Should I Sell My Tesla?
Demand is high, but are you willing to sell your Tesla?
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Tesla owners (or maybe we should say former Tesla owners) are selling their used cars for a profit. Now everyone is asking, “Should I sell my Tesla?”
And increased volatility in gas prices has EV demand skyrocketing, which means those profits are only going to grow in the foreseeable future.
Throughout modern history, non-collectible used cars depreciate in value. The day you buy a car is the most expensive it will ever be unless it’s rare or special.
Used cars have almost always been cheaper than new cars — that is until now.
The top three reasons you should sell your Tesla now
- Used Tesla prices are higher than new prices.
- The used Tesla market won’t stay this hot forever.
- Tesla is building cars faster, meaning prices will go down.
Can I Sell My Tesla for a Profit?
Research group Recurrent Auto reported the used prices of the EV models they track rose by 25% from March 2021 to March 2022.
On the Carmigo auction platform, we’ve seen an almost 15% increase in the sale price of used Teslas in the last three months compared to the first three months of 2022.
“We’ve seen a more than 13% increase in the sale price of used Teslas in the last three months compared to the first three months of 2022.”
The LA Times recently interviewed a number of people who think of themselves as Tesla flippers — people who buy and resell Teslas at a profit.
If you’re tired of intermittent power and auto-pilot issues, it may be time to sell that Tesla. Maybe you’re worried about the lifespan of your battery, move on before it’s too late. And selling your Tesla now means you could make a little money in the process.
Carmigo Auction Prices
In the second quarter of 2022 (April-June) Teslas on the Carmigo auction platform sold for nearly 15% more than the average dealership trade-in price.
The already inflated price of used Teslas was even higher for our sellers.
In fact, Carmigo sellers sold their used Teslas for 9% more than the average private sale and 4% higher than the average used car dealership sale.
Similarly, hybrid cars are selling for 22% over MSRP (new car sticker price) and plug-in hybrids for 32% over MSRP in 2022.
So if you’re thinking about selling your Tesla (or any EV or hybrid), consider listing it on the Carmigo auction to see how much you can make. It’s always free to list and you have no obligation to sell unless the highest bid meets or beats your set price.
A Weird Market
Why are used car prices higher than new car prices? Well, the market is weird.
In fact, the number one reason you should sell your Tesla is because the market is weird.
Here’s the short version: When more cars are available, the prices go down, when fewer cars are available, the prices go up. It’s what economists mean when they say, “supply and demand.”
Let’s look at a few purely hypothetical examples of factors that can lower the supply of new cars:
- Global pandemic that causes factory shutdowns
- War that diverts auto parts
- Fuel shortage
- Microchip shortage
- Shipping pile-up that slows down global trade.
But those are just hypothetical. And as those hypothetical examples level out, buyers will pay less and less for used cars. So you want to sell when demand is high (which is right now).
The Quickest Selling Car: Tesla
The Model 3 and Model Y topped the list of best-selling cars in Q1 of 2022
In fact, Tesla sold more EVs in the US than any other automaker, making up about 75% of the EVs sold in the first quarter of 2022. The Model Y and Model 3 are the best-selling EV models this year.
Tesla Is Breaking Delivery Records
The company is also breaking its own delivery records quarter after quarter.
It produced more than 305,000 cars and delivered more than 310,000 during the first quarter of 2022. And Tesla achieved these numbers despite COVID outbreaks forcing two extended shutdowns at its Gigafactory in Shanghai. The Shanghai factory performs final assembly of Model 3 and Model Y vehicles.
The country’s largest automaker (GM) delivered fewer than 500 EVs in the first three months of 2022. Hyundai is the only company that reported EV sales growth in the US this past quarter. Green Car Reports also reported sales decreases by Audi and Kia.
With so little increased production from Tesla’s EV competitors, demand for Tesla is only poised to go even higher as more and more people make the switch to electric. That means even more demand for Teslas and even more money for you.
Should you sell your Tesla now? If you want to make money, yes.
Where to Sell My Tesla
We’ve made a breakdown of the pros and cons for each of the three ways you can sell your used car (auction, sell, or trade).
With so many people vying for a Tesla these days, you can sell it almost anywhere — a newspaper ad, a dealership trade-in, one of those neat vending machines. But you probably want to factor in money and convenience.
Margins are so crazy right now that you stand to profit considerably if you choose your sale method carefully.
Car auctions are typically only available to vehicle wholesalers, but Carmigo is listing privately owned used Teslas (that’s right, your Tesla) to help meet dealership demand. That means you can create a listing for your car, and we’ll show it to a network of dealerships all over the country.
Instead of getting one low-ball trade-in offer, the Carmigo auction platform pits car dealerships against each other in competition for your car. So prices tend to be higher than they would be through a private sale or a trade-in.
An All Mobile Marketplace
Auctioning through Carmigo means you can list your car from your phone, and we’ll pick it up when it sells. You don’t have to talk to any strangers or field low-ball offers.
And as we said earlier, Teslas on the Carmigo auction platform sold for nearly 15% more than the average dealership trade-in price in the last three months.
Are you still wondering, “Should I sell my Tesla?” Then it may be time. Try listing it on the Carmigo auction platform to see how much money you could make. Even if you’re still on the fence. It’s always free to list and you have no obligation to sell unless the highest bid meets or beats your set price.