Planning to do a trade-in?

BigBri

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#1
Just curious to see what others are planning to do with their existing cars once the 3 is ready.

It's a tricky scenario with not having a Tesla dealer closer. I'm going to have to drive to Toronto for the delivery and a big part of me just wants to trade my car in to make the experience easier and more enjoyable but another side of me knows I'd be losing potentially thousands of dollars on the old car and am considering selling it myself. I wish I bought an older car as I didn't anticipate even putting a deposit down on a 3 so soon. I've barely had it a year.

Is there anyone thats bought an S or X and done a tradein? Would be curious how good the deal was. I imagine with Tesla using a 3rd party to take the trades that there isn't any wiggle room.
 

bmost88

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#2
I took a test drive of a Model S a few weeks ago and they asked if I was going to trade anything in towards the 3 or if I wanted to buy an S and trade something in. I'm currently driving a 2004 Pontiac Grand Prix GT with 208,XXX miles on it. The Tesla rep looked up my car and said that they were going to give me $1,500 for it and though that money would be nice towards the model 3, it might be nice to hold onto this car until it dies seeing as how $1,500 isn't exactly a lot of money for a fully working car. I've literally had this car for a decade so part of me just wants to see how far I can go with it. I take care of my cars and I enjoy making them last and I will most likely do the same with the Model 3/S (keep it till it dies). You will always get more for your car if you can sell it yourself, but that will of course take some work.
 

garsh

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#3
In particular, I've heard that Tesla offers less than other car dealers. They don't sell used cars themselves, so they end up just auctioning them off to other dealers. So you're better off selling it in just about any other way than trading it in to Tesla.
 

BigBri

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#4
I took a test drive of a Model S a few weeks ago and they asked if I was going to trade anything in towards the 3 or if I wanted to buy an S and trade something in. I'm currently driving a 2004 Pontiac Grand Prix GT with 208,XXX miles on it. The Tesla rep looked up my car and said that they were going to give me $1,500 for it and though that money would be nice towards the model 3, it might be nice to hold onto this car until it dies seeing as how $1,500 isn't exactly a lot of money for a fully working car. I've literally had this car for a decade so part of me just wants to see how far I can go with it. I take care of my cars and I enjoy making them last and I will most likely do the same with the Model 3/S (keep it till it dies). You will always get more for your car if you can sell it yourself, but that will of course take some work.
My plan too. I'll probably keep the 3 for as long as I can. I bought a Sonata last year thinking I'd have it for years but I've been able to save towards the 3.

In particular, I've heard that Tesla offers less than other car dealers. They don't sell used cars themselves, so they end up just auctioning them off to other dealers. So you're better off selling it in just about any other way than trading it in to Tesla.
Yeah they have a 3rd party that takes them in. I forget the name of the company. I'm thinking if I can get 10k for it I'll just give it to them. I paid 16k which was a fair bit under dealer value. The lot I bought it from wasn't able to sell it.
 

Jakesthree

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#5
My plan too. I'll probably keep the 3 for as long as I can. I bought a Sonata last year thinking I'd have it for years but I've been able to save towards the 3.



Yeah they have a 3rd party that takes them in. I forget the name of the company. I'm thinking if I can get 10k for it I'll just give it to them. I paid 16k which was a fair bit under dealer value. The lot I bought it from wasn't able to sell it.
Also, the amount for your trade gets deducted from the price of the new car before taxes are calculated so here in Ontario you save an additional 13%.
 

BigBri

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#6
Also, the amount for your trade gets deducted from the price of the new car before taxes are calculated so here in Ontario you save an additional 13%.
Interesting.. that being said the province is working to eliminate tax from EVs. I don't know if you went and bought a Tesla or a Leaf today if you'd pay full tax but I know the province will be waiving their portion of the tax and are working to get Ottawa to waive theirs.
 

TrevP

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#7
I currently have a lease on a 2015 Lincoln Mkc that expires in April 2018. I timed it that way on purpose. While we will return that vehicle I'm still undecided if we should lease the Model 3 or just buy it. I get bored after about 3 years and it's a write off for my business but the rebates expire in 2020 so any replacement car would be more expensive. If we buy it then the rebate we get back will help float resale prices after they expire hopefully.
 

bmost88

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#8
I currently have a lease on a 2015 Lincoln Mkc that expires in April 2018. I timed it that way on purpose. While we will return that vehicle I'm still undecided if we should lease the Model 3 or just buy it. I get bored after about 3 years and it's a write off for my business but the rebates expire in 2020 so any replacement car would be more expensive. If we buy it then the rebate we get back will help float resale prices after they expire hopefully.
Being in Canada I sure hope you get your model 3 by 2018.

But common you gotta buy the Model 3. You'll be one of the first Canadians to own one that's gotta be special. I'm sure the resale value on the car will be good enough that you wont loose too much. I do get the business right off though, thats a big deal.
 
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#9
I have a Hyundai Elantra now. I was wondering if Tesla works like a regular dealership and would take mine as a trade towards the M3 when it releases or is it only a Tesla to Tesla trade in? Also, do they have financing options or will I have to go through my bank?
 

bmost88

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#10
Tesla does do a trade in program with other cars than just Teslas. They will give you a estimate value of your car and then give you a final value of you're car later on. As for the financing, yes they do offer financing through Alliant credit union. Here is a link to their website.

http://alliantpromos.org/tesla

They understand the value of teslas and how they are more expensive than most cars. They really work with you very well and offer a ton of great options. I would recommend them.
 

garsh

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#11
From what I've heard, Tesla basically takes trade-ins as a courtesy. They only offer auction prices, because all they'll do is sell it for auction since they don't sell used cars themselves (except for used Teslas). So you're probably better off selling your old car yourself if your goal is to get a decent price.
 

BigBri

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#12
I'm hoping that they might get a partner that pays a bit more. I've found a few that'll give me a wholesale price on my car and the wholesale is 2k more then I was even wanted (i bought it for 15.5k 2 years ago, wholesale is 11.8 right now).
 

MelindaV

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#14
Thank you guys so much for the response. My credit isn't that great so hopefully I have time to get that up because surely a bank that works with a company of Tesla's status requires immaculate credit.
You don't need to use tesla's financing. You can shop around your local banks/credit unions
 
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#15
Tesla does do a trade in program with other cars than just Teslas. They will give you a estimate value of your car and then give you a final value of you're car later on. As for the financing, yes they do offer financing through Alliant credit union. Here is a link to their website.

http://alliantpromos.org/tesla

They understand the value of teslas and how they are more expensive than most cars. They really work with you very well and offer a ton of great options. I would recommend them.
This may be a stupid question, but can you lease a Tesla?
 

Rich M

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#18
So as discussed in a few other threads, we know Tesla is not trying to be a used car dealer, but they will take your car as trade at auction value, or match a CarMax appraisal.
So here's my plan for Model 3 delivery day:
  1. Go to CarMax first and get an appraisal
  2. Thank them and take the paperwork
  3. Go to the Tesla store where your 3 is waiting
  4. Tell them you'd like a valuation for your trade
  5. If the number is higher than the CarMax appraisal, go with it and don't mention the CarMax appraisal.
  6. If the number is lower, bust out the CarMax appraisal and have them match
  7. Boring paperwork.
  8. Leave the Tesla store in my Model 3.
As far as I can tell from S/X owner stories they have had no trouble matching a CarMax appraisal, and in a couple instances the Tesla store came in higher. Of course it will be lower than a private sale, but in my case not worth it to have weird people driving my car, trips to the auto title place to get the paperwork straightened out, then arranging a chain reaction of 50-80 mile rides from friends/family to get me to the Tesla store on delivery day.

Let me know any other way this could go down, too.
 

SoFlaModel3

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#20
A few thoughts....

Your paperwork should actually be done before you get it making this the easiest car transaction ever.

They can appraise the car before delivery day. For my parent’s S they didn’t want to do that. Up front they just said go to CarMax and bring the papers to us.

My plan — go to CarMax earlier in the week and see where I stand. Give Tesla the numbers, secure my financing, show up and take car!!