This is a nightmare story that was shared by a member in the discussion forum. We translated it into french because the story was posted on an American Model X Owners community.
I’m sure I’m not the only one with this problem of depreciation. In December 2018 I bought a Tesla Model X P100D with every option available: 6 seats, red, auto pilot, 22-inch wheels etc. Price was $173,000.
Carmax now gives my vehicle a value of $84,000 and it has only 12,000 miles. Vroom says it’s worth $80,000 and many other companies are saying $70-85k but it’s probably around $85,000.
So I’ve now lost $53,000 and refinancing the vehicle won’t change my payment of $2384/month. I currently owe a balance of $137,000.
Do you have any ideas on how to get rid fo the car for the most money? I can’t finance a new, cheaper car because the equity is negative. It would be a $90K transaction for a $30K car so no bank wants to hear me.
If the car is repossessed it will hurt my credit and they would likely come after me to get their money back. Repossessed cars are auctioned so I’d get even less money.
Bankrupcy isn’t an option.
See the discussion thread here
