Trade in value question

[Tom353]

Aloha CT families,

I'm finally getting my CT soon, yay

I just accepted trade-in for my old car, but do I use trade $$ as down-payment on finance side? Not sure where trade-in $$ amount should be inputed.

Thank you for advance!!

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[UberNoob]

Don’t trade, go sell it to car max and get a few K extra.

 

[Broski]

Don’t trade, go sell it to car max and get a few K extra.

Not always the best advice if people do not want to deal with a hassle of selling nor how to navigate it. Also many states give you a tax credit of the trade to the new purchase.

 

[UberNoob]

Not always the best advice if people do not want to deal with a hassle of selling nor how to navigate it. Also many states give you a tax credit of the trade to the new purchase.

If a tax credit is what your after go donate it to charity and get zero $ for it. I’m simply saying Tesla lowball the offer one will get much more value selling it privately. Tesla doesn’t want a used car, they do not have any used dealerships & will simply auction it away.

 

[Broski]

If a tax credit is what your after go donate it to charity and get zero $ for it. I’m simply saying Tesla lowball the offer one will get much more value selling it privately. Tesla doesn’t want a used car, they do not have any used dealerships & will simply auction it away.

What I mean by tax credit is if you trade in a $50,000 car on $100,000 purchase instead of paying potentially $8000 in taxes (assuming 8% sales tax many areas higher ) you only pay $4000 in taxes. So if you get a few thousand less on the trade, it’s a wash because of the tax savings which are not applicable if you sell private party.

 

[mongo]

Aloha CT families,

I'm finally getting my CT soon, yay

I just accepted trade-in for my old car, but do I use trade $$ as down-payment on finance side? Not sure where trade-in $$ amount should be inputed.

Thank you for advance!!

You don't need to input the trade in, Tesla carries that over automatically. Your downpayment is in addition to trade-in, reservation fee, and order deposit.

 

[Woodrick]

Aloha CT families,

I'm finally getting my CT soon, yay

I just accepted trade-in for my old car, but do I use trade $$ as down-payment on finance side? Not sure where trade-in $$ amount should be inputed.

Thank you for advance!!

You reduce the amount you need to finance, it financing through Tesla. If you are financing through someone else, then reduce the financing and therefore the check that you have to give Tesla. And you will have to give them cash/check for the trade-in.
If paying cash, that should be obvious.

 

[Papa21]

Check your options. I don't think there is a best. At the time I traded in (F-150 in Utah) Tesla was the best offer by several thousand. And, as said above, remember to calculate the tax savings by trading directly to Tesla.

 

[igs]

I’m simply saying Tesla lowball the offer one will get much more value selling it privately.

Carmax is not private party. They offer wholesale price same as Tesla, and sometimes Tesla does give better price than Carmax.

 

[Balthezor]

Some states offer tax incentives too for trade in.

 

[CG Cowboy]

Don’t trade, go sell it to car max and get a few K extra.

I have to agree here. I have sold 3 cars on Carmax and I was very happy with what they paid and it was insanely convenient dealing with them every time.

 

[Woodrick]

For folks reading this, check things first.

It used to me more common that Tesla gave good trad-in values. But no matter what, get a quote from Tesla. It's the easiest way to do the transaction. Drive the car in, drop it off, and drive off in a new vehicle.

But other buyers like Carmax, Caravana. have often been giving better prices. But you probably want to wait until after you get your new Tesla, deliveries can be delayed.

And tax incentives vary by state. So trading it into Tesla doesn't necessarily give you any advantage.

Check state laws, check multiple buyers.

If you want the most money, then find someone to buy it.

 

[abrader]

Don’t trade, go sell it to car max and get a few K extra.

I thought Teslas trade in was fair.

They offered me 90% +/- on a vehicle I bought and drove for 10 months.

They likely have some incintive to get people to change brands so offer higher.

If my CB experience goes well you can bet my wife is going Tesla too.

 

[Woodrick]

I thought Teslas trade in was fair.

They offered me 90% +/- on a vehicle I bought and drove for 10 months.

They likely have some incintive to get people to change brands so offer higher.

If my CB experience goes well you can bet my wife is going Tesla too.

Did you get a quote from anwhere else? Or look it up on Bluebook?

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