Who buys Tesla Model 3 with 100k miles at CarMax?

[JetFalcon]

The 2018 Tesla Model 3 was sold to CarMax around March 2023 for $23500. So what happened after that who will justify buying a used Tesla Model 3 with 100k miles. Is 100k miles like alot for a car when buying used? I always had this idea that if I spill Starbucks in my car, that it's not a new car anymore and no one will pay anything for it. Or that time some guy left a scratch on my car and had to get it fixed, it wasn't the same car anymore. But it seems CarMax doesn't really care about imperfections or the curb rashes on the wheels, they only care about the miles on it. So now I have less incentive to try keep my car perfect because no one is really going to award you for keeping your car in the nicest condition. I got a used Apple Watch Ultra 2 that retalis $800 and the guy sold it to me for $500 even though it just came out and he probably only had it for a few weeks. So even for me I don't really reward people for keeping their stuff super nice, I just rather have the lowest price.

My friend wanted to buy my Tesla Model 3 and give it to him at the Carmax price. I gave him a few days but he was being hesitant to make any move like writing a check and I only had 7-14 days to lock in that CarMax price. He kept insisting he wanted it but still was chickening out in a deal he wanted to do. Then later he says it's stupid it has 100k miles rather than just declining or saying unforeseen circumstance had arised. He wanted to buy it for his GF that was moving from Korea to the USA so she had a car. I'm not sure if she pay him back or what was going to happen. But there was some complication with immigration and she ended up not being able to come to the US so there was no need for the car purchase. But would buying a friend's car at the CarMax price be like doing someone a favor. Like you know you will be getting less cash selling to CarMax for convenience but you rather pass the savings to a family member or friend.

So it was sold to Car Max. I'm wondering how long it took to get sold or where it could be now. How long can a used car swap owners in its life time and when will its day come when it gets too many miles and be too costly to continue repairing? I don't think I ever had to do much repair on it which was nice. The Mercedes or BMW, you always have to bring it in for service which is kind of inconvenient then you have to get a loaner car.

 

[Gauss Guzzler]

Many people are unaware of the fact that you can buy a Tesla online, so they assume the price is unknowable like it would be for any other car.
Many people don't manage their own taxes, so big complicated things like $7500 non-refundable credits go in one ear and out the other.
People really like CarMax because the prices are listed. Listed prices also imply a sense of fair market value.
Tesla is considered a "Luxury brand" and no matter how old it is, it still looks exactly like the 2023 model, so to get one for $25K seems like a good deal.

And honestly, it is a good deal. Mileage means very little to an EV, it's more about calendar age and interior wear. Which $25K car would you buy, a Model 3 with all it's amazing tech, features, performance and economy? Or this Buick which is on the brink of costly 65K mileage service?

 

[gaswalla]

have you googled your old VIN? it may give you an idea of what happened.
you sold it just before the value plummeted - good for you!
my guess, it went to auction

 

[Shelburne]

A bit off topic here perhaps, but I wonder why anyone would by any car from Carmax. When I buy a car, new or used, I want to inspect it closely, drive it on highways and local roads and, if it's used, have my mechanic check it out. Buying a car is a bit like getting married: in fact, after marriage and buying a house it is probably one fo the most important decisions you can make. Buying a car from Carmax, at least for me, is like buying a mail order bride.

 

[ODWms]

Love those analogies, as I believe they’re apt. Maybe the prenup equivalent is a good(?) extended warranty.

 

[BrownOuttaSpec]

A bit off topic here perhaps, but I wonder why anyone would by any car from Carmax. When I buy a car, new or used, I want to inspect it closely, drive it on highways and local roads and, if it's used, have my mechanic check it out. Buying a car is a bit like getting married: in fact, after marriage and buying a house it is probably one fo the most important decisions you can make. Buying a car from Carmax, at least for me, is like buying a mail order bride.

Huh? Carmax lets you do all that:

CarMax's Love Your Car Guarantee is our way of helping you buy a car that truly fits your life, with 24-hour test drives and 30-day money back returns.​

CarMax's 24-hour test drive is a take-home test drive that gives you up to 24 hours to decide whether a car is right for you. Once you decide, you can purchase or return the car at the store where your test drive originated. Some restrictions apply, learn more.​

Whether you take a 24-hour test drive or not, you now have 30 days (up to 1500 miles) to decide if the car you buy is right for your life. As long as the condition is consistent with when you purchased it and you've driven fewer than 1500 miles since your purchase, you can bring it back within 30 days and we'll help you complete your return. Any refunds due back are typically mailed within 2 weeks of your return date.​

​

As to why buy a 100k mile M3 from Carmax: https://www.carmax.com/why-carmax

I haven't bought a vehicle from them in over 20 years, but I had piece of mind buying from reputable place with all of the above items written and a physical location that wasn't going anywhere (vs buying from a private seller)

 

[MikeRTX]

I'm just pleased to know a 5 year old 100k M3 will draw that kind of money! The stories I'm hearing are that pre-owned EV's in general are plummeting in value.

 

[brkaus]

I'm just pleased to know a 5 year old 100k M3 will draw that kind of money! The stories I'm hearing are that pre-owned EV's in general are plummeting in value.

Initial post mentions March trade in. All used car prices have dropped since.

 

[Kairide]

A bit off topic here perhaps, but I wonder why anyone would by any car from Carmax. When I buy a car, new or used, I want to inspect it closely, drive it on highways and local roads and, if it's used, have my mechanic check it out.

CarMax lets you look at the car, inside/outside and lets you test drive. They even give you 30 days (1500 miles) to return it if you don’t like it. Which would allow you to take it to a mechanic.
If this is your criteria for buying a new or used car, then you must not own a Tesla.
You can’t look at the inside before accepting delivery, certainly can’t test drive your Tesla before accepting delivery or take it to a mechanic.
It actually sounds like based on your criteria, you should be buying all of your cars at CarMax.

 

[Heckraiser]

A bit off topic here perhaps, but I wonder why anyone would by any car from Carmax. When I buy a car, new or used, I want to inspect it closely, drive it on highways and local roads and, if it's used, have my mechanic check it out. Buying a car is a bit like getting married: in fact, after marriage and buying a house it is probably one fo the most important decisions you can make. Buying a car from Carmax, at least for me, is like buying a mail order bride.

I've bought two cars from Carmax. They have 3 brick and mortar dealerships in the Denver Metro. I find it an awesome place to shop for used cars.

1) They have their whole inventory sitting out on the lot, unlocked and ready for you to go poke and prod with no salesperson supervision or distraction. Thinking of a midsize sedan? You can sit in all the brands, pop the hood, pop the trunk, feel the ergonomics and materials, adjust the seat to your comfort and get a really good idea of what you like before you even drive one.

2) Test drives are easy and low-pressure. I've done them with a salesperson and without. They let me take an accord home unsupervised for a few hours to make sure it would fit in my garage with my workbench.

3) Cars are pre-inspected by Carmax (meh), but they are also willing to let you take them to your favorite mechanic for inspection.

4) 7-day no questions return policy :edit: I guess it's 30 days now, used to be 7 days :edit: . Buy a car, get buyer's remorse, bring it back within 7 days and it's like the sale never happened.

Maybe you're thinking about Carvana (i.e. all online process). Carmax is a very hands-on with far more opportunity to acquaint yourself with the car than you would have from a traditional dealership.

Side note: Carmax is also a nice way to spend a saturday afternoon, even if you're not in the market. Just checking out what the latest models are like. My wife and I occasionally do this when we're bored

 

[texas_star_TM3]

Many people are unaware of the fact that you can buy a Tesla online, so they assume the price is unknowable like it would be for any other car.
Many people don't manage their own taxes, so big complicated things like $7500 non-refundable credits go in one ear and out the other.
People really like CarMax because the prices are listed. Listed prices also imply a sense of fair market value.
Tesla is considered a "Luxury brand" and no matter how old it is, it still looks exactly like the 2023 model, so to get one for $25K seems like a good deal.

And honestly, it is a good deal. Mileage means very little to an EV, it's more about calendar age and interior wear. Which $25K car would you buy, a Model 3 with all it's amazing tech, features, performance and economy? Or this Buick which is on the brink of costly 65K mileage service?

in general yes. but a used Model 3 of unknown origin with 100k miles - which might have been abused charging wise (think rental on turo - with someone let it sit at 100% charged for days or let sit at 0%....) - isn;t something i would buy with the battery warranty just about to expire....

 

[Heckraiser]

I hope someone would buy 100k+ used Teslas, because mine already has 90k and I plan to keep it a few more years!

 

[gsmith123]

I'd definitely consider a higher mileage used Tesla, especially from Carmax where I can inspect the interior. I ended up getting my car from Tesla. Pretty happy with it and planning to keep it well after the warranty expires.

For comparison the cheapest used Model 3 Tesla has listed right now is $25,900 for a 2019 86k miles LR AWD w/ basic AP.
$23500 for the car in this thread strikes me as high, but not wildly so.

How long can a used car swap owners in its life time and when will its day come when it gets too many miles and be too costly to continue repairing?

I don't think there's a hard mileage limit on EVs. Once the car reaches a certain age or mileage if it has a major component failure (like the battery or a drive unit or it gets in a crash) the cost of repair will not be worth it and they'll be scrapped, but otherwise they'll probably just keep being used.

People are still driving old Leafs around with highly degraded batteries (and modern EVs will age a lot better). Even a Model 3 w/ 50% battery degradation would still be a good commuter.

Will be interesting to see how many 20 year Model 3s are on the road in 2040. Wonder what prices will be. Couple thousand $? Remind me to buy a cheap vintage Model 3 Performance in 20 years.

 

[brkaus]

This thread said “sold to carmax in March”. Lots of change since that time.

 

[afadeev]

The 2018 Tesla Model 3 was sold to CarMax around March 2023 for $23500. [...] I'm wondering how long it took to get sold or where it could be now.

If you really care, try scouring the car registration and accident repair databases (e.g.: Carfax) with your old VIN.

How long can a used car swap owners in its life time and when will its day come when it gets too many miles and be too costly to continue repairing?

The death of a car, especially an EV, is usually triggered by an accident. As residual values drop, accident repair costs quickly exceed the 60-80% of residual that insurance companies benchmark as a "totaled" threshold.
With Teslas, that threshold appears to be on the lower end of that range.

Mileage means very little to an EV, it's more about calendar age and interior wear.

That's not really true, as evidenced by rapid value depreciation of higher mileage Teslas.
Mileage absolutely kills suspension. Just as suredly as charging cycles (proxied by mileage) degrade the battery and the range.

I'm just pleased to know a 5 year old 100k M3 will draw that kind of money! The stories I'm hearing are that pre-owned EV's in general are plummeting in value.

The do not. Anymore.
OP says he got $23.5K for his 2018 100K Model 3 in March 2023.
I shopped my 2019 50K (at that time) Model 3P in August 2023. Got offers between $23-25.5K.
CarMax was the worst. They offered the highest estimated value, but required an in-person visit. A few wasted hours later, they came back with the lowest "written" offer.

This comes up once in a while. Every time someone brags how much money they got for their used 100+K car from CarMax or Carvana, I search the database of both and can't find ANY Model 3 for sale with that high of a mileage. Try for yourself. The two highest mileage Model 3 currently listed on Carmax web site have 68K and 69K on the clock (priced higher in CA, WA, and TN, significantly lower in AZ, CO and MD):

https://www.carmax.com/cars/tesla/model-3

a

 

[leoita]

CarMax isn't the worst place when shopping for a used car. It's a lot better than dealing with random sellers and scammers.

 

[JetFalcon]

The Tesla Model Y Performance costed about $70k total after all fees, the only upgrade was the $6000 autopilot. In March 2023 when they had that big discount earlier January 2023.

The only thing I don't like buying new is the idea that it's not going to be new forever, and that pressure while it's still new you want to keep it perfect and every smudge is like one more sign that it's not new anymore. But I can't just not use it because that be a waste of money too. I buy alot of newly released stuff on Offer Up, like I paid $500 for an $800 Apple Watch Ultra 2 when it was about one month old just because the guy didn't like it. I just never tried this for a car because I have no idea if anyone will take a 40% loss on a Tesla that they owned for only 1 month like that Apple Watch Ultra 2. Maybe people are willing to take a loss on something that was several hundred dollars but not several thousand dollars. But I could be wrong, could I be successful and buy an $80k car for $50k and the person only owned it for one month?

Apple products I feel safer with because I can use the serial # to ensure whatever the person is selling is what they said it is. And if it's was just released like 1 month ago, you know it's barely used, so less risk. As long as I can sign into the device and fully use it, then I agree to buy it or trade it. Like I can get passed the lock screen.