Trading in our 2022 Lariat ER for a Rivian R1S Dual Motor Max Pack

[vandy1981]

We picked up our R1S and sold the Lightning to Carmax yesterday (10/25/23). I'll have more thoughts on the R1S pickup process and initial impressions of the Rivian later but wanted to share information on the trade in offers we received for the Lightning. We didn't want to deal with the hassle of private sale, so only contacted dealers and the Carmax equivalents. We sold the truck to Carmax, but gave the Ford dealer a chance to beat their offer. The Nissan dealer didn't even want to make an offer after they appraised the truck.

Specs for the truck were 2022 Lariat ER, Carbonized Gray, Max Tow, Power Tonneau, LineX bedliner, 16,600 miles. There were no accidents or major cosmetic issues, the title was clean and we owned the vehicle outright.

Rivian	48310
Vroom	49941
Carmax	54000
Driveway	40000
Carvana	47700
Kelly Blue Book Instant Cash Offer	50169
Ford Dealer #1	54000
Ford Dealer #2	47000
Nissan Dealer	Not interested in buying

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[Gimme_my_MME]

What made you pick CarMax vs Ford dealer #1 if they offered the same price? Just curious

 

[vandy1981]

What made you pick CarMax vs Ford dealer #1 if they offered the same price? Just curious

I didn't want to reward them for not beating the Carmax price. Plus, I have some resentment from difficult interactions I've had with them in the past.

 

[OtterJohn]

We picked up our R1S and sold the Lightning to Carmax yesterday (10/25/23). I'll have more thoughts on the R1S pickup process and initial impressions of the Rivian later but wanted to share information on the trade in offers we received for the Lightning. We didn't want to deal with the hassle of private sale, so only contacted dealers and the Carmax equivalents. We sold the truck to Carmax, but gave the Ford dealer a chance to beat their offer. The Nissan dealer didn't even want to make an offer after they appraised the truck.

Specs for the truck were 2022 Lariat ER, Carbonized Gray, Max Tow, Power Tonneau, LineX bedliner, 16,600 miles. There were no accidents or major cosmetic issues, the title was clean and we owned the vehicle outright.

Rivian	48310
Vroom	49941
Carmax	54000
Driveway	40000
Carvana	47700
Kelly Blue Book Instant Cash Offer	50169
Ford Dealer #1	54000
Ford Dealer #2	47000
Nissan Dealer	Not interested in buying

Congrats on the R1S, looks like a great vehicle! We drove one and really liked it, ultimately chose the Lightning because we're comfortable with Ford trucks...but you're now making me rethink things.

I expect some depreciation, but that's pretty steep...doesn't make me happy for prospects for our 2023 that's arriving soon...

 

[F150ROD]

We picked up our R1S and sold the Lightning to Carmax yesterday (10/25/23). I'll have more thoughts on the R1S pickup process and initial impressions of the Rivian later but wanted to share information on the trade in offers we received for the Lightning. We didn't want to deal with the hassle of private sale, so only contacted dealers and the Carmax equivalents. We sold the truck to Carmax, but gave the Ford dealer a chance to beat their offer. The Nissan dealer didn't even want to make an offer after they appraised the truck.

Specs for the truck were 2022 Lariat ER, Carbonized Gray, Max Tow, Power Tonneau, LineX bedliner, 16,600 miles. There were no accidents or major cosmetic issues, the title was clean and we owned the vehicle outright.

Rivian	48310
Vroom	49941
Carmax	54000
Driveway	40000
Carvana	47700
Kelly Blue Book Instant Cash Offer	50169
Ford Dealer #1	54000
Ford Dealer #2	47000
Nissan Dealer	Not interested in buying

Congrats!

Wow $54k is horrible! At 35k miles I’m probably lower than that lol

 

[vandy1981]

Congrats!

Wow $54k is horrible! At 35k miles I’m probably lower than that lol

You'd probably do better in a higher-demand area like California

 

[sotek2345]

Congrats!

Wow $54k is horrible! At 35k miles I’m probably lower than that lol

Yeah, those numbers are very eye opening. Guess I will be keeping my for awhile!

 

[lancersrock]

Congrats!

Wow $54k is horrible! At 35k miles I’m probably lower than that lol

This hurts so much to see.... ill be at 80-85k at 3 years and was hoping for $40 for trade.... well thats probably out the door.

 

[OtterJohn]

This hurts so much to see.... ill be at 80-85k at 3 years and was hoping for $40 for trade.... well thats probably out the door.

I'm at 80K miles on my 2020 Tundra that I'm trading against our Lightning...hoping to get $35K for it...

 

[invertedspear]

I expect some depreciation, but that's pretty steep...doesn't make me happy for prospects for our 2023 that's arriving soon...

This isn't depreciation. None of these buyers pay a fair price, even CarMax, because they can't sell it for more than private sales and still want to make $10k+ profit. If you want a fair price list it on Facebook Marketplace and Craigslist. I just sold 2 cars to prepare for the arrival of my truck.
2014 Wrangler, $22k KBB, Delaer would give me $20k on trade. Private sale for $24k
2021 MME, $37k KBB, Dealer would give me $26k on trade, carmax was $32k, but then dropped to $24k a week later, private sale was $35k.

If they were willing to sell privately they could have likely got $60k+

 

[sotek2345]

This isn't depreciation. None of these buyers pay a fair price, even CarMax, because they can't sell it for more than private sales and still want to make $10k+ profit. If you want a fair price list it on Facebook Marketplace and Craigslist. I just sold 2 cars to prepare for the arrival of my truck.
2014 Wrangler, $22k KBB, Delaer would give me $20k on trade. Private sale for $24k
2021 MME, $37k KBB, Dealer would give me $26k on trade, carmax was $32k, but then dropped to $24k a week later, private sale was $35k.

If they were willing to sell privately they could have likely got $60k+

The benefit of that depends on local state laws and how sales tax is calculated. In NY you only pay sales tax on the difference between trade in value and purchase price, which offsets that gap.

For your Wrangler example, a $20k trade would save you $1,650 in taxes. You still make more going private but not as much. At that point it is just a question of how much time and hassle the private sale is worth to you.

 

[OtterJohn]

This isn't depreciation. None of these buyers pay a fair price, even CarMax, because they can't sell it for more than private sales and still want to make $10k+ profit. If you want a fair price list it on Facebook Marketplace and Craigslist. I just sold 2 cars to prepare for the arrival of my truck.
2014 Wrangler, $22k KBB, Delaer would give me $20k on trade. Private sale for $24k
2021 MME, $37k KBB, Dealer would give me $26k on trade, carmax was $32k, but then dropped to $24k a week later, private sale was $35k.

If they were willing to sell privately they could have likely got $60k+

Fair point!

 

[invertedspear]

The benefit of that depends on local state laws and how sales tax is calculated. In NY you only pay sales tax on the difference between trade in value and purchase price, which offsets that gap.

For your Wrangler example, a $20k trade would save you $1,650 in taxes. You still make more going private but not as much. At that point it is just a question of how much time and hassle the private sale is worth to you.

Agree that the sales tax needs to be factored in, I should have added that to my point. But "Depreciation" should not factor what dealers are willing to buy a car at, it should be based on the private sale price and the price the dealers sell the used car at. That's a truer indicator on the current value of the vehicle.

 

[vandy1981]

If they were willing to sell privately they could have likely got $60k+

I'd estimate that we could have gotten around $60-62K selling privately. If Rivian had offered $54000 on the trade in, we would have saved around $3800 on taxes vs selling to Carmax.

We don't have the time or patience to deal with private party buyers, so we were willing to eat the cost difference.

 

[vandy1981]

Some updates. We're averaging about 2.5 miles/kwh at 77 mph on a 70 degree day in dry conditions on a NW route with a 529 foot increase in elevation and a 10 MPH NE tail wind.

The payload capacity on the R1S is pretty good, even compared to the Lightning. 1779 pounds for the R1s vs. 1697 for the Lightning Lariat ER.

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