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Negative Equity

Josh X

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Josh
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Not just Tesla. All OEMs. My wife test dove a RAV4 and they said $50k is the going price no questions. For an XLE low trim lmao. And people bought them in droves. Anyone who bought a car during that 1-2 year COVID crazy window definitely got hosed.
Well Tesla was unique because in January 2023 they cut MSRP of 3/Y by 20% overnight.

Model Y went from $67k -> $52k.

Dealers were sitting on used ones that they paid $58-60k for and overnight it was wayyyy cheaper to buy a new one than what they paid for used ones. So they had to sell them for $10k+ loss on each unit.
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NinjaWrap

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Got my invite. Unfortunately after getting valuation for my 2024 Model Y (from Rivian and Carvana), I'm in negative equity on it right now. Before turning my $100 refundable reservation into the $500 non-refundable order deposit is there a way to get pre-approved for the loan from Rivian?
Have you thought about selling privately? That's what I've done with the last 3 Teslas we sold about to do it with my Cybertruck. KeySavvy makes it super easy if you have a loan on the car still. They handle all the paperwork, verify payment, get the title from the bank after payoff etc.
 

drumminguy81

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Clubs
 
Well Tesla was unique because in January 2023 they cut MSRP of 3/Y by 20% overnight.

Model Y went from $67k -> $52k.

Dealers were sitting on used ones that they paid $58-60k for and overnight it was wayyyy cheaper to buy a new one than what they paid for used ones. So they had to sell them for $10k+ loss on each unit.
Thats exactly what happened to us, we bought our m3p used in dec of 2022 and a month later tesla slashed prices, we could have got a new one 3 years newer for less than we paid for the used one. we put a large down payment, had a very low interest loan and still couldnt keep up with the depreciation. in the 3 years we owned it, the NADA dropped by around $30k, we bought a 4runner around the same time, put about the same amount of miles on it, kept it 4 years and sold it for $3500 less than we paid. gotta love toyota.
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