General

Trade in question

I placed an order for an M3 on Oct 6th and received a trade in offer that I accepted. On Nov 6th my trade in offer was revaluated. It was $1,500 lower, but still no deal breaker because the original offer was more than I expected, plus I don't have to pay sales tax on the trade in value. It appears very likely that I will not receive delivery within 30 days of my last offer. So, my question is if anyone on this forum has found themselves in a similar position? I do have the car for sale on some websites. I prefer responses from people are, were, in the same situation but will welcome guesses. I have sent my SA a question on this.

Comments

  • Just went through the exact same thing, except they dropped mine $4500 despite the vehicle only having 200 more miles on it. Was furious and expressed my displeasure, and am still doing so. They agreed to add $2k to the lowered valuation making it only $2500 lower than the first one, and they extended the expiration so that it would last through delivery. Still furious so I sold it to CarMax for a reasonable valuation. Very unhappy with their trade in valuation process. It's sort of a scam - give a reasonable valuation that will expire anyway, then lower it once you get the customer hooked and waiting for delivery. I'd suggest complaining until they at least extend the expiration so that you don't have to get yet another valuation.
  • > @CornDoggyDogg said:
    > Just went through the exact same thing, except they dropped mine $4500 despite the vehicle only having 200 more miles on it. Was furious and expressed my displeasure, and am still doing so. They agreed to add $2k to the lowered valuation making it only $2500 lower than the first one, and they extended the expiration so that it would last through delivery. Still furious so I sold it to CarMax for a reasonable valuation. Very unhappy with their trade in valuation process. It's sort of a scam - give a reasonable valuation that will expire anyway, then lower it once you get the customer hooked and waiting for delivery. I'd suggest complaining until they at least extend the expiration so that you don't have to get yet another valuation.

    Thanks for the response CornDoggy. My SA emailed me and told me that the second trade-in quote was a "final quote" and would be good until my car is delivered. Like I said, the second valuation was not a deal breaker for the reasons I stated, but it in your situation I can understand displeasure. It is my understanding that Tesla wholesales all their trade-ins or they contract with third parties who handles their trade-ins. Glad your deal worked out OK and you like your new car.
  • Shop around. There are sources online where you can get an instant offer. I got quotes from three sources online.
    All three offers were higher than Tesla, and the highest offer was $4,600 higher. And they come to my house to pick it up.
  • Mine dropped $2,300 over the previous quote and $3,000 over 3 months total. I wasn't happy about it, but the Tesla rep said there was nothing he could do. I did some research and it looks like there was a higher value on trade-in vehicles this summer and early fall due to the shortage of production of new cars due to COVID and now the new vehicle inventory is higher so the value of used cars is dropping. And fairly steep and quickly. Not happy about the drop in the trade value as it makes it very difficult to have your finances in order when they drop the price and now you are expected to come up with more cash last minute.
  • Tesla notoriously lowballs trade offers then fiddles them further once a buyer is on the hook. Not exclusive to Tesla but far more prevalent with them. Sell it privately and get the cash in your hands then decide how to go forward with your next car. It’s a much cleaner deal that way.
  • I guess everyone has a different experience but I traded in a leased car. Not only did I get more for it than other offers, it was beyond the smoothest, hassle free and positive experience I've ever done (Springfield NJ Tesla).

    > @narrenschiff_92841313 said:
    > Tesla notoriously lowballs trade offers then fiddles them further once a buyer is on the hook. Not exclusive to Tesla but far more prevalent with them. Sell it privately and get the cash in your hands then decide how to go forward with your next car. It’s a much cleaner deal that way.
  • Two trade ins to Tesla and both above what Carmax offered.
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