Last Updated on May 30, 2023 by Rose Morah
Selling a used Tesla car be tough, especially if you are doing it privately.
Fortunately, we have in the past been able to sell our used EVs successfully and at great prices.
In this article, we will be discussing how to sell a used Tesla, based on our past experiences.
- Find out how much the used Tesla is worth
- Figure out where to sell the used Tesla based on your preferences
Find out how much the used Tesla is worth
You will need to find out what a good price is for that used Tesla.
The price of a used Tesla will vary based on so many factors including the model, year, condition of the vehicle and so much more.
However, when starting out I’d recommend you use Kelley Blue ook for a better idea of what your Tesla is worth before you decide on how much you want to sell it for.
Note: KBB will also give you the trade-in value.
Another way is checking what other similar Tesla Models, including the year, are going for at Tesla.com used cars.
However, you will notice that the prices of used cars on Tesla’s official website keep fluctuating.
The same case applies when you use other 3rd party used car-selling platforms.
|Figuring out how much our used Tesla was worth made it much easier for us to come up with a price range when selling, without being too expensive or settling for less, based on the most current used cars market demand for Tesla cars.|
N/B: The price plays a great role in ensuring that your sale is successful, and does not take so many months to sell.
Figure out where to sell the used Tesla based on your preferences
There are so many available options for anyone who wants to sell their used EVs. However, these options may not be suitable for all types of sellers.
The following questions and answers will help you figure out where best to sell your Tesla;
1. Do you value time over money?
If you do not have the time to communicate with interested buyers and prepare your vehicle for sale, then I recommend the following options:
a). Go for the part exchange option
Part exchange is a great option for sellers who are looking for the easiest way out.
That’s because, all that you need to do is give the dealer the vehicle’s information such as the mileage, condition and history of the vehicle, and your registration number.
Then the dealer will review all that and give you a part exchange price that will go against the car you are buying from them.
So, once you both agree on the price, you’ll just drop your Tesla at the dealer and go back home with another car.
Downside: You may not get the best price for your used Tesla.
Trade-in is also a good alternative because it is way easier, simply because you are also trading money over time.
There are many places you can trade in your Tesla including through online trade car buying services in your location or via Tesla.
NOTE: The price always depends on the demand at that time.
Pros: Most of the online trade-in car buying services will pay off your loan.
c). Commission sale
This is a better option if you don’t have the time but are still looking to get a good sale from your Tesla.
That’s because you will basically let a dealer that offers this service sell the car for you.
Additionally, most of them will take care of all the sales process, including prepping the car to high standards and so on in order to be able to sell it for a higher price.
Note: This will be beneficial to both you and the dealer.
But before you go down this road, take note of the following:
- If they are going to be prepping the car to high standards, make sure you get a good value for the money.
- Make sure the dealer insures the car.
Why? This is because anything can happen. For example, vehicles including yours can be stolen, or in case a fire breaks out.
Also, make sure you read what’s covered, to avoid unwanted surprises
in the insurance.
- Make sure you know the exact location of the car.
2. Are you looking to make a good profit from the used Tesla?
Out of the number of EV sales that we have made through different platforms over the years, we mainly got good profits selling used EVs through private sales.
However, when selling your Tesla privately you will need to do the legwork to get a good sale because this is definitely not the easiest way to sell. But the reward is so much better.
Important things to know when selling your Tesla privately
- Beware of scammers and be prepared to deal with negative comments, especially on online platforms.
However, this should not discourage you from your goal. For instance, we have used Craigslist in the past and managed to sell our EV for a better price on a $5 ad.
We have also used Facebook groups but it was not the best place to sell a Tesla. Maybe other cars. However, you can just shoot your shot.
You can also use forums. I know of people who have made some good sales through online forums.
- You will need to prep the car before the sale.
If you want to sell the used car for a better price, you will need to fix any defects and polish it to make it shine and looking new, especially if its paint has dimmed.
This will attract potential buyers and give you the upper hand when selling it at a higher price because the buyer won’t have something to negotiate the price/bring down the price further.
- Take good pictures of the car.
You will need to take good pictures to attract potential buyers.
- You need to be careful when it comes to people requesting to view the car/test drive.
If an interested buyer requests for viewing/test driving, then you need to do the following;
a). Verify their identity before you meet
This will help filter out people who just want to waste your time or those who are not really interested in buying the car.
Most scammers will disappear once you request their information.
What can help you verify their identity is their full names and their driver’s licenses.
Be sure to also exchange this information with potential buyers too because some buyers also fear scammers who pose as sellers online.
b). Video call
I’d also recommend video calling interested buyers for a better idea of the person you will be meeting.
Well, once you realize that the potential buyer is showing signs of transparency, then you can schedule a viewing day and location.
- Use a safe payment method to ensure that you successfully receive the funds
The following are the different ways you can ensure that you get your car payment:
a). If the buyer is paying via check, make sure you call the bank that issued the check to verify if the funds are available.
I’d highly recommend you look for the bank’s contact from the bank’s official website and not use what’s on the check.
b). Do a wire transfer. You will get the funds in minutes.
c). Do the final transaction at the bank.
d). Use Escrow.com. This is what we use because it keeps both the seller and the buyer protected.
This’s because it holds the funds until everything is settled. Both the seller and the buyer will also need to create an account.
2 Key things that attract potential buyers when selling your used Tesla are:
1). The price.
2). The pictures that you use to advertise the car.
- Have a bill of sale
When selling your Tesla, make sure you do a bill of sale that specifically states that you have sold the car to that buyer.
The bill of sale should have your information and that of the buyers. It should include the odometer disclosure agreement.
- You will need to transfer ownership from your Tesla account
You can do a factory reset to remove your information from the car.
Then, go to your Tesla account and remove the vehicle from your account by tapping on “remove your vehicle”.
The buyer will need to have already set up an account with Tesla so that you can use their name to complete the setup.
Once you are done, go ahead and check your email to confirm the removal of your car.
- Give the title to the buyer
Once everything is complete, you will need to complete the purchase by giving the title to the buyer.
But what if you do not have the title?
This means that you may not have paid off the existing car loan. So, I’d recommend you pay off the loan so that the title can be sent to you.
Once you have received the title, make sure you have signed it (check the back) before shipping it to the buyer.
I hope this article was helpful. Be sure to subscribe to our newsletter for more tips.
All the best!