2023 Model S Purchasing Advice Needed

[Mohamed Gobara]

Hey Guys,

I need help from all the Tesla Gurus in here. The current situation is as follows. I recently decided to purchase a Model S refresh. I have been battling back and forth between used and new.

1) If I buy new and finance using the 3.99% rate with my down payment, monthly comes out to about $1250 a month. Note: this includes 3 years free supercharging. I have a super charging station about a mile from the house so I can use that for the next few years and not need to charge at home. About a 30 miles commute per day.

2) If I buy used and finance using about 8% rates I am seeing these days with my down payment, monthly comes out to about $1150 a month. This is average for a 2021/2022 with less than 20,000 miles in the market these days. No free supercharging.

Question is to buy new or used? Considering all of the above and resale value/depreciation.

Any input is helpful.

Cheers

 

[SoCal Buzz]

I personally would want S that still has parking sensors. But the new S has HW4 AP and newer cameras. So new is probably better for long term potential.

I wouldn’t make decision based on free Supercharging. With that commute, you will probably enjoy convenience of charging overnight in your garage at low rates, rather than visiting Supercharger (unless you want to save a few $$ per month).

With new you can also get the wheel instead of yolk. YMMV

 

[Maaz]

Supercharging is not convenient as your only charging option. However I would go with the new one either way.

 

[TLLMRRJ]

What prices and specs are you using for the used Model S in your calculations? There are some incredible deals to be had in the used market, especially private sale, so if you shop around, your numbers could be much more favorable for used.

 

[mjun]

As TLLMRRJ mentioned, there's some great deals for used Model S. Also, you have the option to get a loan through credit union which would beat the 8%. I just recently purchased a used Model S from a private party at 5.75% but I'm sure there's better out there.

 

[Mohamed Gobara]

Supercharging is not convenient as your only charging option. However I would go with the new one either way.

What I have seen in the past couple of weeks or so is 2021 with around 20K miles have been in the $70,000s +/- 2K and the 2022 with around 15K miles in the mid to high 70s.

Both of these are the post refresh. Is that what everyone is seeing?

 

[mjun]

What I have seen in the past couple of weeks or so is 2021 with around 20K miles have been in the $70,000s +/- 2K and the 2022 with around 15K miles in the mid to high 70s.

Both of these are the post refresh. Is that what everyone is seeing?

For what it's worth, I got a 2021 with midnight grey exterior, cream interior, arachnids, FSD, and 10k miles for 75k.

 

[Hotboy408]

damn $20k+ in interest

 

[TLLMRRJ]

What I have seen in the past couple of weeks or so is 2021 with around 20K miles have been in the $70,000s +/- 2K and the 2022 with around 15K miles in the mid to high 70s.

Both of these are the post refresh. Is that what everyone is seeing?

Here's a 2022 with a lot of the factory refresh upgrades, 2 sets of factory wheels, some useful mods, like PPF, window tint, and the $700 factory round wheel, with only 2K miles, and he's asking in the low $70K's.

**SOLD**2022 Tesla Model S LR Blk/Blk 2k miles 21s/19s PPF Autopilot

Does $700 include both parts and labor? Yep. It's all in that thread I posted above o_O

teslamotorsclub.com

He hasn't be able to sell it for months, and it's only going lower in price every day.

If you buy it now, you could sell the 21" wheels/tires for $3K all day long, and probably be under $70K.

 

[85vett]

My first suggestion would to not shop via monthly payments but actual cost/value of a car.

In this case, since you are not putting much down at all to have that high of an interest rate, you are better off with the new car. Less is thrown away to interest plus you get an extra year or two on warranty. New also allows you to know how the car was taken care of since day one and allows for some repairs of things not really covered under the warranty but covered under new car delivery (minor blemishes, squeaks, rattles, etc).

This is assuming you are planning to keep the car long term. If more of a short term thing then go used as the interest hit isn't as great, warranty duration isn't a concern and total cost of ownership is less.

But, since you asked for some advice. I'm personally giving it a few months before I pull the trigger. I don't think these prices will hold much longer for new cars as they honestly don't seem to be selling well right now (seeing more in inventory and for the first time ever a sales person is calling me to place my order regularly). If you have good credit and can afford to put half down (or a good chunk of money) you can still get a decent rate to where the 3.9 isn't near as "attractive" as it seems at first glance. Yes, more than 3.9% but not much more. And if other car manufactures are any indication rates could go lower or prices drop as I'm starting to see 2.9 on 72 months advertised for a couple of other manufactures. If prices go up (doubtful) then I don't need the car and just wont buy one. So unless you need the car now, my suggestion is give is a couple months to see where the market goes.

 

[TLLMRRJ]

Supercharging is not convenient as your only charging option. However I would go with the new one either way.

True. If you are in a position where you need to spend your personal quality time sitting at a supercharger 1-2 times a week to pinch pennies, you shouldn't be buying a $100K car.

 

[fholbert]

Hey Guys,

I need help from all the Tesla Gurus in here. The current situation is as follows. I recently decided to purchase a Model S refresh. I have been battling back and forth between used and new.

1) If I buy new and finance using the 3.99% rate with my down payment, monthly comes out to about $1250 a month. Note: this includes 3 years free supercharging. I have a super charging station about a mile from the house so I can use that for the next few years and not need to charge at home. About a 30 miles commute per day.

2) If I buy used and finance using about 8% rates I am seeing these days with my down payment, monthly comes out to about $1150 a month. This is average for a 2021/2022 with less than 20,000 miles in the market these days. No free supercharging.

Question is to buy new or used? Considering all of the above and resale value/depreciation.

Any input is helpful.

Cheers

Is the federal tax credit the same on used as new?

 

[SoCal Buzz]

Is the federal tax credit the same on used as new?

New only, if you qualify.

 

[TLLMRRJ]

New only, if you qualify.

Model S doesn't quality, so doesn't matter if you do or not.

 

[fholbert]

New only, if you qualify.

Assuming the OP qualifies (less than $300k income) I’d think that would be the decision maker.

 

[TLLMRRJ]

Assuming the OP qualifies (less than $300k income) I’d think that would be the decision maker.

So you think the Model S qualifies for federal tax credits?

 

[ucmndd]

Assuming the OP qualifies (less than $300k income) I’d think that would be the decision maker.

Model S does not qualify for any federal tax credit regardless of income.

 

[TLLMRRJ]

Model S does not qualify for any federal tax credit regardless of income.

I am glad you said it, because no one is going to listen to me.

 

[Carsly2]

Depreciation is generally going to be less steep on a two or three-year old car on a three-year ownership window vs. a brand-new car. Depreciation in the first year is brutal, second year is also pretty rough.

If you're concerned with depreciation, why not lease the new one and call it a day? With zero down, on a LR Tesla lease vs. finance shows a $27/mo difference for 10K mi/year.

 

[Mohamed Gobara]

Thanks to everyone, im out of the race. Ended up finding a 2022 Tesla Model S LR in red with cream interior with 9k miles at a local carmax for 73k. Thought it was a good deal so I jumped on it. Easier for me to deal with financing.

Has the 19” wheels and the updated headlight and tilt screen