Buy a Tesla Model 3?

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Buy a Tesla Model 3?

Dulce BeltranPro Member
Real Estate Agent · San Diego, CA · Member since 2017 · 99 posts · 52 votes

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? 

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y

No 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. !!

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y
    Originally posted by @Greg Gaudet:

    @Kris L.

    I would factor that fuel in, and I would consider renting it on turo. Maybe keep my previous car and list them both, drive whichever isn’t rented

     one of my partners lives in the Kahala area he has solar and I talked him into getting an S ..  so his energy is free.  power is expensive in Hawaii as we know.. so is gas.. but you don't drive very far  Tesla quite popular in Honolulu see ton of them.

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  • Dulce BeltranPro Member
    OP
    Real Estate Agent · San Diego, CA · Member since 2017 · 99 posts · 52 votes
    7y

    First and foremost, thank you ALL for your input, experience, tax strategies (those were the best), and wisdom. 

    If you're all curious, drum roll please.... I purchased a 2017 Chevy Bolt LT with a range of 231 miles and fully charged at 250. With the exception to the Tesla, all other electric vehicles have a higher than normal depreciation due to low demand (who knew!? especially since it's the future and it cost me a total of $8 bucks to charge it). I took advantage of that depreciation, my case 50% of a brand new one and the write off's. Although I do not qualify for the tax credits available the purchase price far outweighed the fed & state tax credits. I wonder how many people have taken advantage of this fact? Although I do like cars, specifically exotic cars, this is my daily driver which fits my needs currently. Most importantly it allows me to continue investing in RE. 

    @Jay Hinrichs thank you for all your valuable input and definitely working to get to your level.

    @Nate Bell You are the first out of 7 pages of comments that's mentioned the next best alternative to Tesla, the Chevy Bolt. You were right, I definitely enjoy it and experienced my first no battery life anxiety attack last weekend. Still figuring it out lol. 

    [email protected]858-333-7597
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  • Brian Rosher
    Real Estate Agent · Albany/Schenectady/Troy, NY · Member since 2016 · 74 posts · 35 votes
    7y

    Congrats.  The Bolt is a great choice and they are doing great deals on them.

    0Reply
  • Tanya F.
    Rental Property Investor · Madison, WI · Member since 2013 · 629 posts · 339 votes
    7y

    That's what we're going to do. Buy used. Our last two cars have been used Prius. Our next car will likely be a used electric car. We sat in a Tesla Model 3 the other day for the first time. Wow. We also sat in the Hyundai electric. Pretty nice, too.  We will have to go check out the Chevy Bolt.

    0Reply
  • Dulce BeltranPro Member
    OP
    Real Estate Agent · San Diego, CA · Member since 2017 · 99 posts · 52 votes
    7y

    @Brian Rosher Thank you and I feel like a got a steal of deal, the car still smells new and has all the bells and whistles. Definitely the "fanciest" car I have owned. 

    @Tanya F. I looked at the Hyundai Ioniq Electric as well and although it is nice, the range is the biggest draw back since they have yet to catch up. I felt that I would have to "upgrade" in a few years which defeats the purpose of owning for at least a decade until technology/range increases. Chevy really stepped up with their 2017 Bolt in response to Tesla long range and am glad there is another option other than Tesla with similar range! I'll be curious to see the range extend over 300+ in the next few years for other manufacturers. There are a lot of Bolts coming off commercial lease and could get great deal as well. One thing that changed my mindset in regards to miles, I no longer care about the miles I drive, I care about how many miles my charge takes up. For instance, my gym travel distance is 9 miles, a total of 18 miles. Last night's charge range was at 222 miles, due to it's regenerative braking, I clocked back at 218! Therefore, I only used 4 miles of power. I am very happy with this purchase and highly recommend it if you're not going Tesla.

    [email protected]858-333-7597
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  • Tanya F.
    Rental Property Investor · Madison, WI · Member since 2013 · 629 posts · 339 votes
    7y
    Originally posted by @Dulce Beltran:

    @Brian Rosher Thank you and I feel like a got a steal of deal, the car still smells new and has all the bells and whistles. Definitely the "fanciest" car I have owned. 

    @Tanya F. I looked at the Hyundai Ioniq Electric as well and although it is nice, the range is the biggest draw back since they have yet to catch up. I felt that I would have to "upgrade" in a few years which defeats the purpose of owning for at least a decade until technology/range increases. Chevy really stepped up with their 2017 Bolt in response to Tesla long range and am glad there is another option other than Tesla with similar range! I'll be curious to see the range extend over 300+ in the next few years for other manufacturers. There are a lot of Bolts coming off commercial lease and could get great deal as well. One thing that changed my mindset in regards to miles, I no longer care about the miles I drive, I care about how many miles my charge takes up. For instance, my gym travel distance is 9 miles, a total of 18 miles. Last night's charge range was at 222 miles, due to it's regenerative braking, I clocked back at 218! Therefore, I only used 4 miles of power. I am very happy with this purchase and highly recommend it if you're not going Tesla.

    We will have to check it out. Does it come in a hatchback? And does the back seat fold down flat?

    That's what we really like about the Prius we have (2010) and the one before (2004) and the Honda Civic wagon before that (1991)

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  • Dulce BeltranPro Member
    OP
    Real Estate Agent · San Diego, CA · Member since 2017 · 99 posts · 52 votes
    7y

    @Tanya F. Yes it is a hatchback and believe the seats do fold down, I have yet to do so. 

    [email protected]858-333-7597
    0Reply
  • Pat L.
    Rental Property Investor · Upstate, NY · Member since 2012 · 3k+ posts · 3k+ votes
    6y

    Now that's a troubling design flaw....

    https://finance.yahoo.com/news...

    0Reply
  • Dennis M.
    Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
    6y
    Originally posted by @Pat L.:

    Now that's a troubling design flaw....

    https://finance.yahoo.com/news...

    Geez That’s concerning !   I couldn’t imagine the terror of being trapped in a burning car as onlookers desperately try to save you by opening the doors to no avail . That must have been a horrific thing to witness as the guy burnt up inside

    0Reply
  • Cj Underwood
    Rental Property Investor · Rochester, NY · Member since 2019 · 3 posts · 1 vote
    5y
    Originally posted by @Dulce Beltran:

    @Frank Jiang thank you for that information, I was not aware and should have done my research on the company first!

    Hope you didn't blindly follow Franks advise seeing where Tesla is now! Do you have one yet :)

    0Reply
  • Dulce BeltranPro Member
    OP
    Real Estate Agent · San Diego, CA · Member since 2017 · 99 posts · 52 votes
    5y

    @Cj Underwood No, I went with the Chevy Bolt. I don't like purchasing expensive vehicles due to their depreciation.

    [email protected]858-333-7597
    0Reply
  • Anthony Rosa
    Rental Property Investor · New York City · Member since 2019 · 703 posts · 538 votes
    5y

    Using a vehicle regularly for 20 years may not be possible. I doubt a Tesla will last for 20 years without an expensive battery replacement. I know Japanese cars like Honda, Toyota last a very very long time but the vehicle rots from rust before the mechanicals die. 

    To get 20 years from 3-5 vehicle's for the same cost +/- then a new Tesla Model 3 may be possible. A certified pre-owned low mileage Toyota, Honda or their higher end vehicles can work. 

    0Reply
  • James Thiel
    Investor · Pasadena, CA · Member since 2015 · 52 posts · 16 votes
    4y

    Wow, I know this is a 2-yr old post, but I just happened to be reading it now and felt the need to ask a question. @Dulce Beltran your first paragraph made me think you were adding solar power system to your home and net cost was gonna be $14K. That is a great investment. However, in the second paragraph it sounds like you're trying to justify buying an EV, and this seems to be what everyone was reply to. Which is (or was) it?

    0Reply
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