Author Topic: Ordered a Tesla model 3  (Read 1638 times)

jamesbond007

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Ordered a Tesla model 3
« on: September 15, 2019, 11:02:14 PM »
What did I do? After months of deliberation, finally ordered a model 3 this afternoon. Cost 61K with taxes and fees. Not sure what I did there. Paying it off is not a problem but it's a year worth of savings (not including 401K). Part of me says enjoy a little. No debt except mortgage ($1600 pm). To be honest, I am worried about paying for auto insurance now than the price of the car itself.

six-car-habit

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Re: Ordered a Tesla model 3
« Reply #1 on: September 16, 2019, 02:04:26 AM »
 What happened to the Chevy Bolt idea ?   seemed about 1/2 as much $$

  I guess i should have sent you links to used Aston Martins for sale, some nice v8 Vantages/DB7's available for your Tesla price.

  Oh well, I guess her majesties' best agent had to co-star with a electric vehicle at some point..."undercover" and such...

  Yikes, 61K,  has anyone sucessfully bought a model 3 at the claimed $35K entry point ?  What kind of fees are there, other than delivery cost ?

  Quit current savings except the 401K - Pay it off in one year, and drop the comprehensive and collision once lien is satisfied if insurance cost is prohibitive ?
                                 - then resume savings

  Just some random thoughts, i don't disagree with having a nice vehicle to drive, but i'm a great example of vehicular stupidity that should not be emulated !

Linea_Norway

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Re: Ordered a Tesla model 3
« Reply #2 on: September 16, 2019, 04:32:53 AM »
Tesla are quite expensive to repair, like having an advanced and expensive front window. Also, when the board computer is broken, people sometimes drop the whole car, instead of repairing it

That's why insurances are getting more expensive.

But it is better for the environment than using a fossile fuel car.

mistymoney

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Re: Ordered a Tesla model 3
« Reply #3 on: September 16, 2019, 05:49:28 AM »
LOL, I recently bought some tesla stock, so...

Thank you!

My next car will likely be a tesla, but I won't be purchasing in the immediate future.

Roots&Wings

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Re: Ordered a Tesla model 3
« Reply #4 on: September 16, 2019, 06:28:23 AM »
To be honest, I am worried about paying for auto insurance now than the price of the car itself.

Didn't Tesla recently announce they're offering insurance? That's supposed to be much more affordable, and another way for them to revamp the car market.

CowboyAndIndian

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Re: Ordered a Tesla model 3
« Reply #5 on: September 16, 2019, 09:37:36 AM »
Welcome to the club. It is a beautiful car (LR/AWD) and I love driving mine.

Do not listen to the naysayers, this car has had no problems in the 9 months I owned it. Your total cost of ownership is going to be much less than that of other comparable cars.

I had been wanting a Tesla from 2014 when I got a ride in a Model S!

thd7t

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Re: Ordered a Tesla model 3
« Reply #6 on: September 16, 2019, 09:50:44 AM »
Can you talk about this as a financial decision?  I see you're getting plenty of support on this, but I'm having a hard time seeing it as a wise course in the context of this forum.

RWD

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Re: Ordered a Tesla model 3
« Reply #7 on: September 16, 2019, 10:12:57 AM »
Do not listen to the naysayers, this car has had no problems in the 9 months I owned it. Your total cost of ownership is going to be much less than that of other comparable cars.

I really don't know how you can make up the difference in cost between this and a Chevy Bolt. But I would love to see your assumptions for depreciation, maintenance, repairs, financing/opportunity cost, electricity, and insurance.

norajean

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Re: Ordered a Tesla model 3
« Reply #8 on: September 16, 2019, 10:17:07 AM »
No bigger waste of money than a newer car.  These days cars are so reliable, you can get a Toyota with 100,000 miles for nothing and drive it another decade.

jamesbond007

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Re: Ordered a Tesla model 3
« Reply #9 on: September 16, 2019, 10:29:37 AM »
Can you talk about this as a financial decision?  I see you're getting plenty of support on this, but I'm having a hard time seeing it as a wise course in the context of this forum.

From a strictly financial point of view, this doesnt cause a big dent in my situation. I posted to make sure I was not making a hasty decision and wanted to hear better alternatives. The only other comparable alternative is the chevy bolt and I felt it to be bad when it comes to comfort. We drive a lot and travel a lot so reliable charging network is a must for me. Also, I did not want another gas car as I can take advantage of the carpool stickers here in CA which shaves about 25 to 35 minutes of my commute time each way. But i did post about it here as I had cold feet the whole night and could not sleep properly. But then I figured, I will buy one for me.

affordablehousing

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Re: Ordered a Tesla model 3
« Reply #10 on: September 16, 2019, 10:33:54 AM »
I'm so glad I don't care about cars. We all have our soft spots though. Just enjoy it. At least half of the rest of California has a Tesla so now you'll fit right in. I say think of it as a frivolous hobby expense and remember we only live once!

JLee

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Re: Ordered a Tesla model 3
« Reply #11 on: September 16, 2019, 10:37:41 AM »
Welcome to the club. It is a beautiful car (LR/AWD) and I love driving mine.

Do not listen to the naysayers, this car has had no problems in the 9 months I owned it. Your total cost of ownership is going to be much less than that of other comparable cars.

I had been wanting a Tesla from 2014 when I got a ride in a Model S!

"My new car doesn't have any problems" is certainly not exclusive to Tesla.

Roots&Wings

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Re: Ordered a Tesla model 3
« Reply #12 on: September 16, 2019, 10:45:43 AM »
Do not listen to the naysayers, this car has had no problems in the 9 months I owned it. Your total cost of ownership is going to be much less than that of other comparable cars.

I really don't know how you can make up the difference in cost between this and a Chevy Bolt. But I would love to see your assumptions for depreciation, maintenance, repairs, financing/opportunity cost, electricity, and insurance.

+1, this would be a helpful analysis to see, given how Tesla is aiming to revamp total cost of ownership with everything from fueling, maintenance/service, insurance, etc.

CowboyAndIndian

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Re: Ordered a Tesla model 3
« Reply #13 on: September 16, 2019, 11:16:59 AM »
Can you talk about this as a financial decision?  I see you're getting plenty of support on this, but I'm having a hard time seeing it as a wise course in the context of this forum.

From a strictly financial point of view, this doesnt cause a big dent in my situation. I posted to make sure I was not making a hasty decision and wanted to hear better alternatives. The only other comparable alternative is the chevy bolt and I felt it to be bad when it comes to comfort. We drive a lot and travel a lot so reliable charging network is a must for me. Also, I did not want another gas car as I can take advantage of the carpool stickers here in CA which shaves about 25 to 35 minutes of my commute time each way. But i did post about it here as I had cold feet the whole night and could not sleep properly. But then I figured, I will buy one for me.

+1

I waited 5 years to scratch the itch. I am FIRE'ed with a more Bogle like retirement than a Mustachian one.

The Bolt is not a comparison since it does not have the range and the charging network.

In NJ, when I buy an EV, I do not pay sales tax (and I got the $7.5K tax credit).

CowboyAndIndian

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Re: Ordered a Tesla model 3
« Reply #14 on: September 16, 2019, 11:23:25 AM »
Do not listen to the naysayers, this car has had no problems in the 9 months I owned it. Your total cost of ownership is going to be much less than that of other comparable cars.

I really don't know how you can make up the difference in cost between this and a Chevy Bolt. But I would love to see your assumptions for depreciation, maintenance, repairs, financing/opportunity cost, electricity, and insurance.

+1, this would be a helpful analysis to see, given how Tesla is aiming to revamp total cost of ownership with everything from fueling, maintenance/service, insurance, etc.

Here is a TCO articles comparing the Model 3 vs other cars

https://evannex.com/blogs/news/total-cost-of-ownership-tesla-model-3-vs-toyota-camry
https://cleantechnica.com/2018/10/07/tesla-model-3-total-cost-of-ownership-estimate-crushing-it/

The Bolt is not comparable since it does not have a charging network or the same range. I have made multiple long-distance trips (Massachusetts, DC etc) and have charged at the Tesla network.

CowboyAndIndian

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Re: Ordered a Tesla model 3
« Reply #15 on: September 16, 2019, 11:31:47 AM »
Welcome to the club. It is a beautiful car (LR/AWD) and I love driving mine.

Do not listen to the naysayers, this car has had no problems in the 9 months I owned it. Your total cost of ownership is going to be much less than that of other comparable cars.

I had been wanting a Tesla from 2014 when I got a ride in a Model S!

"My new car doesn't have any problems" is certainly not exclusive to Tesla.

Very true.

But other car companies do not have so many short-sellers who are aggressively hoping to drive down the stock price to make a killing by pointing out real/imaginary flaws. Those articles have come down since the short-sellers have lost quite a bit of money. This tongue in cheek article points out the different ways it has been done https://cleantechnica.com/2019/01/06/50-ways-to-slow-the-electric-vehicle-revolution/

Over the long term, there will far fewer issues with an electric car considering that there are far fewer parts than an ICE car.

« Last Edit: September 16, 2019, 11:42:57 AM by CowboyAndIndian »

CowboyAndIndian

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Re: Ordered a Tesla model 3
« Reply #16 on: September 16, 2019, 11:39:37 AM »
No bigger waste of money than a newer car.  These days cars are so reliable, you can get a Toyota with 100,000 miles for nothing and drive it another decade.

Very true.

If I were starting out or even midway thru my journey to FIRE, I would not have bought my Tesla. I have zero debts and am living a fat-FIRE life. I have held back my purchase for 5 years since I first wanted to buy one. This will be the last car I own. I'm 60 and do not expect to drive past 75, so I decided to splurge.

Do not buy one if you have any debts, lack college savings for your kids or do not have enough money in retirement!
« Last Edit: September 16, 2019, 11:57:07 AM by CowboyAndIndian »

norajean

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Re: Ordered a Tesla model 3
« Reply #17 on: September 16, 2019, 12:15:26 PM »
No bigger waste of money than a newer car.  These days cars are so reliable, you can get a Toyota with 100,000 miles for nothing and drive it another decade.

Very true.

If I were starting out or even midway thru my journey to FIRE, I would not have bought my Tesla. I have zero debts and am living a fat-FIRE life. I have held back my purchase for 5 years since I first wanted to buy one. This will be the last car I own. I'm 60 and do not expect to drive past 75, so I decided to splurge.

Do not buy one if you have any debts, lack college savings for your kids or do not have enough money in retirement!

If you have limited resources and have worked up all the pros and cons of different ways to find joy and the car is the best use of the money above all else, then you should buy it.  Everyone has their own way to find happiness.   One of mine is through minimizing car expenses through cheap, reliable vehicles which are a blast to drive.  I can then enjoy the car when I have to use it, but not worry about it otherwise and find greater joy in spending limited resources on other things.

mm1970

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Re: Ordered a Tesla model 3
« Reply #18 on: September 16, 2019, 01:43:42 PM »
Welcome to the club. It is a beautiful car (LR/AWD) and I love driving mine.

Do not listen to the naysayers, this car has had no problems in the 9 months I owned it. Your total cost of ownership is going to be much less than that of other comparable cars.

I had been wanting a Tesla from 2014 when I got a ride in a Model S!

"My new car doesn't have any problems" is certainly not exclusive to Tesla.
My 13 year old Toyota with 144,000 miles on it has had very few problems.  Aside from flat tires, maybe only 4 or 5.  Two of which were this week (starter and battery).

RWD

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Re: Ordered a Tesla model 3
« Reply #19 on: September 16, 2019, 02:20:30 PM »
Do not listen to the naysayers, this car has had no problems in the 9 months I owned it. Your total cost of ownership is going to be much less than that of other comparable cars.

I really don't know how you can make up the difference in cost between this and a Chevy Bolt. But I would love to see your assumptions for depreciation, maintenance, repairs, financing/opportunity cost, electricity, and insurance.

+1, this would be a helpful analysis to see, given how Tesla is aiming to revamp total cost of ownership with everything from fueling, maintenance/service, insurance, etc.

Here is a TCO articles comparing the Model 3 vs other cars

https://evannex.com/blogs/news/total-cost-of-ownership-tesla-model-3-vs-toyota-camry
https://cleantechnica.com/2018/10/07/tesla-model-3-total-cost-of-ownership-estimate-crushing-it/

The Bolt is not comparable since it does not have a charging network or the same range. I have made multiple long-distance trips (Massachusetts, DC etc) and have charged at the Tesla network.

I appreciate the links. The first article uses $39k as the purchase price of the Model 3. That is about $19k less than jamesbond007 paid for his so not very relevant here. The second article assumes a $7500 tax credit which I believe is no longer the case for new Tesla vehicles. The Chevy Bolt on the other hand does still qualify for the credit.

Following the second article and adjusting for the removal of the tax credit and the slight difference in price paid the total cost of ownership comes to about $53.5k. KBB says the total cost of ownership for a Chevy Bolt is $38.2k. And don't say they aren't comparable. 238 miles is nothing to scoff at and is nearly identical to the base level Model 3. It's a tradeoff, you pay more money and you get more range, but don't try to pretend the Model 3 LR is has cheaper TCO than a Chevy Bolt. I hear you on the charging network, but this will even out over time. The Hyundai Kona EV, Kia Niro EV, and Nissan LEAF all have 220+ mile range as well and I would assume also beat the Model 3 LR for TCO. Probably roughly the same ownership costs as a base Model 3.

If range is a high priority then plugin hybrids are much better comparisons than the BMW 3-Series and Toyota Camry in the articles you linked. 5-year TCO for select plugin hybrids that beat the Model 3 LR's $53.5k:
$41.7k - Ford Fusion Energi
$42.6k - Chevy Volt
$45.2k - Toyota Prius Prime
$46.4k - Subaru Crosstrek Hybrid

I couldn't find numbers for the Honda Clarity Plug-in, Kia Optima Plug-in, Kia Niro Plug-in, Hyundai Ioniq Plug-in, or Hyundai Sonata Plug-in, but I suspect they all beat the number as well. And this is all only considering new vehicles, used would obviously be much cheaper. From a financial perspective the Model 3 is suboptimal. There are certainly other reasons to consider one, but saving money is not currently one of them.

nessness

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Re: Ordered a Tesla model 3
« Reply #20 on: September 16, 2019, 03:13:15 PM »
61k! Is that the performance model, or the long range plus full self driving? It looks like either of those could hit $61k after taxes and fees.

DH bought a Model 3 about six months ago. I think we were at $45k-46k after taxes and fees, before the tax credit. We got the mid-range, which is no longer an option. I won't try to pretend it was a good financial decision, but he loves it, and I love it too and drive it whenever I can.

I have no plans to replace my car any time soon, and I don't know if I'll get a Tesla when the time comes - hopefully Tesla's long term financial future will be more clear in a few years, which will factor into it. I'm interested in the Model Y, which last I checked is coming out next year.

Our insurance did not increase significantly when we got the Tesla (replaced a 2015 Volkswagen). If yours is going way up, it's worth shopping around.

kevinb421

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Re: Ordered a Tesla model 3
« Reply #21 on: September 16, 2019, 03:45:51 PM »
I bought a used Model X performance and it's the greatest machine I've ever owned. Good for you, you are going to love it.

thedigitalone

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Re: Ordered a Tesla model 3
« Reply #22 on: September 16, 2019, 05:35:06 PM »
S85D owner here...  We bought a 2015 in 2018 for $41k vs the $98k the original owner spent, what a depreciation curve!

Never having to go fill up, minor bump to the power bill, service calls have come us at zero cost, free supercharging and its a delight to drive.  Enjoy it, just don't post about it here :)

use2betrix

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Re: Ordered a Tesla model 3
« Reply #23 on: September 16, 2019, 07:17:56 PM »
My brother has a 2017? Model S. One of the $90k models.

When it was at the dealer for two weeks this summer due to a broken AC and trunk latch, I was glad I donít own one. Iíve owned many nice and new cars, and have never experienced something like that. They didnít give him a loaner for quite a while either, and this car was still under warranty.. Not only that, after the diagnosed the problem, he got the car back while they ordered parts so he could still drive it around (in Phoenix, in the summer no less, with no AC). So that two weeks was AFTER they had already received all the parts to repair the car and he made the appt..

Linea_Norway

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Re: Ordered a Tesla model 3
« Reply #24 on: September 17, 2019, 01:23:19 AM »
My brother has a 2017? Model S. One of the $90k models.

When it was at the dealer for two weeks this summer due to a broken AC and trunk latch, I was glad I donít own one. Iíve owned many nice and new cars, and have never experienced something like that. They didnít give him a loaner for quite a while either, and this car was still under warranty.. Not only that, after the diagnosed the problem, he got the car back while they ordered parts so he could still drive it around (in Phoenix, in the summer no less, with no AC). So that two weeks was AFTER they had already received all the parts to repair the car and he made the appt..

I have heard this time and time again. My coworker drove around for months with half her front window cracked, because she couldn't get time at the Tesla repair place. When having any other car, you can just go to a general glass repair shop, but not with Tesla. For me this is a good argument to not want a Tesla, but a car that is more generally supported for repairs.

habaneroNorway

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Re: Ordered a Tesla model 3
« Reply #25 on: September 17, 2019, 02:22:08 AM »
Tesla has quite bad QA which is easily observable in the high variation in shit that needs to be fixed. Some (like myself) have been quite lucky with no to very minor problems in the almost 5 years I've had the cars. Others have an seemingly endless list of large and small issues with the cars. Some cars have spent more time in service than in use.

The service situation is probably better in the US than here - in Norway (Teslas 2nd or 3rd largest market worldwide with a population of only about 5 million) Tesla has sold way more cars than they can handle - especially given all the unnecessary issues that pop up for a lot of owners. Also, there are some problems that are more common in cold/winter climate than in warmer weather (like automatic door handles breaking down).

Once the warranty period is over, repairs can be quite pricey as there are hardly any independent shops that can service the cars.

They are neat machines but like any other brand new car the economics aren't great. Norway is a bit special case as we have massive incentives for EVs (no VAT, none of the exorbitant car taxes we otherwise have to pay, almost free toll road passings, much lower annual road tax, cheap electricity and some of the world's highest gas prices etcetc). So its a tad stupid here as well, but much less than other places with much lower car prices overall and much lower operating costs for ICE based cars.

If you do regular road trips, Teslas charging network is light years ahead of everything else. This alone is the difference between a very hassle-free EV life in which one car covers all needs vs something I wouldn't even consider.

gooki

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Re: Ordered a Tesla model 3
« Reply #26 on: September 17, 2019, 04:06:06 AM »
Great choice.

I just purchased a used Nissan Leaf to stop myself ordering a Tesla.

Dragonswan

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Re: Ordered a Tesla model 3
« Reply #27 on: September 17, 2019, 07:18:27 AM »
Congratulations and welcome to the club.  Although I will give you a slight tap to the face for buying the most expensive Model 3.  You need the comp and collision insurance.  If you get in an accident Teslas are expensive to fix.  Insurance can be a bit higher because most insurance companies will just total the car (because of the expense and time Tesla takes to fix it).  But shop around.  My insurance went up because I have a much newer model year car ICE 2008 vs. EV 2015), not because it's a Tesla.

habaneroNorway

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Re: Ordered a Tesla model 3
« Reply #28 on: September 17, 2019, 07:40:34 AM »
Insurers have learnt. My insurance (on a Model S) is about double what it was when the car was new. With more data they know more about the costs they incur and premiums go up. This is apparantly not only the case for Tesla but for pretty much all EVs. They can be very expensive to fix and get totaled easier than other cars.




Arbitrage

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Re: Ordered a Tesla model 3
« Reply #29 on: September 17, 2019, 08:13:29 AM »
I was on the waiting list and was going to purchase one, but thankfully I committed to FIRE before I did so.  Bought an e-bike instead, and I have so much more fun on that than I ever did driving; my desire for a fancy luxury electric car died off as a result.  That's not to say that I'd never want one, but I'd have to be FI with a surplus of money.

Obviously, your decision was a step back for FI and face-punch-worthy from that standpoint.  Hopefully you find that it's worth it for you.  It's certainly better for the environment than a new gas-guzzling SUV (though much worse than riding a bike or e-bike). 

Dee18

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Re: Ordered a Tesla model 3
« Reply #30 on: September 17, 2019, 09:31:27 AM »
I visited friends this weekend who had a new Tesla.  My friend's son sells them so I think she got quite a good deal on it; she has plenty of money (and loves her 3 day a week professional job and doesn't want to quit); and she figured this is the time to buy (she said some tax breaks are ending soon).  I loved the ride!  It was so absolutely quiet and smooth.  I did think the large computer screen to the right of the steering wheel was rather distracting, but I suppose one gets used to it quickly.  The things I did not like were minor, but happily made me not want one:  the front seat belts are set high and are not adjustable so for a short person you get the seat belt on the neck problem and the front seats themselves were not comfortable for a very small person, although the back seats were. Enjoy!