I lost so much money selling the Tesla… should I have gone private party instead? Oh yah… sign up for RUclips premium and get 2 months free! ruclips.net/user/premium?cc=everydaychris&
I was looking to buy one. I watch your videos and I really love the color of your car. I should have definitely bought your car for $60k its a great great deal. If anyone else selling the same year and with that mileage do let me know. :)
Tesla only wanted to give me 21,500 on my 2021 MYP with 65,000 miles back in August 2024. I overpaid back in 2021 at 61,990. Elon dropped the price by 8,000 bucks a few months later! I ended up selling to Carvana for 24,300 and walked away with 2,422 bucks. I replaced it with a 2021 model S long range with 30,000 miles from Tesla for 52,000 bucks . It was a leased car and immaculate. I saved 30,000 bucks from when it was new! Moral of the story, buy a used Tesla and let someone else take that depreciation hit! The depreciation hit is brutal with Tesla’s and other EV cars!😮
They because they aren’t worth what they’re being advertised for and then your ELON bangs you over the desk by dropping prices drastically because no one wants them as advertised.
Just wondering what was the price difference with the insurance between the MYP and MS? I was going to the same but the insurance on the MS is double the amount of the MYP
I bought my 2020 Model Y Performance new, but I'm also hoping to keep it at least 10 years barring an accident that totals it. I already have 102k miles/164.1k km on it due to my daily driving but also numerous long distance road trips, to give you an idea of how much I drive that it, and still enjoy it quite a bit. By that time, the Juniper Model Y should've been out for a few years as well, so hopefully they worked out all the kinks in it by then. But yes, for other folks, I would also recommend getting a used Tesla especially if buying it new is going to stretch your wallet more than you're comfortable with. Model Y's should tank further once the Juniper refresh comes out, so you can save even more money due to the next massive depreciation hit. While the battery degradation could be a concern, I wouldn't worry about a high mileage Tesla the way I would worry about a high mileage gas car, because EVs have less moving parts. All else being equal, less moving parts means less things to break and less wear & tear on said parts.
If you are trading in you will also benefit from not having to pay sales tax on the amount they offer for your trade so be sure to add that amount to their offer in order to compare offers.
Could have gotten $10k+ if he would have sold it privately, but I’m guessing since he made money from his videos and also tax deductions, it doesn’t really matter. Carmax probably sold his car for $70k+ since the new X, 5-seater is around $80k.
A Tesla and its owner’s money is soon parted. The single biggest complaint I have about the Model Y bought in 2023 is its 40% depreciation. Fool me once shame on…me.
@@richardcoughlin8931 you thought that aluminum refrigerator was gonna hold its value?? ELON bends the owners over every time he drops the prices drastically 8000 here and 9000 there adds up to upside down auto loans for those the have them while he laughs all the way to the bank.
At least in Texas, you can submit a form showing transfer of ownership, which immediately releases you of responsibility for anything the new owner does with the car. I would guess other states have something similar.
Here’s the page for California. Search for other states with “vehicle transfer notification” and the state name: www.dmv.ca.gov/portal/vehicle-registration/titles/title-transfers-and-changes/notice-of-transfer-and-release-of-liability-nrl/
Great video Chris. This should be watched by anybody who plans to sell their Tesla, even those buying a new one! Sadly, the economic times and super low US prices were not on your side. I’m in Toronto. On Tesla Canada’s website, used Model Y lists for $64,000+ ($46,500 USD). The Tesla US used Model Y starts at $25,000 USD! Q: Will CARMAX be able to sell Stormbreaker with FSD included? My hunch is no. 🙏 🙏🙏
remember, car dealers have to resell the car for a profit. If some issue on it, they have to fix it and dealing with the financial transactions, scammers, paperwork...these are the hidden risk car dealers have to take and that's why it's much lower than private party. I sold one old car $3000, some guy (private party). He F around and end up not buying, completely waste of my time.
Good points Chris and I feel for you with the serious deprecation of the X. I was impatiently waiting for the Cybertruck driving a leased 2021 Model Y DM. Just before I got my invitation to order the Cybertruck and at lease end of the Y, I bought a used 2018 Model X from Tesla. The X was a fully loaded 6 seater with EAP which I upgraded to FSD for $2K. That made the total spend under $42K for a vehicle with 49K miles on the ODO and a 1 year warranty from Tesla that sold new for $150K. Everything works and while it isn't as nice as the refreshed Model X, it is a lot of car for that money. It is now my daily driver. When I was young, I never bought a new car and lost very little money when upgrading vehicles. Then as I gained more disposable income I started buying or business leasing new cars. Now that I'm retired, I'm reverting to that early methodology of buying good used cars, in good condition for a significant savings. My wife is still working and loves her new Highland Model 3 but frankly, as nice as that car is, my 6'5" frame fits much better in the Model X and I prefer driving it on road trips. That's my $.02 ... 🙂
In Washington State there is one advantage for doing a trade-in and that is Sales Tax. The trade-in value goes towards reducing the cost as pertains to Sales Tax when buying an EV and the $45,000 limit.
Dude this is not just case of model x. Any luxury car more than 100k depreciations crazy. Take AMG , or a Lucid GT or a EQS or a 7 series. They all lose 50+k in first year. Why do You think model y is more popular.
Good stuff. I've always sold my car private party because I'm going to get the best price but it's obviously a hassle. They've always been under 10k so it's always been cash but a more expensive car would make me nervous because how am I going to get paid. My vehicles are always in good condition but I've learned all they usually care about is the mileage. Also I remove anything that I added in order to put it back as close to stock as I could. Removing your blue wrap was a good idea. BTW as soon as you sell a vehicle to someone private party (or anyone else) the DMV has a section on their website in which you can report the sale (new owner info, mileage, price, etc) and that instantly removes you from all future liability from the vehicle. Years ago my brother sold a vehicle and never reported it. The new owner never registered/transferred it either. Then a few months later the car was stolen and the police contacted my brother who got the vehicle back.
I am getting buried in my 2021 model S Plaid. Why ever sell at a huge loss? What could ever top it? It will always be too much car for anyone on the streets and I’d rather pile my money into $TSLA.
Sold my old Mazda Miata years ago as private seller. We agreed on the price and I only accepted cashiers check from the bank. I print out a bill of sale. Met the person at Starbucks to fill in his info, signed and took picture of his drivers license for the record. Went to DMV website to do name transfer and that was it. Simple process and no need to go to DMV or Bank.
Best avoid trade-in with Tesla as they would quote a reasonable trade-in value but then suddenly lowball you the day before the new delivery, forcing you to either accept the lowball trade-in price or pay for the trade-in amount. They did this with my M3P trade-in, low mileage and no accident, which quoted 8k less than the original quote.
Information is outdated/incorrect. 1.) If your vehicle is more than $5,000, go to the bank/police department for transfer of funds. 2.) Print a bill of sale and get the buyer/seller information on it. 3.) Go online to your states DMV and input the sale information to relinquish ownership from you.
Great info , so prob diff where you live , I shopped around to sell my Kona EV before buying model Y , but here on trade in at Tesla I only pay sales tax on the difference in cash left after trade in , so though Tesla was a few thousand less trade the tax saving covered diff and gave me a thousand extra & way less hassle driving old car to Tesla and driving new car out ( with 30 transferring old car )
Of course dealerships low ball you, you just argue your way up to your asking price by using Kelly blue book and 1 or 2 other dealership offers. It's not difficult just takes an extra week or 2 of effort.
Funny you mentioned the hassles of private party sales. I sold my last car to a private party. Nice people. We went to the bank, they paid cash. All good. I signed off on the title, mailed in my release of liability to the DMV and thought we were all good. Imagine my surprise 9 months later when I got a bill for some Fast Pass violation. WTF?? The buyers hadn't bothered registering the car since I had just renewed the registration the month before I sold it, so they figured they'd just let it go until it expired. They wound up taking car of everything, but it was really an unexpected hassle I didn't need.
@@EverydayChris Always enjoy your content, Chris. I know you're doing well, but $832 a month just for car insurance sounds brutal! I remember when my mortgage payment was $800!! (a long, long, long time ago)
Sold my car today. Carvana and carmax now gives wayyy less than they used to. I did few stops at dealerships and got 8k more than carvana and carmax today and bought my MX and CT!!! Today!! Lets goooo
Similar situation a month ago. Traded in my 2023 LR Model 3 for a 2024 Model 3 Performance. Wanted the new M3 features and the FSD transfer was taking place. My LR had a Satin Gray wrap. Went to 3rd Party and Tesla The 3rd party was offering 2k more than Tesla, but the FSD transfer would have been pain. I also was thinking about removing the wrap, but that would have cost me some change to remove. So I just gave it back to Tesla as is.
My experience with Camax was surprising. Years back during Covid I can't remember the numbers but my offer was deducting $1000's unless I replaced original wheels. Maybe $4000-$5000 deducted. Surprising because Corvette Grand Sports and some others have a known defect in their wheels which often result in cracking. So I purchased Forgeline wheels which cost close to $8000. Far better than the OEM wheels. Yet, they were deducting. Yeah yeah I get it but in this particular case it didn't make sense, but that's the way it is!
Sold my previous Mazda with 60k miles. We agreed on a price and he met me at the bank then offered me 1k less at the teller. It was still a better deal than the dealership. Then I immediately went online and and told the dmv I sold the car with the person's name address, etc. then I rolled all that money into my current car and ending up paying off my car in under a year
That depreciation is insane... I understand these cars are "new" in the market and technologies, prices, everything is getting better so our teslas or other EVs are going down in value quicker. I'm wondering whether it will be a good time to buy new tesla. It's like mobile phones market, everything is going forward really quick. Of course phone is $1k, not $100k... Answer is - buy used. But I hate that tbh 😁 other answer can be - don't sell ever 😁
Sold too low ??? Find me another place that’ll take a 23’ MX long range for more than 60k. Tesla really fucked us MX owners by dropping the MSRP for more than 20K. Never buying a new Tesla again.
@@Alpha_2288 it’s not Teslas fault. That’s the consequence of being an early adopter. I’m not hating and will gladly admit that I wasn’t wealthy enough to afford to be an early adopter
I sold my car privately and it was such a headache. So many flakers and random test drivers wasting your time. Finally got a sale and when the guy was paying me 6k cash, I was shitting my pants a little since I thought I was going to get robbed somehow lol. At least you don't have to deal with all that and it was a commercial car so some tax write off. For your next trip, you should come to Vancouver B.C. A supercharger rate off peak is .18cents CAD so at least that will make you feel better haha.
I am only assuming it is due to his lifestyle , no kids sort of life. I am a mother of three children. I recently upgraded to model X (from Y) and it was the best upgrade. The extra cabin space is appreciated. The way the falcon wings do is functionally appreciated. We have the six seater. Not going back to the Y … unless it was just my husband and I (and maybe a couple pets)
Hi Chris, now that the NFS Cybertruck is available, considering all the issues I’m reading about and the apparent nonexistence of the million reservations, I’m having second thoughts as a first-time EV buyer. I have a 2003 4Runner, and I tend to keep vehicles for a long time and don’t drive a lot. Any suggestions?
It’s seems like he bought it at the height of car mania where everything was overpriced. Now EV’s are not selling as we clearly head toward a recession (and hopefully not worst than that). So it’s not surprising to me that it lost close to half of the value.
@@justSTUMBLEDupon Well, that's part of it. But the bigger hit was when Tesla themselves cut the prices on all of their cars back in 2023, even the Model S/X. The Model 3 and Y also qualified for the tax credit on top of that, bringing even more of a hit to current owners, especially those who bought during Covid before January 2023 when the tax credit kicked in again for Tesla. But while that screws over the original owners, and Hertz in the case of car rental businesses, it's great news for used car buyers looking to get an EV. Also, it's interesting how EV sales are down in 2024, and a lot of news reports talk about the "death of EV's". What they neglect to mention is that while Tesla is down, many other automakers are up in terms of how many EVs they've been selling. And they don't report how the car market in general is also slow, as people are largely burnt out from all the ridiculous markups dealers did during Covid. Instead it's mostly "Tesla sales are down this year! OMG, nobody wants electric cars anymore!"
well there is an exception, i went to Carmax, Carvana, tesla dealership and other place to see my very low milage 2010 Prius to get a Model 3. Carmax was the best .....................2nd higest price and matched another for me selling value. was no way going to go through a private type deal as wanted money to put on the NEW car ASAP if not sooner lol . No i do admit that maybe because i was buying a Tesla a wek before i reach out and said oh i have a trade in and they took the dets and also looked in person a few days after to confirm the office but they were the highest. i got over 60% of the original value and $5000 more than Carmax. liek you i did it there And locked it and as it really help pay for the new car and knocked down the price alone with all the FED/ State, county and power company incentives. Chris you did the right thing Research, you need to research for each car or time as if i did it today maybe Carmax would be best deal , lol keep up the good work
Carvana gave me $12,300 for my 2020 Model 3 with Enhanced Autopilot with 19 inch sport wheels, blue color with white interior at 60,300 miles. Tesla gave me $16,600. I think Enhanced Autopilot is worth $0 now to anyone. And even I have tried to select FSD just curious to see how much of a difference would that be. Carvana only increased the trade-in value to $13,300. Carvana thinks the FSD is only worth $1,000 usd. I also tried to remove my selection of EA, and the trade-in value dropped to just $11,300 usd. OMG. The car was $55,000 when new. Losing so much on a Tesla car. I actually now get a Model Y Performance. Keep losing money on Tesla cars, but I do make money on my Nividia stock, Palantir stock and Sofi stock now.
Givemethevin says they will beat carmax or you get $100. I used them once and it was an easy process. Now when the CT value dumps you will take it in the shorts again. But with RUclips content I’m sure you will be fine.
You can’t sell your car with FSD, and then take the Tesla offer to transfer FSD to a new vehicle. You need to buy the new Tesla first, have FSD transferred, then sell your older Tesla. The way you buy/sell cars is crazy! You’ll always be in debt.
Man, I would have loved to get my hands on something like that for 60K. Less than I paid for my Y. #######################DealOfTheDay.... Wheres this Carvana?? Carvana:2023 Model X Black 7k mile $74990
I sold my BMW on facebook market and everything went fine. He gave me a check, him and I went to my bank and deposited it. He picked up the motorcycle a couple days later. I gave him the Key but not the bike until the check cleared.
![[#2024MAMA] G-DRAGON - 무제(Untitled, 2014)+POWER+HOME SWEET HOME+뱅뱅뱅+FANTASTIC BABY | Mnet 241123 방송](http://i.ytimg.com/vi/Ox29z5Nf1Uk/mqdefault.jpg)
I lost so much money selling the Tesla… should I have gone private party instead? Oh yah… sign up for RUclips premium and get 2 months free! ruclips.net/user/premium?cc=everydaychris&
What is your insurance company ?
@steven2901 State Farm
I was looking to buy one. I watch your videos and I really love the color of your car. I should have definitely bought your car for $60k its a great great deal. If anyone else selling the same year and with that mileage do let me know. :)
@@EverydayChris hi,what is the color code of the wrap?
losing over $50k with less than 7k miles is crazy.
wait so your car is only 7k. I will buy it 1k more than the offer. Serious buyer
Tesla only wanted to give me 21,500 on my 2021 MYP with 65,000 miles back in August 2024. I overpaid back in 2021 at 61,990. Elon dropped the price by 8,000 bucks a few months later! I ended up selling to Carvana for 24,300 and walked away with 2,422 bucks. I replaced it with a 2021 model S long range with 30,000 miles from Tesla for 52,000 bucks . It was a leased car and immaculate. I saved 30,000 bucks from when it was new! Moral of the story, buy a used Tesla and let someone else take that depreciation hit! The depreciation hit is brutal with Tesla’s and other EV cars!😮
yep , bought my model 3p for roughly half price , it has 39000 miles.
They because they aren’t worth what they’re being advertised for and then your ELON bangs you over the desk by dropping prices drastically because no one wants them as advertised.
Just wondering what was the price difference with the insurance between the MYP and MS? I was going to the same but the insurance on the MS is double the amount of the MYP
@@olirock2779 depends on your zip code age and driving records.
I bought my 2020 Model Y Performance new, but I'm also hoping to keep it at least 10 years barring an accident that totals it. I already have 102k miles/164.1k km on it due to my daily driving but also numerous long distance road trips, to give you an idea of how much I drive that it, and still enjoy it quite a bit.
By that time, the Juniper Model Y should've been out for a few years as well, so hopefully they worked out all the kinks in it by then.
But yes, for other folks, I would also recommend getting a used Tesla especially if buying it new is going to stretch your wallet more than you're comfortable with. Model Y's should tank further once the Juniper refresh comes out, so you can save even more money due to the next massive depreciation hit. While the battery degradation could be a concern, I wouldn't worry about a high mileage Tesla the way I would worry about a high mileage gas car, because EVs have less moving parts.
All else being equal, less moving parts means less things to break and less wear & tear on said parts.
I would have bought it for $63,000.
He could have auctioned the thing or mentioned he's selling in a video. I suspect there's serious value-add for his stuff and how he takes care of it.
U could be a scammer like he mentioned
@@Chris-vz2kv cash transaction at a bank, no scammers are bold enough to scam right there
@@Chris-vz2kvrandom millionaire youtube commenter is a scammer? no way
And you wouldve gotten banged on the pricing
This video was really well done. Nice work and good info
The king has responded. Thanks Gjeebs!! Everyone go follow him.
If you are trading in you will also benefit from not having to pay sales tax on the amount they offer for your trade so be sure to add that amount to their offer in order to compare offers.
this doesnt apply to the state of california
@@yearlawnothing does. Cali is backwards.
Good to know! I sold my old ice car through Carmax, it was so easy. And surprisingly they didn’t care that I had the engine block replaced.
Could have gotten $10k+ if he would have sold it privately, but I’m guessing since he made money from his videos and also tax deductions, it doesn’t really matter.
Carmax probably sold his car for $70k+ since the new X, 5-seater is around $80k.
Well done Chris! Excellent presentation and very useful information. Thanks
Wow this was so helpful! Going to sell my model Y for a cybertruck very soon and this guided me in the right direction thanks buddy.
You're very welcome!
$61,000 loss on the car. 6900 miles. $8.8 dollars per mile. Wow. And you doubled down by buying a cyber truck?
Got any hot stock tips for us?
Buy when low. Never sell. Haha
Looooool. That's our philosophy as well... Buy high; sell low
Shiiit. No stick tips that are worth it
A Tesla and its owner’s money is soon parted. The single biggest complaint I have about the Model Y bought in 2023 is its 40% depreciation. Fool me once shame on…me.
@@richardcoughlin8931 you thought that aluminum refrigerator was gonna hold its value?? ELON bends the owners over every time he drops the prices drastically 8000 here and 9000 there adds up to upside down auto loans for those the have them while he laughs all the way to the bank.
At least in Texas, you can submit a form showing transfer of ownership, which immediately releases you of responsibility for anything the new owner does with the car. I would guess other states have something similar.
See that’s cool
Here’s the page for California. Search for other states with “vehicle transfer notification” and the state name:
www.dmv.ca.gov/portal/vehicle-registration/titles/title-transfers-and-changes/notice-of-transfer-and-release-of-liability-nrl/
Great video Chris. This should be watched by anybody who plans to sell their Tesla, even those buying a new one! Sadly, the economic times and super low US prices were not on your side. I’m in Toronto. On Tesla Canada’s website, used Model Y lists for $64,000+ ($46,500 USD). The Tesla US used Model Y starts at $25,000 USD!
Q: Will CARMAX be able to sell Stormbreaker with FSD included? My hunch is no. 🙏 🙏🙏
Wow! 50% depreciation for a 1 year old car?! I feel for you man
remember, car dealers have to resell the car for a profit. If some issue on it, they have to fix it and dealing with the financial transactions, scammers, paperwork...these are the hidden risk car dealers have to take and that's why it's much lower than private party. I sold one old car $3000, some guy (private party). He F around and end up not buying, completely waste of my time.
The car brand new with the tax credit is 72k~
Tesla fan boys don’t feel pain. It’s like a cult.
@@richardcoughlin8931 I think any cars but in general, higher price cars depreciate more in first few years.
@@richardcoughlin8931lol it’s his choice to sell . No one is forcing you to sell for huge loss
Good points Chris and I feel for you with the serious deprecation of the X. I was impatiently waiting for the Cybertruck driving a leased 2021 Model Y DM. Just before I got my invitation to order the Cybertruck and at lease end of the Y, I bought a used 2018 Model X from Tesla. The X was a fully loaded 6 seater with EAP which I upgraded to FSD for $2K. That made the total spend under $42K for a vehicle with 49K miles on the ODO and a 1 year warranty from Tesla that sold new for $150K. Everything works and while it isn't as nice as the refreshed Model X, it is a lot of car for that money. It is now my daily driver.
When I was young, I never bought a new car and lost very little money when upgrading vehicles. Then as I gained more disposable income I started buying or business leasing new cars. Now that I'm retired, I'm reverting to that early methodology of buying good used cars, in good condition for a significant savings. My wife is still working and loves her new Highland Model 3 but frankly, as nice as that car is, my 6'5" frame fits much better in the Model X and I prefer driving it on road trips. That's my $.02 ... 🙂
In Washington State there is one advantage for doing a trade-in and that is Sales Tax. The trade-in value goes towards reducing the cost as pertains to Sales Tax when buying an EV and the $45,000 limit.
The depreciation is staggering. Definitely will lease the next time.
That’s a tough loss. Hope you got good content out of it. The sale process was quite extensive. Appreciate the insight.
fire your insurance agent. i insure 3 performance vehicles and im not paying anywhere near 8300/month
Excellent and informative video- thanks Chris.
The depreciation on your 2023 X was CRAZY!!!
Dude this is not just case of model x. Any luxury car more than 100k depreciations crazy. Take AMG , or a Lucid GT or a EQS or a 7 series. They all lose 50+k in first year. Why do You think model y is more popular.
Good stuff. I've always sold my car private party because I'm going to get the best price but it's obviously a hassle. They've always been under 10k so it's always been cash but a more expensive car would make me nervous because how am I going to get paid. My vehicles are always in good condition but I've learned all they usually care about is the mileage. Also I remove anything that I added in order to put it back as close to stock as I could. Removing your blue wrap was a good idea.
BTW as soon as you sell a vehicle to someone private party (or anyone else) the DMV has a section on their website in which you can report the sale (new owner info, mileage, price, etc) and that instantly removes you from all future liability from the vehicle. Years ago my brother sold a vehicle and never reported it. The new owner never registered/transferred it either. Then a few months later the car was stolen and the police contacted my brother who got the vehicle back.
Chris!! You should have offered the car to one of us !! I would have paid you more than that!
Good info bro. Thanks❗
I am getting buried in my 2021 model S Plaid. Why ever sell at a huge loss? What could ever top it? It will always be too much car for anyone on the streets and I’d rather pile my money into $TSLA.
Sold my old Mazda Miata years ago as private seller. We agreed on the price and I only accepted cashiers check from the bank. I print out a bill of sale. Met the person at Starbucks to fill in his info, signed and took picture of his drivers license for the record. Went to DMV website to do name transfer and that was it. Simple process and no need to go to DMV or Bank.
Nice
Too much of a headache to gamble on some unknown person who may there to rob you
I had similar experience sold on Craigslist, went to bank with guy did dmv transfer relatively easy. We both were happy.
Right. Grownups in the real world can sell a car, nitwits are "afraid" of scammers, cause they cant figure the basics out.
@ it’s a bit more then basics .. there’s safety involved
This was super helpful
That color was so awesome
Why did you sell? Too many vehicles? Hey i love your camping videos would love to see more!! Much love and aloha!
Will do!!! Yeah too many
Damn dude I would’ve bought the car from you for 60k lol
same!
Came here to say the same!
u dont need to pay ticket if u sold the car. u can go dmv Online Services and fill out Notice of Transfer and Release of Liability.
Good advice, if you ever see me down the road look for my rear tags, TARR. Won't find any in the front.
Great vid,Chris! Thanks!
Best avoid trade-in with Tesla as they would quote a reasonable trade-in value but then suddenly lowball you the day before the new delivery, forcing you to either accept the lowball trade-in price or pay for the trade-in amount. They did this with my M3P trade-in, low mileage and no accident, which quoted 8k less than the original quote.
No way. That’s crazy
Information is outdated/incorrect. 1.) If your vehicle is more than $5,000, go to the bank/police department for transfer of funds. 2.) Print a bill of sale and get the buyer/seller information on it. 3.) Go online to your states DMV and input the sale information to relinquish ownership from you.
I had the same problem with having a fsd subscription and the factory reset wouldn’t work! 😮on my 2021 MYP.
Yeah! lol he had a myp too!!
I only buy used so I’m kind of happy because I’m looking for a Tesla SUV but can’t decide between the Y or the X
Great info , so prob diff where you live , I shopped around to sell my Kona EV before buying model Y , but here on trade in at Tesla I only pay sales tax on the difference in cash left after trade in , so though Tesla was a few thousand less trade the tax saving covered diff and gave me a thousand extra & way less hassle driving old car to Tesla and driving new car out ( with 30 transferring old car )
Chris, great video!
Cool content regarding different third-party processes. Is the loss due to the low resale value tax deductible since the car is used for RUclips?
Nah the loss is due to the crazy price changes from Tesla constantly
Of course dealerships low ball you, you just argue your way up to your asking price by using Kelly blue book and 1 or 2 other dealership offers. It's not difficult just takes an extra week or 2 of effort.
Funny you mentioned the hassles of private party sales. I sold my last car to a private party. Nice people. We went to the bank, they paid cash. All good. I signed off on the title, mailed in my release of liability to the DMV and thought we were all good. Imagine my surprise 9 months later when I got a bill for some Fast Pass violation. WTF?? The buyers hadn't bothered registering the car since I had just renewed the registration the month before I sold it, so they figured they'd just let it go until it expired. They wound up taking car of everything, but it was really an unexpected hassle I didn't need.
No way..... Yeah sorry to hear and always nice to hear from you Jeff!
@@EverydayChris Always enjoy your content, Chris. I know you're doing well, but $832 a month just for car insurance sounds brutal! I remember when my mortgage payment was $800!! (a long, long, long time ago)
I'm wondering if you would have been better off selling the Y
Why not get rid of the Y? The strombreaker was waaaay better
Agree but wanted to keep the y for the long miles
What does long miles mean?
@@EverydayChrisbut the X cmon I mean the Y probably lost less money than the X u lost like 60K😭😭
@Aimon30boy I know so bad lol
@@nicholasmuni7995 Probably range?
Third party is great, sold dozens of cars and same with friends , go somewhere public, go to dmv etc,
After all this in ur opinion is PPF worth it? (Not the color change)
Sad to see it go!
Sad but happy I have more money in my wallet haha
Sold my car today. Carvana and carmax now gives wayyy less than they used to. I did few stops at dealerships and got 8k more than carvana and carmax today and bought my MX and CT!!! Today!! Lets goooo
Wow awesome!! Congrats!!!!
@@EverydayChris I hope I can fit 3 car seats on my X. Cz my CT will be no kid zone😎
I sold my Model Y last weekend. Carvana gave me $3,000 more than Carmax.
@iamnid wow
My god the depreciation was savage 😮
So baaad
Similar situation a month ago. Traded in my 2023 LR Model 3 for a 2024 Model 3 Performance. Wanted the new M3 features and the FSD transfer was taking place. My LR had a Satin Gray wrap. Went to 3rd Party and Tesla The 3rd party was offering 2k more than Tesla, but the FSD transfer would have been pain. I also was thinking about removing the wrap, but that would have cost me some change to remove. So I just gave it back to Tesla as is.
How much was your quote to remove your wrap? I’m trying to decide if I need to remove mine
@@_CPerkcar wrap owner here.. it depends on condition of the wrap & some other factors- but generally anywhere between $500-$700.
@@butskiiueepp1625 thanks…also, damn!
You also reduced your sales tax going to Tesla. If you sell third party you lose the sales tax break.
@@butskiiueepp1625 damn. Thanks tho!
My experience with Camax was surprising. Years back during Covid I can't remember the numbers but my offer was deducting $1000's unless I replaced original wheels. Maybe $4000-$5000 deducted. Surprising because Corvette Grand Sports and some others have a known defect in their wheels which often result in cracking. So I purchased Forgeline wheels which cost close to $8000. Far better than the OEM wheels. Yet, they were deducting. Yeah yeah I get it but in this particular case it didn't make sense, but that's the way it is!
Thanks for this! Very helpful.
Sure!
what were the tax strategies that you used to minimize your losses when you sold your Model X?
Lucky you got what you did! Tesla resale is horrible and very volatile. And private party is by far the best way to sell it. You’d get way more
moral of the story. Tesla knows the true value of their cars. Only fanatics would overpay
Your X depreciation is close to my new 2024 M3p (55k)😂 . The reason I bought, while I know telsa’s depreciation is crazy, is free charging at office.
Wish someone can do this for Canada as well
How do you time when to sell your car? When you let Tesla know you’re trying to sell your Tesla?
Thanks!
3 cars and the insurance is only $850 ?? That is cheap.
Do you think a 2026 Model X refresh is likely going to be as substantial as Highland/Juniper?
I lost $15k and have to write a check to get rid of the 2022 m3 rwd. 😢 $19k value and owe $34k to bank
that sux
I’m in the same boat with a ‘21 M3
Will you ever buy another Tesla?
Did they at least use lube?
Did they at least use lube?
60k only for a 1Year car? That’s insane
Someone gonna pay $80k to CarMax to a $113k car with only less than 7k miles.. Thats a huge profit
Yeah they won for sure
Arent you suppose to purchase another tesla first in order to transfer the FSD to the new vehicle?
Sold my previous Mazda with 60k miles. We agreed on a price and he met me at the bank then offered me 1k less at the teller. It was still a better deal than the dealership. Then I immediately went online and and told the dmv I sold the car with the person's name address, etc. then I rolled all that money into my current car and ending up paying off my car in under a year
Man.. stressful but glad it worked out
if someone had done that to me I just would have walked out of principal
That depreciation is insane... I understand these cars are "new" in the market and technologies, prices, everything is getting better so our teslas or other EVs are going down in value quicker. I'm wondering whether it will be a good time to buy new tesla. It's like mobile phones market, everything is going forward really quick. Of course phone is $1k, not $100k... Answer is - buy used. But I hate that tbh 😁 other answer can be - don't sell ever 😁
What if you financed your car and still have payments remaining on the car? What to do?
I’ve sold my old cars on Craigslist and never had a problem. You just need to know what you’re doing.
I sold my M4 convertible with 20k miles to a crypto kid for $69k i purchased the car for $68k with 2k miles . Great deal for me.
Very nice!
Damn you sold too low. But thanks for showing us the process 😅
yes but to some people such as myself its worth the peace of mind even if your leaving a lot of money on the table.
Sold too low ??? Find me another place that’ll take a 23’ MX long range for more than 60k. Tesla really fucked us MX owners by dropping the MSRP for more than 20K. Never buying a new Tesla again.
@@Alpha_2288 it’s not Teslas fault. That’s the consequence of being an early adopter. I’m not hating and will gladly admit that I wasn’t wealthy enough to afford to be an early adopter
@@Alpha_2288 also you could have just kept your Tesla opposed to selling it for nothing
I sold my car privately and it was such a headache. So many flakers and random test drivers wasting your time. Finally got a sale and when the guy was paying me 6k cash, I was shitting my pants a little since I thought I was going to get robbed somehow lol. At least you don't have to deal with all that and it was a commercial car so some tax write off.
For your next trip, you should come to Vancouver B.C. A supercharger rate off peak is .18cents CAD so at least that will make you feel better haha.
Haha dang. Yes we want to go to banff
Just curious… what made you decide to keep Y over X? We are trying to decide whether to upgrade to X from Y. Thanks.
I am only assuming it is due to his lifestyle , no kids sort of life. I am a mother of three children. I recently upgraded to model X (from Y) and it was the best upgrade. The extra cabin space is appreciated. The way the falcon wings do is functionally appreciated. We have the six seater. Not going back to the Y … unless it was just my husband and I (and maybe a couple pets)
Hi Chris, now that the NFS Cybertruck is available, considering all the issues I’m reading about and the apparent nonexistence of the million reservations, I’m having second thoughts as a first-time EV buyer. I have a 2003 4Runner, and I tend to keep vehicles for a long time and don’t drive a lot. Any suggestions?
how can it lose that much value in 1 year.. that's beyond insane!!
Yeah. Tesla changed the price like crazy
It’s seems like he bought it at the height of car mania where everything was overpriced.
Now EV’s are not selling as we clearly head toward a recession (and hopefully not worst than that). So it’s not surprising to me that it lost close to half of the value.
@@justSTUMBLEDupon Well, that's part of it. But the bigger hit was when Tesla themselves cut the prices on all of their cars back in 2023, even the Model S/X. The Model 3 and Y also qualified for the tax credit on top of that, bringing even more of a hit to current owners, especially those who bought during Covid before January 2023 when the tax credit kicked in again for Tesla.
But while that screws over the original owners, and Hertz in the case of car rental businesses, it's great news for used car buyers looking to get an EV.
Also, it's interesting how EV sales are down in 2024, and a lot of news reports talk about the "death of EV's". What they neglect to mention is that while Tesla is down, many other automakers are up in terms of how many EVs they've been selling. And they don't report how the car market in general is also slow, as people are largely burnt out from all the ridiculous markups dealers did during Covid.
Instead it's mostly "Tesla sales are down this year! OMG, nobody wants electric cars anymore!"
That car is worth $60k plus. Carmax got the sweet deal. They will resell your car for $80k 😂
The only Mod that’ll not bring the value of the car down is ppf. Any vinyl wrap especially a unique color is surely a 👎🏼
Mine was a unique color ppf haha
Haha. It sure was! Great car. Sorry you had to part with it. Thanks for the video. 👍🏼
well there is an exception, i went to Carmax, Carvana, tesla dealership and other place to see my very low milage 2010 Prius to get a Model 3. Carmax was the best .....................2nd higest price and matched another for me selling value. was no way going to go through a private type deal as wanted money to put on the NEW car ASAP if not sooner lol . No i do admit that maybe because i was buying a Tesla a wek before i reach out and said oh i have a trade in and they took the dets and also looked in person a few days after to confirm the office but they were the highest. i got over 60% of the original value and $5000 more than Carmax. liek you i did it there And locked it and as it really help pay for the new car and knocked down the price alone with all the FED/ State, county and power company incentives.
Chris you did the right thing
Research,
you need to research for each car or time as if i did it today maybe Carmax would be best deal , lol keep up the good work
Carvana gave me $12,300 for my 2020 Model 3 with Enhanced Autopilot with 19 inch sport wheels, blue color with white interior at 60,300 miles. Tesla gave me $16,600. I think Enhanced Autopilot is worth $0 now to anyone. And even I have tried to select FSD just curious to see how much of a difference would that be. Carvana only increased the trade-in value to $13,300. Carvana thinks the FSD is only worth $1,000 usd. I also tried to remove my selection of EA, and the trade-in value dropped to just $11,300 usd. OMG. The car was $55,000 when new. Losing so much on a Tesla car. I actually now get a Model Y Performance. Keep losing money on Tesla cars, but I do make money on my Nividia stock, Palantir stock and Sofi stock now.
How much was the removal fee for your wrap?
Ah, McLovin. Good times.
Best times hahaha
This made me sad, I'm wondering why you sold the X if you lost so much money on it compared to the original purchase price?
I discuss it in the video! Just all the crazy fees
He still come out ahead. He is a youtuber, he can write off the lost and revenue from video already cover the lost…
Givemethevin says they will beat carmax or you get $100. I used them once and it was an easy process. Now when the CT value dumps you will take it in the shorts again. But with RUclips content I’m sure you will be fine.
Loved the Blue pal
No mention of Cars and bids or other auction sites?
why buy just lease.
took my 23' MYP (out the door $68k) to carmax a few months ago and was offered a whopping grand total of $33,000 😂
You can’t sell your car with FSD, and then take the Tesla offer to transfer FSD to a new vehicle. You need to buy the new Tesla first, have FSD transferred, then sell your older Tesla.
The way you buy/sell cars is crazy! You’ll always be in debt.
Should’ve posted car here. I’m sure many would’ve been interested.
Hmnm..bought at 115K-60K in 2 years ...55K $ value lost for 2 years is steep.
Dayum
Tesla keeps lowering the new car prices. That’s the real reason.
That's because they're priced like iPhones. How much is a year old iPhone 14 worth now that the 16 is out?
Tesla is good car, but I don’t buy it cuz market value and the Tesla they don’t care about you.
So that hack you did for factory reset, could that work to get FSD 30 trial again since the app thinks its a new onwer? 😎
Paint protection film is a scam. RUclipsrs have pushed it so much which have caused it to become well known but it’s not worth it
Did you consider BringATrailer or Cars&Bids?
Man, I would have loved to get my hands on something like that for 60K. Less than I paid for my Y. #######################DealOfTheDay.... Wheres this Carvana?? Carvana:2023 Model X Black 7k mile $74990
I sold my BMW on facebook market and everything went fine. He gave me a check, him and I went to my bank and deposited it. He picked up the motorcycle a couple days later. I gave him the Key but not the bike until the check cleared.
I sold my old EV and lost money on it but no where near the amount that you lost. I wasn't happy but then I saw your vidoe.
Yikes, that’s a brutal haircut. A painful reminder that cars are a depreciating asset. 😢
Never seen a guys so happy taking a 50% loss on a year old car. More money than sense!
Wow the worst way to lose $60k in just over 1 year of ownership!!
I’m dying to know what your full time profession is , how do you have time for all of that , Lol
Haha I’m a full time RUclipsr friend
@@EverydayChris Much respect!