Buy a Tesla Model 3?
Dulce BeltranPro Member
Real Estate Agent · San Diego, CA · Member since 2017 · 99 posts · 52 votesBuy a Tesla Model 3?
Most Popular Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votesNo way on this site will any one agree with buying anything but a used beater LOL.
I have two teslas that I bought brand new an X and An S both going on 3 years old both never been in the shop.
they are the best cars I have ever owned and I would no way go back to a ITC engine..
my out of pocket for energy to drive the cars is less than 20 a month each.. and I get free super charging so when I am on the road I pay nothing for gas.. no oil no maintenance there is Nothing to maintain.. software updates come in over the internet.. so your car is always evolving and your getting the latest and greatest features all for free. you plug it in at home at night when rates go down .. you can time when it starts charging. So depending on battery you choose in the model 3 unless you routinely drive more than 200 to 250 miles PER DAY you simply plug it in when you come home each evening just like you would a golf cart after a round of golf. If you cant set up your own charging at your home then it can be an issue.. it cost about 150 to have a electrician run a 240 from your breaker box.. its like setting up for a dishwasher .
My daughter bought a 3 6 months ago and just loves it.. and I know numerous other folks that have them that love them.
just like many talk about doom and gloom in the economy.. I think Tesla has paved the way to change how auto manufacturers are going to look in the future.. like in Scandinavian countries they out law gas cars after 2022 I think all cars have to be electric. Not to mention crash worthy wise they are the safest car on the road.. and you don't need that until you really need it.. I would never drive some little light weight thing that would get crunched in a wreck.
With Telsas incredible supercharging network they are miles ahead of everyone else.. I get free super charging for life for my cars..
But then again it depends on where your at in your life and career..
and is a US company creating US jobs..
Let me also add for California drivers FREE use of the HOV lane with only one person in the car.. RIGHT there that's worth the price of the car.. Time is money.
PSS also with the new model 3 you will be able to get a full charge at the super charger in 15 minutes .. no slower than stopping and pumping gas and getting all dirty doing that.. now I Oregon its illegal to pump your own gas generally so many people in this state don't know how to pump gas or work a gas pump.. :) truth. !!
213 Replies
- Rental Property Investor · Corvallis, OR · Member since 2018 · 840 posts · 1k+ votes7y
@Dulce Beltran being in the car biz for 30 years now, I would buy a cheap reliable car. The Millionaire Next Door book outlines car purchases and their value. But it may depend what your cash flow is now as in life you have to have balance. But for me, Telsa is merely a image on my area and affect on the environment to make that car override the energy saved of the movement. Just my opinion.
- Rental Property Investor · Closter, NJ · Member since 2015 · 884 posts · 722 votes7y
I would never buy a Tesla. And cars are not investments.
Buy investment real estate. It's a much smarter use of your money.
- Real Estate Agent · San Diego, CA · Member since 2017 · 99 posts · 52 votes7y
Fun Fact Tesla rep indicated batteries will run to 500,000 before they die out. Who has a Tesla with over 200K? lol
- Rental Property Investor · New York City · Member since 2019 · 703 posts · 538 votes7y
You always pay yourself first.......after paying your obligations.
If you want o keep a car for 20 years buy yourself a collectors car like a '71 Chevelle SS and keep it in a garage.
If you're concerned about the purchase of the vehicle affecting your DTI maybe you should look at another vehicle. Please don't take it the wrong way but why buy a vehicle that will leave you concerned with DTI and ability to get RE loan.
- Rental Property Investor · Portland, OR · Member since 2016 · 54 posts · 36 votes7y
@Dulce Beltran Treat yo' self!
I love Teslas enough that the second I've gotten many more deals done I would buy it in a heartbeat. If the numbers work for you do it. In terms of depreciation, Tesla's I think are going to retain their value in the near to mid term. I haven't looked at used models much but I remember used models going for the price of a new model, but that was when they were first rolling them out so it kinda makes sense. He haven't had them out long enough to see their depreciation rate.
- Rental Property Investor · Des Moines, IA · Member since 2018 · 16 posts · 7 votes7y
I have one and love it. I do question if it was a good decision, but I live being able to charge up at a campground or at home. And even charging to fill in a supercharger is only like $5 to fill the battery.
- Rental Property Investor · Columbus, OH · Member since 2019 · 11 posts · 11 votes7y
@Dulce Beltran everyone is saying not to do it. So truthfully with you... I would get it... if you had the cash. It’s my dream car tho so I may be biased. Literally just the fun you would have is worth it. Life’s too short to not have some fun. Just buy it with cash. Make it to motivate you to close more deals!
- Baton Rouge, LA · Member since 2017 · 14 posts · 6 votes7y
@Dulce Beltran looking into buying a model 3 or waiting for a Y for my wife! To all those advocating a traditional car, I think they are missing some key points:
1. Electric cars have far fewer parts to worry about. The motors are sealed, and are far more reliable than internal combustion engines, which are full of moving parts. No oil changes, no belts, etc. The motors are also mounted directly to the axel, so no expensive transmissions to worry about. The motors are rated for 1 million miles, so you don’t need to worry about parts like you would on a traditional car.
2. Tesla’s self driving technology is leaps and bounds above anything else. If you value time, think of all the time spent in the car that can now be productive! I have a few friends with Tesla’s, and they can literally work on their computer while it drives down the highway.
3. Tesla cares about it owners, and updates are automatically applied to the car when you sleep. It gets new features all the time! I had a new truck at one point, and Ford wanted to charge me $150 to update my maps 🤬
4. When the Tesla network goes online, your car will literally become an asset. You will be able to send your car out as an Uber while you aren’t using it, creating true passive income. Sure, that may be a while, but it will never happen with a 1998 Honda.
In summary, the valuations people are posting for traditional cars simply do not apply here. I’d say go for it! Provided it doesn’t get in the way of other investments.
- Investor · San Diego, CA · Member since 2018 · 55 posts · 25 votes7y
@Dulce Beltran I bought one exactly one year ago. No regrets at all. There is a lot of misinformation out there on both the cars and the company- including info on the batteries and drive trains. A lot of people spout doomsday scenarios and don’t have any first hand experience, or much depth in understanding the company. Like all things in life, find the path that works for you and makes sense, and don’t let the nay sayers push you off the path. Go for it! Message me if interested in particular details of ownership.
- Rental Property Investor · San Diego, CA · Member since 2017 · 439 posts · 578 votes7y
Yeah. Buy it.
- Investor · Dublin, CA · Member since 2016 · 344 posts · 228 votes7y
@Dulce Beltran Everyone has chimed in with same advice and I agree. I almost bought a Model X last year and backed out at last minute and continue to drive my Honda Accord. I have decided to use the money for REI and not to feed my ego.
- Real Estate Agent · Portland, OR · Member since 2017 · 117 posts · 59 votes7y
I was on the fence for about 6 months before finally deciding to take the leap and purchase a model 3.
Gas prices in Portland are just cresting $4/gallon for premium which equates to about $300+ a month in gas for my old car. Now I spend $20/month tops. Also, my insurance actually went down by $10/month with the model 3!
I am normally opposed in principal to buying new vehicles because of the "new car depreciation" argument but when I factored in $5k of state rebates and $3750 in fed tax credits, as well as the fact that I am no longer spending $300 a month on gas, that for me more than makes up for the depreciation realized on a new vehicle.
- Real Estate Agent · Chicago, IL · Member since 2017 · 2k+ posts · 2k+ votes7y
Find one used second hand. I buy all my cars like this and you get a way better deal then the dealership not only on price but at least in IL the tax for private party is very low and there are no dealership type fees.
A lot of people above will say don't buy nice cars but as a realtor you are in your car so often it really is worth it to drive something nice just don't buy it at a dealer buy it like a house finding good deal "off market".
- Rental Property Investor · San Diego, CA · Member since 2013 · 3k+ posts · 4k+ votes7y
Originally posted by @Dulce Beltran:
I am in the position to go green aka electric thanks to solar, the numbers all make sense to move in this direction. My net out of pocket expense is roughly $14K, finance it with a low payment, and rapidly pay it off. Of course this is inferring I receive the Fed Credit, CA state rebate, and cash for selling my current vehicle.
Here's my dilemma, I know vehicles are depreciating liabilities, Tesla does not guarantee their batteries (many do not w/the exception of Hundyai) and it adds to my personal DTI which of course effects the ability to purchase additional RE. After learning of RE potential wealth growth, I no longer value a vehicle as a consumer, I see it as a liability. With that said, in RE we learn to pay ourselves first, this would be a way to pay myself first. Lastly, any vehicle I have purchased is a vehicle I intend to keep for 20 years before purchasing another.
What would you do?
I have a model S and love it. Getting an X for the wife.
It’s not a smart financial move by any sense but if it’s not going to take away from any needs I say go for it. You’re only here once
- Real Estate Agent · Sevierville, TN · Member since 2015 · 1k+ posts · 1k+ votes7y
@Dulce Beltran Full disclosure, I only read your original post and not the thread. I'm sure there's lots of great perspectives about the pros/cons etc. All I have to say is: I LOVE my Model 3. It's a fantastic car and driving experience. I love that I never have to put gas in it. Did I mention I love driving it?
Is it a good investment? Eh, probably not. I got the full federal tax credit (that's phasing out now, make sure you take that into account, and it only applies to new vehicle purchases) but not the CA one, as my income (barely) exceeded the threshold for qualifying. I almost certainly won't drive it for 20 years like you intend to.
BUT. I also believe that enjoying life is the whole point of making money and investing. There still needs to be a balance with responsibility, and certainly one shouldn't be pushing oneself beyond one's means. But if you have the money to spend, and it's something that will bring you pleasure every time you use it... isn't that why we're doing this? (well, it's why *I'm* doing this, at least)
Buying my Model 3 was not financially wise, but the yield I'm getting is genuine pleasure every time I get behind the wheel, and doing my small part to contribute to a better environment for us all. That's not an ROI that can be measured in dollars and cents, but it's an investment I have zero regrets about.
- Rental Property Investor · Killeen, TX · Member since 2017 · 337 posts · 100 votes7y
@Dulce Beltran I've read almost every post from your original post and down to mine. There are lots of interesting points about multiple subjects like automobiles, financials and even the environment. But here's my 2 cents, and I hope this will answer your question.
Let's say, you had so much passive income coming in now, would you be worried of all those calculations you just mentioned still? @Jay Hinrichs basically just gave us all a taste of what a life without financial worries would feel like. If you have to calculate to purchase something then it still is NOT financial freedom right? You're still afraid of the financial burden with a purchase by doing some budgeting. I only say this because owning a tesla is also what I want BUT not in the expense of holding me back from reaching my ultimate goal. The Tesla will be a gift for myself when I've reached my goals. Also when I hit that magic number for passive income,the Tesla is a test that buying it didn't make me worry about my bills. I want to buy a Telsa as if I just bought something at Walmart 😊. No financial worries whatsoever!
- Member since 2018 · 34 posts · 66 votes7y
if you're buying a car, always get a second hand one and let the other person take most of the initial depreciation,
and make sure you don't hit anything, cause teslas have terrible safety scores. (the model 3 is so poorly built...) - 7yPatrick O'SheaPro MemberInvestor · Upper St Clair, PA · Member since 2013 · 96 posts · 112 votes
@Dulce Beltran - As you can see Tesla illicits alot of interest and opinions. I'm a little perplexed you'd ask a question like this at bigger pockets, but I'll share my experience.
I've owned a Model 3 for over a year. I've never bought a new car in the 25 years I've been buying years. This is why I tool the plunge:
* A Tesla continuous updates like a smart phone. This makes me feel like the car got better as opposited to being outdated over time. I'm a techie who enjoys seeing features added to my car.
* It's THE safest car on the road. There are alot of 5-star vehicles on the road, but not all are created equal.
* I don't like dealerships / mechanics. Maintenance is minimal. Tires will be your biggest maintance cost. Use "Chill" mode, your tires will thank you if you like to feel the instant acceleration only an EV can provide.
* No more gas. I don't like American military being physically/emotionally hurt or killed for "national interests". My fuel is produced locally. Pulling out of the garage every morning with a (cheap) full charge is very convenient.
* I don't like pulling up to my properties in it. People think it's really expensive, but today you can get one for a top of the line Accord or Camry price ($35k) minus federal and state incentives. Federal goes down from $3750 to $1850 in July.
Feel free to reach out directly if you or others have questions.
- Indianapolis, IN · Member since 2019 · 12 posts · 6 votes7y
@Dulce Beltran I have nothing against spending excess money on nice things. But, is it paying yourself first if you purchase a liability?
- 7yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Cody L.:
Originally posted by @Dulce Beltran:
I am in the position to go green aka electric thanks to solar, the numbers all make sense to move in this direction. My net out of pocket expense is roughly $14K, finance it with a low payment, and rapidly pay it off. Of course this is inferring I receive the Fed Credit, CA state rebate, and cash for selling my current vehicle.
Here's my dilemma, I know vehicles are depreciating liabilities, Tesla does not guarantee their batteries (many do not w/the exception of Hundyai) and it adds to my personal DTI which of course effects the ability to purchase additional RE. After learning of RE potential wealth growth, I no longer value a vehicle as a consumer, I see it as a liability. With that said, in RE we learn to pay ourselves first, this would be a way to pay myself first. Lastly, any vehicle I have purchased is a vehicle I intend to keep for 20 years before purchasing another.
What would you do?
I have a model S and love it. Getting an X for the wife.
It’s not a smart financial move by any sense but if it’s not going to take away from any needs I say go for it. You’re only here once
Cody I did the same.. I was having my sunday morning Coffee about 3 years ago and got an email alert ( I think because I had put the 1k deposit towards the 3) and TEsla was trying to make numbers for Q 3 2016 so I looked at the site.. I had no intention of buying a car that morning.. within 15 minutes boom I bought one .. now they had some nice incentives to get me to pull the trigger.. but being able to buy a car in 15 minutes on your computer is just so cool.. No dealer brain drain.. So I bought the cheapest S and only upgrade I did was Auto pilot.. I drove it for 3 months and did the same thing loved the car.. told my wife for Christmas I am buying you an X she had a perfectly good BNZ SUV.. so both of ours are free supercharger for life.. I cant imagine going to back to pumping gas.. changing oil. etc. not to mention they are just great to drive . When I bought the S is had the smallest battery a 60KWH which they don't make anymore.. well 6 months later I get an email special upgrade to 75KW for 2k.. Normally that upgrade was about 5k when you bought new at the time.. so I put that on the ole credit card hit the button and the next morning I had a 75K.. now who can get a 20% boost in horsepower over the internet..
Whether its right for someone to spend 40k to 50k on a model 3 that's a personal choice just like its a personal choice to drive a 15 year old ITC car .. I have done both.. my airport cars were always 10 to 15 year old luxury sedans I had a Lexus LS 400 sat at the Portland airport for about 7 years that car was bullet proof though.. but I bought it used with 100k miles on it already.. In the days when my partner and I had projects scattered around the NW we had airport cars at 3 different small airports.. flying your own plane is cool until you land and try to figure out how your going to drive anywhere.. our projects were at uncontrolled airports with no amenities..
there are new improvements coming out for the X and S I would wait for those to hit before you configure . You probably know this site but its a good one for tesla owners Teslarati.. has most of the updated info
- 7yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Andre Mariano:
if you're buying a car, always get a second hand one and let the other person take most of the initial depreciation,
and make sure you don't hit anything, cause teslas have terrible safety scores. (the model 3 is so poorly built...)this is total Bull Crap it has the highest safety scores bar none its idiotic statements like this that make BP a fun place.
its a well known fact about deprecation of any car other than collector cars.. However depending on where you live its a necessary evil for many folks..
- 7yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Adrian Fajardo:
@Dulce Beltran I've read almost every post from your original post and down to mine. There are lots of interesting points about multiple subjects like automobiles, financials and even the environment. But here's my 2 cents, and I hope this will answer your question.
Only time we stop having financial worries is when we go through the pearly gates..
- Ann Arbor, MI · Member since 2014 · 1k+ posts · 997 votes7y
I have been seriously considering a 100% electric vehicle since I fail each month to keep gas bill under $300. Between the actual car payment and gas, it's costing me over $600 - $700 a month, and i drive a very modest Ford Escape. It sucks but fortunately as a realtor i get to deduct a large portion of the expenses. Still it's money that would be better allocated towards principle on one of my rentals.
- 7yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Patrick O'Shea:
@Dulce Beltran - As you can see Tesla illicits alot of interest and opinions. I'm a little perplexed you'd ask a question like this at bigger pockets, but I'll share my experience.
I've owned a Model 3 for over a year. I've never bought a new car in the 25 years I've been buying years. This is why I tool the plunge:
* A Tesla continuous updates like a smart phone. This makes me feel like the car got better as opposited to being outdated over time. I'm a techie who enjoys seeing features added to my car.
* It's THE safest car on the road. There are alot of 5-star vehicles on the road, but not all are created equal.
* I don't like dealerships / mechanics. Maintenance is minimal. Tires will be your biggest maintance cost. Use "Chill" mode, your tires will thank you if you like to feel the instant acceleration only an EV can provide.
* No more gas. I don't like American military being physically/emotionally hurt or killed for "national interests". My fuel is produced locally. Pulling out of the garage every morning with a (cheap) full charge is very convenient.
* I don't like pulling up to my properties in it. People think it's really expensive, but today you can get one for a top of the line Accord or Camry price ($35k) minus federal and state incentives. Federal goes down from $3750 to $1850 in July.
Feel free to reach out directly if you or others have questions.
In Oregon power goes to 4 cents a kilowatt at 10pm to 6am.. I have mine set to charge from 10pm till its full up to what ever amount of energy I put in it.. but rarely over 50 kilowatts.. so that's 2 dollars for 200 miles of range.. gas in our area is right at or just under 4 bucks and where the OP is at its probably over 4 bucks.. say you get 20 miles to the gallon which is generous on average.. I save 38 dollars per 200 miles driven.. if you drive a lot this adds up if you hardly drive well then not as big a deal..
on the X we get an easter egg over the internet.. my son in law got ours going on the X and because all the doors and trunk are controlled .. its pretty fun to watch it play its tune all the doors moving on their own lights flashing music blaring.. now what car can do that ?
Not to mention they are just a gas to drive.. all that weight low to the ground they handle as good as any exotic sports car out there and if U get the biggest battery they are the fastest car off the line in the world.. I mean the ludicrous mode will give you G force like your in a fighter jet.. Tesla has a sense of humor .. and its all American made !!! lets get behind America made.
As we know big auto thought it would never sell.. well guess what now big auto is way behind the power curve and they are all running real hard to catch up.. and Detroit just puts out big golf carts.. little tin box s with no real range or super charger..
Europe is catching up.. but they don't have the charger net work.. this is reality.
all electric self driving its here..
its a little comical over on my Airplane forums Cirrus owners and Pilots there is always a Tesla thread going.. now these are different folks financially than what we see with a lot of the newer investors who granted are just starting their journey.. But the same thing gets talked about.. But those members are owners of 500k minimum airplanes and many have their own jets.. so yes different financial standings but same arguments.. although less discussion about driving a 15 year old car unless its an airport car. And many of them are in the bay area are in Tech or just plane very smart people who have multi million dollar business's so its fun to see their perspectives.
- 7yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Caleb Webster:
I was on the fence for about 6 months before finally deciding to take the leap and purchase a model 3.
Gas prices in Portland are just cresting $4/gallon for premium which equates to about $300+ a month in gas for my old car. Now I spend $20/month tops. Also, my insurance actually went down by $10/month with the model 3!
I am normally opposed in principal to buying new vehicles because of the "new car depreciation" argument but when I factored in $5k of state rebates and $3750 in fed tax credits, as well as the fact that I am no longer spending $300 a month on gas, that for me more than makes up for the depreciation realized on a new vehicle.
and zero on maintenance and if you put on the regen braking to full. you get the feel for when you take your foot off the gas.. so you almost never use your brakes unless someone stops quick in front of you.. you just come to a slow crawl and tap your brake to stop.. they will last forever..
Then one thing also that is missed on this real estate site.. is having the moving map Google earth in real time in your car is super cool. I mean I use it to show clients aerials of where we are and the properties we are working on.. nothing shows real estate like an aerial photo. now when I rent a car in the mid west I am about lost without my HUGE moving map and google earth.. lots of tools for the real estate investor just sitting in front of you.
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