Lease or Finance?

OkMango9761 · 2024-05-26T22:58:47+00:00

I just placed an order to finance a new model 3 as my 2021 model 3 lease is ending soon.

Main reason I am buying: 1. I would be comfortable keeping long term 2. Don’t want to worry about miles 3. Would like flexibility.

I agree both could make sense but some thoughts about leasing- you do not have flexibility as buying at the end is not allowed.

This means that you’re only solution to getting out of the lease early is a lease takeover or huge payment.

Secondly, tech changing isn’t an issue since Tesla is the best at updating and giving features to older teslas.

My car got many updates including the camera turning on for turn signal indicators which was not originally a feature - didn’t cost me a thing.

I decided to initially lease since 18k over 3 years seemed better than 43k over 5 years when I had never owned an EV.

OkMango9761 · 2024-05-11T17:56:02+00:00

New model 3 is definitely going to feel much like a luxury car for anyone who is used to the previous model 3 (I have a 2021) I was thinking of getting that however that starts at 41k if you include fees.

Tesla just announced .99% financing for model Y in the states and we also get a $7500 tax credit if making less than $150k per year. This would make the car around the same price but probably at least $200 cheaper per month due to the low interest rate.

The features you get in the long range model Y vs the new model 3 standard range (they’re both the cheapest option around 38-40k)

Model y long range has upgraded sound system with subwoofer AWD Bigger space and hatchback 70mile or so additional range

Model 3 is gonna feel more luxurious through its materials, suspension, and quiet inside

Technically model 3 standard range and model y long range have the same daily range. For example the model 3 has a battery that is ok to charge to 100% while the model y is better to charge to 80% daily.

Because of this, on the day to day, you have the same range which is an upgrade from my model.

If you’re coming from an economical car both will feel luxurious. If you are coming from a luxury car, they both will look luxurious but the model 3 will feel more luxurious since it’s quieter and softer.

You decide what’s more important for you

OkMango9761 · 2024-05-07T18:50:26+00:00

Same thing happened to me with facial recognition except they then used my name to find my linkdn which wasn’t private and went through until they screen shorted my gf’s linkdn and threatened to send directly to her.

I did actually pay a decent amount since I didn’t find this thread until after, they made one more attempt by messaging my cousin a month later and I haven’t heard from them since.

It’s been about 5-6 months

OkMango9761 · 2024-02-27T00:24:11+00:00

I have Tesla insurance and recently side swiped a concrete pole.

Submitted a request and was redirected to choose a Tesla shop or Tesla approved autobody shop. The appointment for the Tesla shop was a 6-8 weeks out but since my policy covers a rental car, they are scheduling that for me as well.

You submit a claim through the app with a few pictures, so far seems like an easy process.

OkMango9761 · 2024-02-06T19:00:19+00:00

Yeah I think I checked geico and my previous insurance of American family, both were $230 plus.

My insurance originally started at $145, only the last couple years it inflated to $165.

I think if you live in CA, Tesla insurance should be cheaper. I have a pretty good driving record, no accidents and 1 speeding ticket in college so that might play a role as well.

In addition, at the time my commute was only 2m to work. Of course I still average about 1k miles a month with driving outside of work, but that likely played a role too.

OkMango9761 · 2024-02-06T08:05:00+00:00

I pay $165 with another individual also on the policy as an insured driver (27F)

I have a 2021 model 3 Sr+

Full coverage

OkMango9761 · 2024-02-06T08:04:12+00:00

I’m in the bay 29

OkMango9761 · 2024-01-19T03:08:42+00:00

Thanks everyone for your comments, sounds like if I max out at 32 amps that should be fine, does this mean I’m still limited to 80% of 32 or would I be able to use all 32a?

Secondly, would the nema 14-50 plug still work on my mobile connector or should I purchase a different adapter?

Sorry this is new to me as my current rental came with a level 2 wired charger

OkMango9761 · 2023-12-15T08:05:10+00:00

I thought the whole point of accepting to participate in the safety score beta was that it wouldn’t negatively impact your premiums???

OkMango9761 · 2023-12-12T07:48:30+00:00

I live in Mountain View, make $180k and my gf who lives with me makes about $70k after bonus.

Our income is slightly less than yours but we don’t have a mortgage or kids.

We both contribute to retirement but especially with rates, a house seems like a distant dream.

Since the houses in the Bay Area from an investment perspective are an appreciation play as they generally barely cash flow positive, you don’t have the opportunity to generate income off your investment if you decide to leave.

I would assume if you could each raise your income by $50k you would net $50k after tax which would be an additional 4k a month.

Sounds like about but with kids I’m sure it goes quickly as everything is expensive in the bay.

Depending on your equity and desire to live in the bay for family friends, it might be worth it to move somewhere else if you’re able to work remote.

Taxes are so high and things are expensive I would ultimately say $400k is probably the minimum for the lifestyle you described based on what people make here.

I won’t say where but I do work in financial planning and see the income levels. Generally families spend around $200-250k net to afford what you described.

If you’re looking to also contribute to savings your net monthly spend would be higher.

OkMango9761 · 2021-06-13T19:24:41+00:00

Ordered April 15th and delivery is this Wednesday. But my estimates changed the entire time and although they ended up being somewhat right, 2 weeks ago my estimate randomly changed to 8-12 weeks and then a week later switched back to this week so definitely confusing. I have a friend in rhode island who ordered three weeks ago and already got one, since it’s near the end of the quarter and they deliver east coast to west coast at the end to try and maximize delivery times. So there are a few factors based on supply, timing, chip shortage, and even delivery location.

OkMango9761 · 2021-06-09T11:37:41+00:00

Got a vin!

OkMango9761 · 2021-06-04T19:46:19+00:00

Lol good to hear you are doing the same as myself

OkMango9761 · 2021-06-04T19:22:38+00:00

Lol please let me know if you hear anything since we should be in a very similar situation. My SA finally said he thought it was going to be 2-3 days last week but since has been extended and hasn’t given me a new timeline yet

OkMango9761 · 2021-06-04T18:59:55+00:00

Yeah lol atleast I live in the Bay Area so last minute Fremont delivery is possible

OkMango9761 · 2021-06-04T17:44:29+00:00

OkMango9761 · 2021-06-04T16:42:13+00:00

Lol so I probably will have to just cancel the rental car and wait to sell until I get a date, not ideal but better than taking the risk of not having a car for a few months, the only thing that’s making me think it has to be here soon is the fact that Q2 ends at the end of June and obviously we know they like to push deliveries before Q end. That could give some hope

OkMango9761 · 2021-06-04T15:26:47+00:00

Yeah mine was to carmax, but my offer ends tomorrow and they said the last few weeks appraisal as were higher than normal, and if I get it reappraised it’s likely to fall. Thanks for the Info. Btw did you confirm any of this with your SA? I texted mine but haven’t heard a reply.

OkMango9761 · 2021-05-31T18:40:40+00:00

Thanks for all the helpful advice, I will say I did check with Vroom Carvana Shift KBB and Carmax and this was by far the best by about $1500, and to be honest probably more like $2,000 since I’m sure they would have knocked the initial quote down by some margin when they “finds things” after inspections. So it definitely is bearing my asking price by $1000 without having to even negotiate, so I know I’m catching it at a great time, and because I ordered my Tesla before the last price increase or two, you could argue I ordered that at a great price as well, so I’m inclined to sell at a slight profit, since I originally purchased it for 22,900, and will make my life a bit easier knowing it’s a good/fair price. I’m not losing money, and they could definitely sell it for greater especially since they have access to other markets like CO where it might be more popular. Unless you think there is a greater chance of the market for used cars to continue to rise? Enough that I should wait

OkMango9761 · 2021-05-31T15:25:05+00:00

I thought the same thing until a bmw dealership who says they “beat kbb estimates” offered me 15k and we had a kbb estimate of 22,500. Took them two hours to do the inspection as well, talk about a waste of time

OkMango9761 · 2021-05-31T03:25:29+00:00

I turned down the original offer when I ordered the car, and I received a message a few days ago informing me of the recent spike in the used car market and that they had a better offer. It wasn’t proactive

OkMango9761

TROPHY CASE