be prompted to take pictures of your Miata. 3) you'll be prompted to describe the financial situation with your Miata (are you still paying for it, who is the bank, loan account, etc). 4) you'll be prompted to either apply for model 3 financing with Tesla's financial partners or bring your own financing (e.g. from your own bank). You'll be also asked, how much you want to finance. At this point you still won't have a trade-in offer, so do your math. Use wholesale/auction pricing as your guide for estimating. 5) wait 1-6 days till the trade-in team gives you an estimate for your trade-in. That's when you'll have a firm trade-in quote for your Miata.

Hope this helps.

 

[miatadan]

Thanks for the information. I realize that trade-in value may be less than balance of loan, but I do have funds to cover the difference.
Now in Canada, there is online sites similar to CarMax in the US, 3 or 4 now so you can compare offers. Better option than being stuck with car dealerships or having to spend time on auto trader.

 

[BioSci]

We're right in the middle of this process. Just 3 days ago we put down the $250 deposit on a new M3 (taking advantage of over $13K in tax credits and Tesla discounts), hoping to trade in my wife's car. The Tesla sales advisor gave an estimate of the trade-in value, pending final approval from Tesla. On the Tesla app, we uploaded documents and started the process. Yesterday we washed the car and took photos of the car's exterior and interior, uploading them on the Tesla app. We'e also reached out to Carvana, and have an offer from them as well. Today or tomorrow we expect to see the Tesla offer and make a decision. In our state, we only pay sales tax on the difference in prices if we are trading in a car, whereas if we sell to anyone else, we pay the full sales tax, over $1,000 difference. Of course Tesla knows this...