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Trade ins

Trade ins

I sincerely hope Tesla takes trade ins!
I have a 2003 KIA RIO with 54K miles.

The specifics of how to do the trade in is starting
to bother me. I think I need to coordinate with
Tesla way before I actually get the Model 3 so that
when I drive (in the KIA) to the Model 3 pickup point
they will be expecting the KIA. I will need to give them
the ownership papers and any other paper work they
need but they need to tell me before hand. I expect to
leave the KIA at the pickup point. If that is acceptable to
them then I wonder how many car spaces they have at
the pickup point to accommodate the volume.

Does anyone have specifics about the trade in process?

Ross1 | 02/07/2017

2003. Are they going to pay you for it or are you just dumping it on their lot?

KP in NPT | 02/07/2017

They take trade ins. Do not expect tesla to give you more than the wholesale price for it though. Many have reported they opted to sell it to carmax instead because they offered a bit more.

Please don't bother tesla with this now. Trading in cars is a pretty standard part of the business they are in. You will have plenty of time to coordinate with your sales rep once you confirm your order.

Jcastillo18 | 02/07/2017

I would sell it to some other avenue Carmax or any dealership that you can trust !

Tessa75D | 02/07/2017

If and when you begin financing, there is a link for trade-ins (at least with model s), it is pretty straight foward. They will contact you via phone or email and let you know what their "wholesalers" will pay for the car, at that point you can take the deal or pass. My 2013 LS 460 offer was 29k if I recall, I sold it private for 39.5k, just to give you an idea, they are not in the trade in business for yours or their benefit @ all. Carmax and or Private maybe more advantageous.

dyefrog | 02/07/2017

The only advantage other than convenience would be reducing your sales tax liability by the amount of the trade in. In your case it's probably not worthwhile as your savings in tax liability would be less than what CarMax or dealer or especially private sales would net.

MarylandS85 | 02/07/2017

When I bought my CPO (used) Tesla in March, I took my old car to CarMax for a quote. My local Tesla sales center honored their quote to the dollar. I did it this way to save on sales tax and the hassle of a private sale. Both Tesla and CarMarx confirmed they did this for my convenience, that Tesla would immediately turn around and sell the car to CarMax for the same amount (i.e., no profit for Tesla in the trade-in transaction). I thought this was pretty cool of them both.

eeb9 | 02/07/2017

That's good info - I wondered How they did their valuations.

I'll be trading in my 2013 MINi (take *that* BMW!) whenever I take delivery of my Model 3.

Sandy’s 3 | 02/07/2017

From others examples Tesla's valuations on trades are very low, almost discouraging low. Conventional stealerships usually run a used car lot to deal both with trades they take and used cars they buy at auctions. At the retail dealer level there is a lot of money in used cars. Tesla only does it to facilitate a purchase. The wholesaler they use would set the trade value, most likely near what he would pay at an auction. On trade the car goes to the wholesaler.
I believe most would do better with a private sale through autotrader, carmax, etc.

eeb9 | 02/07/2017

Though if ya only have one car, it takes a bit of planning to get the timing just right... ;-)

ReD eXiLe ms us | 02/07/2017

I expect that within the next three years the trade-in value of a used ICE vehicle is going to fall off a cliff. There will be a glut of new ICE vehicles that are heavily discounted and will still sit on lots unpurchased for months. The average sale price for a used car has already passed $19,000 in the U.S. and once it passes $20,000 for good the market for 'cheap' new cars will evaporate. More and more people looking for a new car will be saving to get a Tesla. So, whatever you get for your old ICE in the next few years will be the most you can ever expect. Get it while you can, and say a prayer for whomever gets your old ICE after you.

Xerogas | 02/07/2017

...and before anyone accuses @Red of hyperbole, think about how much you can sell your old tube TV for these days. Heck, even any flat-screen TV that's more than 3" thick. Or a flip phone. It may take a decade, but it's going to happen.

eeb9 | 02/07/2017

I agree - it's gonna happen. Don't know how long, but yeah - it's a certainty

3dwin | 02/07/2017

Currently seelling my 13 BMW to free up dough for Model 3. I'm sure there are a couple thousands of us in that situation.

cascadiadesign | 02/07/2017

" ... I expect that within the next three years the trade-in value of a used ICE vehicle is going to fall off a cliff."

I agree.

As of 2016, leasing accounted for about 25 percent of total vehicle sales in the US.

What happens to the auto makers holding those rapidly depreciating assets?

Not a good position to be in. The next time they need a government bailout, it may not be forthcoming.

tony.sh | 02/07/2017

If its a 2003 Kia, and not a 2013, I think the poster is trolling.

teslamotorfaq.com | 02/07/2017

For MS and MX you can actually negotiate your trade in price a bit. If you tell your OA what u expect he will try to ask the trade in team to make a reasonable offer but again they need people to buy for M3 there are more buyers than they can handle.

Darryl | 03/07/2017

I find Tesla to offer you considerably less than the value of the car. I got the quote from Tesla and then put an add in the paper and sold it in 1 day for $7500 more than what Tesla would give me.

PhillyGal | 03/07/2017

We traded in our Jeep to Tesla and since it was worth a good bit, it was worth the efforts to do the trade-in.

But to be honest, I wouldn't do that if I were trading in a car worth <$8,000 because the logistics of buying a new Tesla (even without a trade-in!) are a little scary. You get a loan approval with a rate that's good for a certain amount of time. You get a trade-in value that's good for a certain amount of time. You're buying a custom made Tesla that may get delayed in transit. It's all just a bit unnerving to be honest. And Tesla, for everything they do so right, did not have the world's best communication during my purchase/delivery.

So no, don't trade in a 2003 kia. Sell it private party.

(And yes, for me it's a whopping 8% sales tax savings on the difference between the trade in and the purchase price... but I maintain my position.)

PhillyGal | 03/07/2017

*Correction - sales tax saving on the trade in value.

The difference between is the amount you actually do pay sales tax on.

ReD eXiLe ms us | 03/07/2017

Per Edmunds, such a car would not be worth much today...

https://www.edmunds.com/kia/rio/2003/st-100195102/appraisal-value/?zip=9...

Less than $3,200 with over 50,000 miles. Maybe you should give it away to a local charity?