Negative Equity

[Josh X]

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.

Sponsored

 

[NinjaWrap]

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.