Just traded in my 2023 Model Y for a Lightning. After incentives and the tax credit, I ended up at $50k. The MSRP was over $72k, and they gave me $31k for my Model Y (ouch). Got 0% for 60 months and rolled the tax and title into the loan.
I went for the 9.7 kW Pro Power, otherwise, I would have taken the Lariat they had. Those are hard to find. What do you all think? Did I get a decent deal?
I’m also planning to trade in my Model Y for a Lightning… just waiting to find a good deal. I really don’t enjoy dealing with dealerships.
Kim said:
I’m also planning to trade in my Model Y for a Lightning… just waiting to find a good deal. I really don’t enjoy dealing with dealerships.
Totally get that. I’ve had two Teslas and much preferred their buying process. I wouldn’t have even bothered making a post like this if it were a Tesla.
@Finley
I have both a Model X and a Y. Getting rid of the Y first… then I’ll see what to do about the X.
I got less of a discount but a higher trade-in value. Not sure why they did it that way, but I ended up getting $36k for my 2023 Model Y.
Isle said:
I got less of a discount but a higher trade-in value. Not sure why they did it that way, but I ended up getting $36k for my 2023 Model Y.
Yeah, I wondered about that. I got two offers at $31k for the trade, and Carvana offered me $33k. But in my state, you get a tax break for trading in at the dealership, so it came out about the same.
@Finley
That was exactly my situation. They initially offered $31k but then increased the trade-in value after I asked for a discount. It ended up being the same in the end, just in a different way.
@Peyton
A smaller truck would definitely be awesome. Maybe they’re waiting for better batteries before they go that route.
The real question is, do you feel good about it? That’s what matters in the end. You already bought it, so I’m guessing you did your research.
If you wanted everyone’s opinion, you should’ve asked before buying. Now, even if people think it’s a bad deal, there’s not much you can do.
@Torin
It’s a bit of both, honestly. I’m curious what people think, but I also wanted to share a data point for others who are still shopping. I saw a lot of posts like this when I was lurking, so I figured it could be helpful.
@Finley
Which trim did you get?
I got a 2023 XLT ER at a similar price point but financed for 72 months. I actually like the smaller screen before they tried to make it look like a Tesla.
My trade-in was 10k less, but it was a 2014 Chevy Silverado LTZ, fully loaded.
@Vivian
I went with the Flash. My Tesla only had 17k miles, but it looks like Teslas have been depreciating faster lately.
Finley said:
@Vivian
I went with the Flash. My Tesla only had 17k miles, but it looks like Teslas have been depreciating faster lately.
You’re not alone. My Model 3 didn’t hold its value either.
@Addison
Yeah, EVs don’t really hold their value well.
Noel said:
@Addison
Yeah, EVs don’t really hold their value well.
They used to! Tesla’s constant changes to the MSRP hurt the resale value, in my opinion. During COVID, I got the purchase price back on a 1-year-old Model Y trade-in.
@Zephyr
I bought my Lightning earlier this year and don’t expect to get what I paid for it if I sell. People just aren’t buying them up like some thought they would. Great truck, though. I’m mainly concerned about trading for something with a higher range down the road.
@Noel
I went from a Model 3 to a Model Y, then to a Lightning, and finally ended up with a Maverick Hybrid.
Sold the Model 3 for about $5k less than I paid after two years, got what I paid for the Model Y when I traded it, and got $5k more for the Lightning when I traded it in with only 5k miles.
I liked the Lightning, but worrying about charging on road trips and the fear of a Florida driver hitting an $80k truck pushed me to downsize. Now I’ve got a $26k ride, and if it loses 50% of its value, it’s not nearly as big of a hit. I work from home, so I don’t drive much, and I used the extra cash to pay down my mortgage. Still, I do miss the Lightning sometimes.
@Finley
For what it’s worth, I think you got a great deal. Probably one of the better ones with 0% financing. Maybe there were better deals before, but this is still a solid choice.
Torin said:
@Finley
For what it’s worth, I think you got a great deal. Probably one of the better ones with 0% financing. Maybe there were better deals before, but this is still a solid choice.
Yeah, I’ve seen some people get great deals on 2023s. I probably focused a bit too much on getting the 2024 model for the heat pump.
@Finley
Were those deals recently or a while back? I haven’t seen anything good on 2023s lately.