Trading in car for down payment on CT

[rudedawg78]

Hi CT Family,

I have never purchased a Tesla before so I have no idea how new vehicle purchases work there. When the time comes to finance and order my CT, I was wondering if I would have the ability to trade in my existing vehicle (2012 Chevy Tahoe) and that value go towards my down payment? I was unsure if Tesla allows trade-ins. I also plan on putting down some money towards down payment, then finance the rest.

If anyone can give me some insight of how a new Tesla purchase goes down, I really appreciate it. Also, does Tesla do financing or do they rely on you to find financing on your own?

Thanks for the help!
-Ernie

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[Ogre]

I gave up on trade ins a long time ago. Sell it on the market before you pick up your Tesla and you'll likely be way better off. Particularly if used cars are selling at a premium like they are now.

 

[CyberT]

https://www.tesla.com/tradein

It's common knowledge that you will get more selling to a private party, that's what I've always done. But check out what Tesla will give you.

 

[Quicksilver]

By the time your CT gets built your vehicle will be out of the "prime used vehicle" range.
Mileage and physical condition will determine fair market value.
I'm not sure how well Tahoes keep their value.
As stated above a sale to a private party will prob get you more money for a down payment.
I'm banking coin every month for my down payment and will keep my little van after I get the CT.

 

[datechboss101]

Trade-ins aren't worth it at all. What's worth it is insurance buyouts. That's how we sold 3 cars. But if you are wanting to sell the Tahoe, the best time to do that is right now. The used car market is very hot and of course overpriced.

 

[jdcook72]

The last Tesla we bought, I had a trade in, 2015 Toyota Camry Hybrid. At the time of placing my Tesla order, I indicated I had a trade in, what the car was and condition. Click, spin, spin, a few seconds later I had an offer. It was about middle of the range book value and I accepted it. When my new car was dropped off (at the time there was no delivery center near us so they trailered the car right to our house). I inspected the new car, looked great, gave them the keys to the old car and they loaded it on the trailer and drove off. Done. So easy.

I could have (maybe?) made a little more doing private sale but for the ease of the transaction, it was so worth any difference. Plus, the trade in value comes off the sale price of the new vehicle so you need to consider savings in sales tax when determining net trade in value vs. private sale.

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