Yep. And some states (like VT) only tax you on the difference regardless of where you sell your previous car.
In "normal times", one would always take a bath on their car value if they were planning on selling it within a two year window.
Yep, and a hidden cost of the tax rebate is once retail vehicles became easier to get, it is a heavy downward force on used car prices. If a new MME was $55k and they got a $7500 rebate, why would someone give you $45k for your two year old one? That was working out for people for about a year there, since retail orders were nearly impossible to get in the near term. But my local Ford dealer has six on the lot, so that rebate is going to have an outsize impact on used EV values.In "normal times", one would always take a bath on their car value if they were planning on selling it within a two year window.
It appears we have reached the level of normalcy.
I tried my hardest on this forum to convince people not to pay ADM. Back in the day, one would most likely be able to negotiate around 3k off the MSRP sticker. With that being said, you would expect to lose (depreciate) a substantial amount when driving it off the lot even after paying 3k under sticker. If you didn't expect to own it past 3 years, you would take a hard hit if replacing it with a new one again.
My suggestion to you is to not trade it in if you don't need to. Let the laws of averages kick in and keep it a few more years and then sell/trade it.
If you trade it in now for something new, you will be writing another thread a year from now on how your "new" one has since tanked.
Good Luck!!!
Funny you should say that. I live in the SF Bay Area, (home of Tesla) and a 2-4 year old Tesla Y is going for $25K to $30K. Model 3 are under $25K.
CarMax a few weeks ago straight up told me they don't want used EVs and offered me $40K for my 6 month old 22 Premium AWD ER with 5K miles. In various dealer trades I was offering low-40s to a max of $45K. That's $14K+ price drop in 6 months.
Just to put it in perspective:
Yup. In October 2022.. I traded in my GTPE for $72K (paid $69K) for the 22 Premium AWD ER as I got nailed for speeding and wanted more practical range. These days.. you'd be lucky to get $55K for the same GTPE.
This is what happens when you drop your price 20% it F&^%s with the market
Those two have not held up values at all. I was looking at an EV6 First Edition for $46K. MSRP was "$59K plus markup" only 9 months ago. It was sitting on the lot for 6 months unsold with biweekly price drops. Dealers still think they can get premiums for used EVs but they simply don't sell.
