If you have not yet gotten yourself an electric vehicle, and now you are considering getting one, then chances are that you’ve considered a Tesla. This is not a surprise as Teslas are often a highly desirable electric vehicle and brand. The Tesla trade in program can help make your dreams turn into a reality.
Many customers also wonder about Tesla’s trade-in policy. Is it possible to trade in your current vehicle in exchange for a Tesla? Is there a trade-in program in place even? These are just some of the more common questions around the Tesla trade-in options.
In this post, we take a look at the Tesla trade-in value, program, and policies. For easier navigation throughout this post, feel free to use our table of contents below.
As we noted there are many people who are considering getting a Tesla and are wondering if they can trade in their current fuel guzzlers for a Tesla. This is something that happens at many car dealerships.
It makes sense therefore that Tesla may also allow you to trade in your current vehicle in exchange for a Tesla vehicle via the Tesla trade in program.
That said however always keep in mind that Tesla is similar in every aspect compared to most automotive companies.
First off, there is no negotiating the price when it comes to Teslas. To get your vehicle, you will need to pay the stipulated price. This is unique to Tesla as many other carmakers allow some haggling room for negotiations on the price.
One thing with negotiating car prices is that the buying process ends up being very stressful. You may get a counterfigure every time you try and negotiate. Or, it could take you a long while to find the best deals.
Compare this with buying a Tesla which requires you to pay the stated price without any negotiations. The car buying process becomes very easy and very quick. In turn, there is minimal time wasting to get into the dealer and leave out with your car.
You will not get this with many other car dealerships. Strangely there are a large number of people who enjoy how efficient and fast it is to buy a car from Tesla.
Tesla is known for its strict rules. People often wonder if they can actually trade in their gas-powered vehicle for an electric-powered vehicle.
The great thing is that it is actually possible to trade in a gas-powered vehicle for an electric vehicle at Tesla. This is via the Tesla trade in program. You can trade in an SUV, van, or truck. If you’ve been wondering how you get a third of the track and use that money on a Tesla, then keep reading.
Back in its early days, Tesla would be toe-to-toe with other dealerships in terms of trade-ins. They however changed the company regulations which makes the previous regulations ineffective.
Nowadays you will have to just drive with the Tesla model that they give you. You can negotiate a better price as soon as you receive a quote. This will be the most you will receive after you start the trade in process.
Very often the Tesla valuation will last as long as you make it last. It depends on how fast and efficient you are. For instance, if it’s possible for you to quickly provide the required information, the faster you will get the quote.
The great thing is that the Tesla calculator is quick in determining the worth and value of a car and you will get a quote the sooner you provide them with the right information.
Keep in mind that you will be expected to send over pictures of your car after getting the first quote. This is the only part that could take some time. Again keep in mind that the faster you can do this the faster you can get what you want.
Once Tesla sends you a quote, this one will be valid for up to 30 days at which time you should also provide them with all the infractions that they need to speed up the Tesla trade in program process. In case you don’t respond in 30 days you will need to ask for another quote.
If you are satisfied with the quote then all you will need to do is accept the quote. For the Tesla trade in program to be successful, you will also need to send proof that you are indeed the owner of the vehicle.
If you prove that you own the vehicle, representatives from Tesla will come over and take your vehicle in. Very often they will come ad drop off the new Tesla.
There are several things that Tesla will consider before they give you a trade in value. First off, if your car doesn’t come with any issues then you can ask for a higher trade in value.
On the other hand, if your car has plenty of miles and has issues that require the services of a mechanic then of course the trade in value will be significantly less. Simply put you will get a small price for the car since the company will need to fix it before they can resell it.
Tesla makes use of a formula that will accommodate the car’s model, year of manufacture, the condition of the car, and mileage to get a value for your car. As a result, you are going to receive a fair price which is often based on its current market value.
At this point, we should probably point out that the rumors which go around that you will get a bad deal when trying to trade in your vehicle are simply untrue. The truth however is that the prices you get are very fair and you will get your car’s worth.
This ultimately means that if you have a car that is in good shape, then you always have the option of selling it and using the proceeds to make the down payment of your Tesla. You can simply open your online account and input the car’s details.
Of course, you likely want to get a Tesla but before you can do that you want to understand just how much you are going to get for your current vehicle. The great thing is that Tesla makes this whole process easier for you through their online calculator based on their website.
The calculator not only tells you the amount of money you will get for the trade in but will also tell you just how much money you need to put up to be able to get your new Tesla.
The resources on the Tesla website give you a heads up on what to expect at the Tesla dealership. You not only know how much your trade in will be worth as well as how much extra down payment you’ll need to put in. That said, you don’t always need to make an extra down payment as it all comes down to your type of car.
If you don’t want to use the resources on the Tesla website you can still find out what your vehicle is worth by heading out to a Tesla dealership and having them value your car for you. A representative at the dealership will give you reasons as to why your vehicle is worth that value. If you don’t agree with their valuation, you can also ways explain why you think your car is worth more and needs to be revalued.
Remember that the valuation you get on your vehicle will only remain valid for 30 days or for an extra 1000 miles.
Simply put it is highly important that you understand exactly what you are doing and ensure that you are successful. Otherwise, you may find that the value of your car has gone down after a while and now your car needs to be revalued.
If you use your car as your daily driver, it is a good idea to check the extra miles and ensure that you don’t go over the 1000-mile mark in a span of a month. This will also include the number of miles that you need to drive to get to the Tesla dealership.
For the trade in process to remain successful, you will need to pick up the new Tesla. Simply put, you cannot drop in your current vehicle either before or after the trade in.
Something to always keep in mind is that you should ensure that the current vehicle retains its current state and should never be involved in an accident. Granted some accidents are impossible to avoid. But the more the vehicle remains in good hope the better it is for trade in via the Tesla trade in program.
Otherwise, if the vehicle is damaged in any way, there will be a need for a new revaluation.
If you want a new car, one option that you have is to trade in your old car. You may want to trade in your current vehicle even while you have not completed making payments for the car.
One thing to keep in mind is that if you have negative equity, trading in a car with a loan mileage may cost you a pretty penny. Negative equity simply means that you owe more in the loan than the value of the car.
Let’s take a closer look at trading a car with a loan and also find out what you can do if you have negative equity or positive equity.
It is very possible to trade in a car for a new car even while you have been making payments on it. However, you need to be aware of the amount of equity that you have. The equity is the value of the car minutes the amount of cash that you still yet to pay on the vehicle.
These two factors will determine if you have negative equity or if you have positive equity.
Let’s assume that the value of your car is higher than the amount of money that you are yet to pay on the loan. In this case, you will have positive equity. You will be on the safer side if you have positive equity.
This is because whenever you approach a dealer, he or she may add in the remaining equity to the buying of the new car. This will take down the amount of money that you will need to pay for the new car.
If you find that you need to pay more than the value of the car then this is what is considered negative equity. Many people often find themselves with negative equity.
Step one is to ensure that you have a good trade-in value. This is because the higher the trade-in value the more cash you will have towards making payment for the new car. This is what you will need to do.
Ensure you understand your vehicle’s estimated market value. This will give a feeling of what you can expect from the dealer. This will in turn provide you with some power to negotiate a better deal.
You can visit certain websites such as Edmunds and Kelley Blue Book to access tools that will help in estimating the trade-in value of your car. This will be as per the year, model, and make of your vehicle. It will also depend on how many miles it has accumulated up to this point.
To find out whether you have negative equity or positive equity, compare the trade-in value of the car with the loan payoff amount.
This in turn means taking note of the loan balance. Also, note any amount of interest and fees that you have accrued. This, therefore, means that the final payoff amount will be slightly different from the loan balance. The easiest way that you can find this out is by contacting the lender.
Keep one thing in mind if you have positive equity. That you will be able to use what you get from the dealer to be able to pay for the loan. If there is extra money you will use this towards the purchase of your new car.
That said, in case you have negative equity you should choose if you would rather post some of the trade-in and pay your current loan or you should carry over the loan balance in the purchase of the new car.
Ensure that you talk to several dealers and obtain trade-in value estimates. If one dealer is offering a price that is too low, use the car value estimates to negotiate for a better price.
The idea is for you to get several estimates. These will then help you to obtain the very best deals for you.
Whenever you are negotiating, ensure that you separate talks for the trade-in and the purchase of the new car. This is because there are some dealers who may take advantage. They may decide to add mark up on the price of the new vehicle. This is to help recover the trade-in amount.
You may be dealing with negative equity and find that you want to carry over the loan to buy the new vehicle. Ensure that you are aware of the total amount of the loan. Also find out the yearly percentage, the term of the loan, and the new monthly payments.
After agreeing on the new trade-in vehicle value, as well as its price you will need to then close the deal. Ensure that you have taken a close look at the sales contract.
You should be able to identify the value of the new loan. You will also find out about factors such as the interest rate and the terms of the loans.
Moreover, you can also find out about the monthly payments as well as an agreement made during the negotiations.
Furthermore, the sales contract will also state how the dealership deals with negative equity. There are those dealerships that will agree to pay off the car loan. This is despite the amount of money that you owe. They will then add the negative equity into the new arrangement and new vehicle.
Let’s assume that you’ve always wanted to switch over to EV and you finally decided on a Tesla. You’ve made your order.
The next thing will be to track the order process and see how close you are to actually receiving your value.
So how do you do this?
Firstly keep in mind that the process of finding out the status of your Tesla order will revolve around your Tesla account. This will comprise the email and password which you used to order your Tesla.
The next thing that you can do is to access your Tesla account on a regular basis. You may find the need to update something or even shorten the delivery time. It will also come down to your type of order.
Also, note that the order can be delivered straight to your home.
With the Tesla trade in program, you will get a VIN or a Vehicle Identification Number. This will be sent the closer your car is to production. This is a sign that the company has decided on the location at the time of production.
As soon as you reach this stage you will be able to access the VIN on the Tesla account.
Lastly, you will need the delivery day when buying a Tesla. You will likely get it through an SMS as well as receive an email that will pop into your account.
In case there is overseas shipping the delivery date will take a much longer time. This will be longer than if the vehicle was being delivered within the country.
Simply put it all comes down to individual circumstances. How much money you will spend or save will come down to your situation as you may find yourself paying more or find yourself paying less.
Yes, Tesla will take trade-ins via the Tesla trade in program. However, keep in mind that there will be certain limitations on what the company will be willing to accept. For instance, Tesla accepts SUVs, vans, cars as well as trucks and will profile trade-in credit which you will use toward the purchase of your Tesla whether used or new.
The process of trading in a leased car is very different from trading in a purchased car. Firstly with a leased car you will need to deal with several penalties and fees which you must pay to the leasing company. You also need to deal with the contract.
If you find that the buyout is much less compared to the current value of the car then it’s a good idea to trade in your car. You may also want to trade in your car if you find that the old car is in need of costly repairs that go above the value of the car.
Yes, a Tesla will hold onto its value quite well. The only downside is that they are also among the more expensive EVs. That said, Teslas may not always hold onto their value as well as many other cars can but as far as electric vehicles go Teslas will hold their value quite well. You can therefore expect to get a good price in case you decide to sell your Tesla.