Trade-in offer dropped considerably

[MikeCyber]

A month ago I was quoted $16,100 for my 2018 M3 LR. As expected, after one month the offer expired and needed to be redone. This time Tesla came back with $12,300. The vehicle's condition didn't change other than me adding a few miles, not more than usual. I wonder if this has anything to do with the fact that in the meantime I had received my VIN? I'm at a loss. How could the car lose $3,800 in one month?

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[Ballsamic VINegar]

That's a bigger drop than you should be seeing according to this:

https://www.cargurus.com/research/price-trends/Tesla-Model-Y-d3044

 

[evnow]

A month ago I was quoted $16,100 for my 2018 M3 LR. As expected, after one month the offer expired and needed to be redone. This time Tesla came back with $12,300. The vehicle's condition didn't change other than me adding a few miles, not more than usual. I wonder if this has anything to do with the fact that in the meantime I had received my VIN? I'm at a loss. How could the car lose $3,800 in one month?

Sell it to Carmax or one of those - or private party. Thats what I plan to do.

 

[MikeCyber]

Sell it to Carmax or one of those - or private party. Thats what I plan to do.

That's what I did. Carmax gave me the highest offer: $16,000! Going tomorrow to drop off the car.

 

[Crissa]

Used car market is very weak right now.

-Crissa

 

[Prime8]

Yeah but look at how cheap the CT is now! I wonder what would happen if I put down the deposit....

 

[fuji4]

Tesla offered me $6500 for my 14 lr4. I sold it private for almost $18k

 

[OUTLAW]

The trade in values should be 60 days and 2000 miles. Essentially, Tesla is controlling the decreased value of your trade-in by delaying a delivery.

 

[Nobell32]

Sell it to Carvana they usually give better offers than CarMax.

 

[BeFamousVideo]

A month ago I was quoted $16,100 for my 2018 M3 LR. As expected, after one month the offer expired and needed to be redone. This time Tesla came back with $12,300. The vehicle's condition didn't change other than me adding a few miles, not more than usual. I wonder if this has anything to do with the fact that in the meantime I had received my VIN? I'm at a loss. How could the car lose $3,800 in one month?

Tesla offered me $21k for my 2018 Model 3 LR w/38k miles. Other dealers went as high as $25k. I sold in 5 days in Craigslist for $28k. This all happened in December 2023. The new Model 3 may be causing our older cars to have lower values.

 

[MikeCyber]

Sell it to Carvana they usually give better offers than CarMax.

I got quotes from several companies. Going with the highest bidder obviously. So far CarMax is in the lead. I have an appointment this afternoon. Let's see how it goes. Carvana is second in terms of highest offer.

 

[SteelRhino]

That's what I did. Carmax gave me the highest offer: $16,000! Going tomorrow to drop off the car.

I was in a dilemma trying to sell my 2022 M3 LRAWD, and I was getting a lower price at Tesla trade-in. I tried on KBB instant cash offer and I got a call from 3 dealerships in my region within the hour... I drove to them and made them bid against each other and got a significantly higher payout... almost 3k more than Tesla. If you have the time, do try it out.

 

[lowtek]

Sell it to Carmax or one of those - or private party. Thats what I plan to do.

Watch out for potential tax liability, often states will charge you sales tax after trade, which means you may end up paying a lot more for selling private or to a wholesaler.

 

[evnow]

Watch out for potential tax liability, often states will charge you sales tax after trade, which means you may end up paying a lot more for selling private or to a wholesaler.

The way it works in WA is - you will be asked to pay the tax when you register. So the buyer will pay the tax. From a quick search, looks like thats what they do in FL as well.

That makes sense - since thats the best place to "catch" the transaction and make sure they pay the tax.

 

[Giskard]

Watch out for potential tax liability, often states will charge you sales tax after trade, which means you may end up paying a lot more for selling private or to a wholesaler.

In MN you pay sales tax on the difference between the purchase price and trade-in value if you trade. So, for example, if they offer 30K for your trade in on a 100K CT you'd pay sales tax on 70K instead of 100K. If you sell separately to a private party, Carmax, Carvana, etc. you lose out on that discount.

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