Tesla Trade-In Value: What To Know
If you’re looking to board the EV (electric vehicle) train, you’re probably looking at what Tesla has to offer or at least consider it as one of your major prospects. After all, Tesla is highly desirable as a new and alternative car brand.
One of the most common questions that car buyers have regarding Tesla is their trade-in policies. Can you trade in your old vehicle for a Tesla? Does Tesla even have a trade-in program? What’s the average Tesla trade-in value?
For today’s post, we’re going to dive into the things you need to know about Tesla’s trade-in value, policies, and programs.
Does Tesla Allow Trade-Ins?
Short Answer: yes.
Like other car dealerships, Tesla takes trade-ins when buying a new or used Tesla. They take all vehicles, including cars, trucks, SUVs, and vans, that you can trade-in for credit towards a new or used Tesla vehicle. The best part is that Tesla accepts gas-powered vehicles for trade-in, not just electric ones.
Again, like other dealerships, Tesla will calculate the trade-in value based on several factors such as year, model, make, and condition of your vehicle. This means that if your car is newer and in better shape, you can fetch a reasonable price. Conversely, the opposite applies if your vehicle has high mileage and worse condition.
Tesla states that your car must be in drivable condition to be even considered for a trade-in - except for salvage and flood designated vehicles even if they’re still in working condition.
If you receive an initial estimate from Tesla, that number is good for seven (7) days. Once Tesla sends you the final offer, it will be valid for 30 days and within 1,000 miles of the odometer. Exceeding the limit of the term’s value will likely change the trade value.
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How to Calculate Tesla Trade-In Value?
If you’re looking to buy a Tesla and want to know how much your old vehicle will get you, you can use Tesla’s Trade-In Estimate Calculator. All you have to do is to input your vehicle’s VIN along with other information - such as model, make, year, and a couple of photos - to get an estimate of your car’s trade-in value.
However, as mentioned previously, several factors are considered for calculating your vehicle’s trade-in value. Thus, don’t take the value from Tesla’s calculator as the definitive price but simply a ballpark figure that you’ll be putting towards a new Tesla. This way, you’ll have a rough idea of what to expect once you visit the dealership.
By far, the best way to calculate your vehicle’s trade-in value is to head to the Tesla dealership near you and speak to a sales representative. The sales rep can provide you with the best estimate, and you can dispute their valuation if needed.
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Can You Trade In More Than One Vehicle at a Time?
Why not trade in two vehicles you don’t need for a new or used Tesla? While that doesn’t sound like a bad idea, Tesla will not allow prospective buyers to trade in more than one vehicle.
Unfortunately, one of the purchase contract terms of Tesla states that you can only use the equity of one vehicle for a trade-in transaction. You may have to sell your other vehicle to a different dealership so you can use the money for the Tesla down payment.
Can You Trade an Old Tesla for a New Tesla?
Absolutely!
As expected, Tesla will accept their vehicles as a trade-in towards purchasing a new or used Tesla vehicle. Your trade-in value is calculated using your vehicle’s VIN, model, make, year, mileage, and several photos. Also, make sure you have the title and lease/loan agreement to be uploaded to the photo section of the calculator.
It’s worth noting that Tesla doesn’t add value to some of the brand’s most common features like Enhanced Autopilot, Full Self-Driving, and Unlimited Charging.
Fortunately, most Tesla vehicles have excellent resale value, and even the oldest models have held their value remarkably well. Here’s a quick overview of the Tesla trade-in value for some of its older models.
Tesla Model S
The Model S first hit the road in 2012, and it proved to be a successful competitor to other luxury brands like Mercedes-Benz and BMW. The Model S is a testament to the strong Tesla trade-in value.
According to Green Car Reports, the 2013 Model S P85D has a trade-in value of $30,000 - not a bad valuation for a decade-old model that started selling for $60,000. Trading in a newer 2018 100D model can fetch you as much as $55,000 to $60,000.
THE BEST USED LUXURY CARS ON THE MARKET
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Tesla Roadster
As the pioneer model for Tesla, the Roadster had a rough introduction to the market. It was quite an oddity back in 2008, and its sales numbers are pretty poor. However, with Tesla’s skyrocketing popularity, the Tesla Roadster became a desirable vehicle for its history.
According to Edmunds, the 2008 Roadster has an estimated value of $20,000 for an outstanding condition unit and $11,000 if it’s in rough shape. Moreover, a well-maintained 2011 Roadster will get you $29,000 and $19,000 for a rough unit.
The Tesla trade-in value is better for this model if you sell privately. You can potentially triple the value by selling to a dealership rather than a company such as True Car, Car Max, CarFax, etc.
Tesla Model 3
Dubbed the “Everyman’s Tesla,” the Model 3 enters the market with the lowest starting price. Since it’s one of the more popular Tesla models, the trade-in value for the Model 3 can vary greatly.
For the 2019 Model 3, you can expect trade-in values to range from $36,000 to $45,000, depending on the condition and trim.
Tesla Model Y
The Model Y was Tesla’s competitor to luxury SUVs such as Audi Q5 and BMW X5. It offers a higher than average ride height and outstanding fast acceleration from other Tesla vehicles. Compared to the Model 3, the Model Y SUV retains its value better.
As per Edmunds, the Model Y trade-in value for the 2020 model ranges from $45,000 for a rough condition unit and about $60,000 with excellent condition.
Tesla Trade-In FAQs
Are Tesla trade-in values negotiable?
No.
Typically, Tesla trade-ins are easy to navigate. They use standard value calculations to determine the value of your vehicle and provide a reasonable valuation. If you’re okay with the estimate, you can seal the deal immediately.
However, if you’re not happy with the quote, you’ll have to trade in your vehicle elsewhere since Tesla trade-in values are not negotiable.
Which vehicles can be traded in?
Tesla accepts sedans, trucks, and SUVs for trade-in value toward purchasing a new or used Tesla. Both electric vehicles (EVs) and internal combustion engine vehicles are eligible for trade-ins.
Tesla won’t accept RVs, motorcycles, and commercial vehicles for trade-in.
Can I trade in more than one vehicle?
No. Tesla will only accept one vehicle for trade-in.
Can I trade in a vehicle that’s not completely paid off?
Totally. You can trade in a vehicle even if it’s still under financing. Tesla will simply calculate and compare the payoff amount and any positive or negative equity that will be added to your purchase agreement.
Can I trade in a vehicle that’s not under my name?
No. The title of ownership must be transferred to your name before you can finalize the trade-in and delivery.
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