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Tesla is now offering a mind-blowingly simple way for drivers to save money on a new car — here’s how it works

“Trade-in values for non-Tesla vehicles are determined based on market data utilizing industry standard tools and resources.”

Save money on a new Tesla car

Photo Credit: iStock

According to Tesla’s website, the electric vehicle company is now accepting trade-ins that will go toward the purchase of a new or used Tesla vehicle.

And it’s not just Teslas, or even just electric cars, that are eligible for the program. “We accept passenger cars, trucks, vans and SUVs for trade-in value towards a new or used Tesla vehicle purchase. Internal combustion engine (ICE) vehicles and electric vehicles (EV) are acceptable for trade-in,” the website states.

This could be welcome news to anyone looking to switch to an EV and lessen the amount of planet-warming gases they produce with their car.

It is not clear, based on the information that Tesla provides, how much the company is willing to offer for your used vehicle. 

“Trade-in values for non-Tesla vehicles are determined based on market data utilizing industry standard tools and resources (pending vehicle history verification),” the site says. “Trade-in values for Tesla vehicles are determined based on vehicle configuration, history, mileage and age.”

Trading your car into Tesla directly might be the most streamlined version of the process, but it likely will not get you the most bang for your buck. One Tesla owner conducted a study to find out where he could get the best price for his used Tesla. He got quotes from seven different companies, including Tesla. Out of all of them, Tesla’s offer was the lowest.

Tesla has been in the news recently for a variety of reasons. These range from complaints about shoddy assembly of its cars, to allegations of major violations of customers’ privacy, to an investigation into whether its seat belts will come unattached in the event of a crash, to accusations that the company is blinding an entire Texas town with bright lights all night long.

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