I Sold My Tesla…Don’t Make This Mistake

I also tested to see if I'd get more money with or without paint protection film and all that.

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[monkeyrun]

losing over $50k with less than 7k miles is crazy.

[Gjeebs]

This video was really well done. Nice work and good info

[mustangdaddy]

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!😮

[stevenichols]

$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?

[ascendantP]

Wow! 50% depreciation for a 1 year old car?! I feel for you man

[Russell.Gilbert]

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.

[ElmerEDavis]

Well done Chris! Excellent presentation and very useful information. Thanks

[amchef]

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.

[rmkep]

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 ... 🙂

[Whimsyfall]

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.

[michaelcrz]

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.

[craigwflys]

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.

[daveleinen]

Excellent and informative video- thanks Chris.

[jezza]

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.

[pinolero.]

Good advice, if you ever see me down the road look for my rear tags, TARR. Won't find any in the front.

[nvydrew]

Damn dude I would’ve bought the car from you for 60k lol

[mustangdaddy]

I had the same problem with having a fsd subscription and the factory reset wouldn’t work! 😮on my 2021 MYP.

[adamchoi]

That’s a tough loss. Hope you got good content out of it. The sale process was quite extensive. Appreciate the insight.

[slyboy]

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.

[Workman.darren]

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.