Trading In a Car for a Lucid

[hmp10]

Has anyone had experience trading in a car against a Lucid purchase? I know that Kelley Blue Book handles trades for Lucid, but I'm wondering how closely the offers they give for a Lucid trade track the trade-in values they give on their website for any trade without reference to what it's being traded for.

A tennis partner has expressed interest in buying the Tesla we were going to trade for a Gravity and said that he would cover the loss of the sales tax offset. We don't yet have a VIN assigned or sales paperwork started, which is a prerequisite for Lucid to start the trade-in review, and Tesla resale prices have been on the move downward over the past month since I started checking. Although I'm not a fan of selling cars to friends, I'm just wondering if there might be any advantage to waiting for the trade-in number from Lucid.

 

[boydracing]

This is exactly what I have been toying with. Either do the trade-in or sell outright. I can save quite a bit on just dropping off the $41k value (KBB tradein value) truck to Lucid. Then I don't need to worry about selling or renting a car during the time I don't have my primary vehicle. I think this is a no brainer in my situation. Easy and reduces the sales tax for the new car purchase.

 

[borski]

Has anyone had experience trading in a car against a Lucid purchase? I know that Kelley Blue Book handles trades for Lucid, but I'm wondering how closely the offers they give for a Lucid trade track the trade-in values they give on their website for any trade without reference to what it's being traded for.

A tennis partner has expressed interest in buying the Tesla we were going to trade for a Gravity and said that he would cover the loss of the sales tax offset. We don't yet have a VIN assigned or sales paperwork started, which is a prerequisite for Lucid to start the trade-in review, and Tesla resale prices have been on the move downward over the past month since I started checking. Although I'm not a fan of selling cars to friends, I'm just wondering if there might be any advantage to waiting for the trade-in number from Lucid.

Your SA can send you a trade-in request and then it will give you the KBB instant cash offer value even if you don't have a VIN yet. I literally just did this yesterday. Ask your SA to start the process for you and send you a dealer link to get an appraisal.

 

[Westchester Air]

Fyi, I explored the Lucid trade-in (Audi A6) when I purchased my AT last month. What I found was Carvana offered significantly more than the KBB trade-in. Like thousands more. Enough to cover the sales tax differential +.

Carvana was super easy. Made an appointment, they came, handed me a check and left w/my car.

Good luck whichever direction you go! You’re gonna love your new Lucid!!

 

[borski]

Fyi, I explored the Lucid trade-in (Audi A6) when I purchased my AT last month. What I found was Carvana offered significantly more than the KBB trade-in. Like thousands more. Enough to cover the sales tax differential +.

Carvana was super easy. Made an appointment, they came, handed me a check and left w/my car.

Good luck whichever direction you go! You’re gonna love your new Lucid!!

Funny, Carvana offered me $3400 less! YMMV, I guess.

Still probably gonna sell it to a friend.

 

[tonybot]

@hmp10 it might be worth to get a quick appraisal from Carvana and CarMax as well as you wait for the Lucid offer. Whenever I sell, I compare these two options and off late I had better luck with CarMax.

 

[Westchester Air]

Funny, Carvana offered me $3400 less! YMMV, I guess.

Still probably gonna sell it to a friend.

Pretty funny...yes, luck of the draw I suppose. Definitely worth checking it out tho'!

 

[hmp10]

Your SA can send you a trade-in request and then it will give you the KBB instant cash offer value even if you don't have a VIN yet. I literally just did this yesterday. Ask your SA to start the process for you and send you a dealer link to get an appraisal.

I asked and was told nothing can start with the trade-in until I have a delivery date. He said it was because trade-in values are moving quickly.

 

[hmp10]

Funny, Carvana offered me $3400 less! YMMV, I guess.

Still probably gonna sell it to a friend.

We did very well with Carvana selling a Subaru WRX back during the pandemic. However, the recent quote they gave us for the Honda Odyssey was ~$2,000 less than our Honda dealer offered to buy the car back in.

The KBB website is showing a $6,600 spread between the private-sale estimate and the trade-in value on the Tesla, more than offsetting the loss of sales tax offset. That's why I was interested in seeing if the trade-in quote was different with their arrangement through Lucid. (Don't know why it would be, but just curious.)

 

[hmp10]

@hmp10 it might be worth to get a quick appraisal from Carvana and CarMax as well as you wait for the Lucid offer. Whenever I sell, I compare these two options and off late I had better luck with CarMax.

The last time I checked with CarMax they wouldn't quote the Tesla without my bringing it in for on-site appraisal. I'll see if that has changed.

 

[EcoMaz]

The last time I checked with CarMax they wouldn't quote the Tesla without my bringing it in for on-site appraisal. I'll see if that has changed.

This is correct CarMax wanted me to bring in my car for an on-site appraisal.

 

[EcoMaz]

I've got a question. First off I'm going to be a new Lucid owner. I'm buying a used Air Touring as I write this.

And a rant to begin. I'm trading a Tesla, had a fairly rigorous Lucid walk through of my car via Teams which got recorded. The KBB price is lower than CarMax and I'd had a negotiation with Chevrolet where they'd looked over my car on site and drove it and matched the offer. Lucid's offer is $2000 below, they offer a $2000 Tesla trade deal, so a moot deal. I'm basically getting screwed thanks to Elon doing his thing. And I realize (as a Reddit moderator snarky response as he blocked my question on the Tesla forum - informed me a Tesla isn't an investment so should have expected my cars value to plunge to the low 20's. However, losing 65% retail value in 2.5 years is quite a pain point and one my wife is fuming about.

Anyway all that aside, back to my walk-thru with Lucid, the next day I've had a FedEx envelope where Lucid is expecting me to send them my registration. Is this usual? Had this been the Chevrolet dealership they'd have taken that document at time of handover of car. Not weeks before my car even gets shipped to my local pick-up point.

 

[thyname]

Lucid's offer is $2000 below, they offer a $2000 Tesla trade deal

To make sure you understand this: you do not have to trade in your Tesla with Lucid (via KBB) to get the $2,000 credit. It is a conquest credit, and you get it by simply showing proof you currently own the Tesla, you can trade / sell your Tesla anywhere

 

[EcoMaz]

To make sure you understand this: you do not have to trade in your Tesla with Lucid (via KBB) to get the $2,000 credit. It is a conquest credit, and you get it by simply showing proof you currently own the Tesla, you can trade / sell your Tesla anywhere

I don't think that is true of 2nd hand Lucid's, mine is a 2023. There's a trade-in for $2000 and a conquest for $2000, the conquest only applies to new cars.

"

Conquest Offer​

When you purchase or lease an eligible MY25 Lucid Air."

 

[thyname]

I don't think that is true of 2nd hand Lucid's, mine is a 2023. There's a trade-in for $2000 and a conquest for $2000, the conquest only applies to new cars.

"

Conquest Offer​

When you purchase or lease an eligible MY25 Lucid Air."

I am sorry, I totally missed the "used" part of your post. I am not familiar with buying used Lucid promos. My bad.
On another note, and as I don't know what state you are in, do you get a tax benefit for trading-in your car for the car you are buying? I don't have such Luxury in my state, so I sold my Tesla back in February to a local Chevy dealer from all places. I "who&^%red" my Tesla around to all places I could think of.. . And that was the place I get the best sale price. Lucid was quite below it. Second best was give me the vin . com

 

[EcoMaz]

Its okay and I get it.

I just sent Lucid a bit of a nasty email because so far this purchase has been incredibly one sided and I am taking a lot on faith.
- I buy the car remotely on faith. Once I purchase the car disappears off the site, no video or images given to me, but a stock picture. I'm too far away to test drive one, so again reading a lot of reviews online.
- Then I've had 3 separate requests to provide photo's of various documents. Annoying as I've added these to the profile on Lucid, so why not use that archive and not bother the customer.
- Teams call with a fairly abrupt borderline rude Lucid employee conducting a recorded call to ensure their end of the deal is assured. The fact my car is in A1 condition isn't taken at face value whatsoever.

Yet I am expected to take their car at face value. No live video feed for me to review the cars condition. No follow up from the original Lucid contact for questions, who is now on vacation. No concierge just a lot of email and now a fedex requesting that I send them my registration for my Tesla. All being done outside of the final sale and leaving me feeling quite concerned and needing to ask other Lucid owners about this process.

I'll say this about Tesla, it was quite an easy process to purchase. I did sell using Carvana during Covid so I got a good deal on my 1st Tesla and it was easy to sell and didn't require a 10-15 minute video call to inspect. Even Chevrolet just took the car out for a quick drive and that was it.

 

[Chrry]

Its okay and I get it.

I just sent Lucid a bit of a nasty email because so far this purchase has been incredibly one sided and I am taking a lot on faith.
- I buy the car remotely on faith. Once I purchase the car disappears off the site, no video or images given to me, but a stock picture. I'm too far away to test drive one, so again reading a lot of reviews online.
- Then I've had 3 separate requests to provide photo's of various documents. Annoying as I've added these to the profile on Lucid, so why not use that archive and not bother the customer.
- Teams call with a fairly abrupt borderline rude Lucid employee conducting a recorded call to ensure their end of the deal is assured. The fact my car is in A1 condition isn't taken at face value whatsoever.

Yet I am expected to take their car at face value. No live video feed for me to review the cars condition. No follow up from the original Lucid contact for questions, who is now on vacation. No concierge just a lot of email and now a fedex requesting that I send them my registration for my Tesla. All being done outside of the final sale and leaving me feeling quite concerned and needing to ask other Lucid owners about this process.

I'll say this about Tesla, it was quite an easy process to purchase. I did sell using Carvana during Covid so I got a good deal on my 1st Tesla and it was easy to sell and didn't require a 10-15 minute video call to inspect. Even Chevrolet just took the car out for a quick drive and that was it.

I would never send any registration by mail. They should be able to take it when you get your Lucid. To me, anything can happen by sending it through the mail.

 

[hmp10]

I just got the trade-in offer on the Tesla from Lucid (via KBB). It was $2,111 above the trade-in price I got yesterday by going directly to the Kelley website. Don't know why; didn't ask.

So we closed on the private sale at the trade-in figure from Lucid plus the sales tax offset the buyer agreed to cover. The private sale estimate from Kelley was a bit higher, but finding a buyer for a Tesla these days isn't a sure thing, and getting our buyer to cover the sales tax offset pretty much closed the gap, anyway.

Now, if we could just get VINs from Lucid . . . .

 

[EcoMaz]

Totally agree, and in this day and age of phishing and other scams has me very worried. The lack of consistency throughout has been a little jarring to say the least. I might be a little premature stating ownership at this point.

 

[hmp10]

I would never send any registration by mail. They should be able to take it when you get your Lucid. To me, anything can happen by sending it through the mail.

FedEx, probably safe. USPS . . . never.