24 hours left to confirm order: 2014 low mileage CPO 85/P85 vs brand new 60D w/ AP 2.0 hardware?

[Az_Rael]

Advantage of the new car is you will be able to buy the extended warranty if you want past 50k miles.

I guess it depends on how long you plan to keep the car. If you are going to keep the car for a long time, go new. If not, the depreciation curve on the used one should be less steep, since it's already taken its biggest hits.

Edit: are the cars you are looking at similarly optioned? I know that I am looking for CPOs because I can get one with all the options I want for much less than a new one. I want all the bells and whistles like pano, upgraded audio, leather seats, etc. When I spec out a new 60, that drives my price up at least $10k over a used one even taking into consideration the tax credit.

 

[gaswalla]

This is the analogy:
Iphone 5s with 64gb vs iphone 6s with 16gb.
I don't think many would pick the 5s

 

[Az_Rael]

This is the analogy:
Iphone 5s with 64gb vs iphone 6s with 16gb.
I don't think many would pick the 5s

LOL, I might if the price was right and I needed a phone. Besides, 16GB isn't enough memory. I actually just bought an iPad mini 2 128Gb with cellular for my drone because I didn't want to pay full price for a new one and the old one functions just fine.

Edit: and now that I think about it, it IS a good analogy. I am buying a CPO partly because I can get a 85 (more memory) for less than a 60.

 

[davidc18]

The P85 is much quicker than the 60D, if that is important to you.

 

[JimmyMcNulty]

Thanks again, y'all. It'll definitely be a new one then, for sure.

As few hours remain, I'll put it out there, that I've been very tempted throughout my research process... to dive all-in and get a 90D, and with that awesome 300 mile range, drive it for years to come. I'm already putting a healthy amount down (mid-$40ks) as I'm not a fan of high monthly payments.

My federal tax credit + Calif. rebate will be $12k, as the rebate is going up from $2.5k to $4.5k after Nov. 1st for a certain income level. Does anyone know if it's possible to make a lump sum payment upon receipt of that amount 6 months down the road, and have it go towards the principal, reducing monthly payments?

Basically, taking out a 78 month loan, and once done with the first 6 payments refinance the outstanding balance for 72 months, padding up the down payment by $12k? I don't have a ton of experience with the process, so any input would be much appreciated.

 

[No2DinosaurFuel]

Thanks again, y'all. It'll definitely be a new one then, for sure.

As few hours remain, I'll put it out there, that I've been very tempted throughout my research process... to dive all-in and get a 90D, and with that awesome 300 mile range, drive it for years to come. I'm already putting a healthy amount down (mid-$40ks) as I'm not a fan of high monthly payments.

My federal tax credit + Calif. rebate will be $12k, as the rebate is going up from $2.5k to $4.5k after Nov. 1st for a certain income level. Does anyone know if it's possible to make a lump sum payment upon receipt of that amount 6 months down the road, and have it go towards the principal, reducing monthly payments?

Basically, taking out a 78 month loan, and once done with the first 6 payments refinance the outstanding balance for 72 months, padding up the down payment by $12k? I don't have a ton of experience with the process, so any input would be much appreciated.

Not sure about the lump sum applying to your down payment. I would just borrow the money from a relative at lower interest rate. 0% if possible and pay them back once you get your rebate which will be a few months out. This is one way to lower your monthly.

If you are getting the 4.5K, I understand why you need to put a lot down because chances are at your income level you probably won't qualify for large loan.

 

[demundus]

60D. Root the car, unlock the battery fo' free!

 

[JCLeonard]

My federal tax credit + Calif. rebate will be $12k, as the rebate is going up from $2.5k to $4.5k after Nov. 1st for a certain income level. Does anyone know if it's possible to make a lump sum payment upon receipt of that amount 6 months down the road, and have it go towards the principal, reducing monthly payments?

Basically, taking out a 78 month loan, and once done with the first 6 payments refinance the outstanding balance for 72 months, padding up the down payment by $12k? I don't have a ton of experience with the process, so any input would be much appreciated.

Typically, extra principal payments do NOT impact the monthly payment of a loan. Extra principal payments slide you forward on the amortization chart, thereby shortening the life of the loan and reducing the amount of total interest you pay over the life of the loan. You would likely have to refinance the car to get a payment reduction, which will likely cost more money, extend your loan payoff period and eat away at any savings you might get from a lower monthly payment.
Of course you should read the fine print of the loan agreement to verify how extra payments are processed and make sure you mark them as "Extra PRINCIPAL".

In a nutshell, I think the best move is to apply that "rebate/credit" cash to the principal of your original loan and enjoy paying the car off earlier than expected.

There are helpful calculators out there to help layout the amortization schedule including this one:
Early Payoff Calculator

 

[JCLeonard]

If you are getting the 4.5K, I understand why you need to put a lot down because chances are at your income level you probably won't qualify for large loan.

Which begs the question: given your tax situation can you fully leverage the $7,500 federal tax credit? There are a ton of discussions on the forum (and the internet) about how the tax credit works. If you haven't already, you should make sure you are familiar with the ins and outs so you are not surprised come tax time.

 

[Footer]

Thanks again, y'all. It'll definitely be a new one then, for sure.

As few hours remain, I'll put it out there, that I've been very tempted throughout my research process... to dive all-in and get a 90D, and with that awesome 300 mile range, drive it for years to come. I'm already putting a healthy amount down (mid-$40ks) as I'm not a fan of high monthly payments.

My federal tax credit + Calif. rebate will be $12k, as the rebate is going up from $2.5k to $4.5k after Nov. 1st for a certain income level. Does anyone know if it's possible to make a lump sum payment upon receipt of that amount 6 months down the road, and have it go towards the principal, reducing monthly payments?

Basically, taking out a 78 month loan, and once done with the first 6 payments refinance the outstanding balance for 72 months, padding up the down payment by $12k? I don't have a ton of experience with the process, so any input would be much appreciated.

I'd think twice about getting a 90D over a 60D. The 60D is just too good a price. Interestingly, the motors are identical. I haven't been blown away by the performance of the 90D like I am with the PD cars. There's a reason they are called insane and not just incredibly fast.

 

[Green_Light]

60D hands down because:
1) HEPA filter (you want to breath clean air) and other perks
2) Better soundproofing
3) Enhanced AP
4) 5.2 0-60, which some people say is a concervstive number
5) 4x4
6) Upgradable to 75D if pace of innovation slows down and you decide to keep it
7) New is New

I drive a new 60D (Sept'16) and wholeheartedly love it.

 

[brianman]

90D ... 60D.... Interestingly, the motors are identical.

huh?

 

[calisnow]

New 60D. No contest.

 

[davidc18]

All of the D cars have the same (small) motors. It is only the P and rear only cars that have the big rear motor. The 60/75 is software limited by Tesla to the 5.2 second time. The 90D is slightly quicker than the 60D but not worth the money unless you need the range (in my opinion). All of the cars are amazing.

If you are not able to take advantage of the full tax break, a CPO is likely a better financial choice. Best of luck to you and enjoy the car you chose.

 

[BBB4000]

I had the exact same dilemma as the OP and ended up going the route of a new 60D. What's fascinating is the nearly unanimous vote to get the new 60D versus the older 85. Out of pure curiosity, would people mind sharing why they feel so strongly for the new 60D over the older 85?

 

[Footer]

Mostly AP2.0 vs AP0.0. 0 miles vs lots of miles.

Lots of small things add up too. Center console, LTE, better computer, maybe a better build (although my S85 was perfect).

 

[calisnow]

I had the exact same dilemma as the OP and ended up going the route of a new 60D. What's fascinating is the nearly unanimous vote to get the new 60D versus the older 85. Out of pure curiosity, would people mind sharing why they feel so strongly for the new 60D over the older 85?

I believe there are also undisclosed suspension/handling improvements in the newer cars. I have a 2016 70D on coils and recently rented a 2014 S85 also on coils. The two cars had markedly different handling - the older 85 felt floaty and not as "tight" - and it didn't have many miles on it either - maybe 20K.

The base sound system has improved in my opinion - it sounds in some ways better than the 2014 premium sound system.

Tesla seems to improve a lot of small things frequently that don't get publicized/documented.

 

[JimmyMcNulty]

All of the D cars have the same (small) motors. It is only the P and rear only cars that have the big rear motor. The 60/75 is software limited by Tesla to the 5.2 second time. The 90D is slightly quicker than the 60D but not worth the money unless you need the range (in my opinion). All of the cars are amazing.

If you are not able to take advantage of the full tax break, a CPO is likely a better financial choice. Best of luck to you and enjoy the car you chose.

Thanks!

And thanks y'all for the concern, I'm definitely claiming the full $7500 tax credit.

With regards to 60D vs 90D, my reason to get 90 (if I do so) would be range, as I think the car is already plenty quick. Now, do I *need* the range, or *want* the range? I think it's more the latter. Regardless of which one I get, this is a luxury vehicle I'm planning on keeping for many years. So I'm thinking, might as well have that extra range for emergencies, for not worrying too much about Supercharging here in the congested Bay Area, worrying less about charging and detours during road trips.

I don't currently go on a lot of road trips, but I know that will probably change when I get this bad boy. Plus, for my job I drive between the East Bay / South Bay / Monterey Bay on the regular, about once a week, with some irregular detours and stops to see accounts. Also a couple trips a year out to Modesto / Fresno.

 

[BBB4000]

I believe there are also undisclosed suspension/handling improvements in the newer cars. I have a 2016 70D on coils and recently rented a 2014 S85 also on coils. The two cars had markedly different handling - the older 85 felt floaty and not as "tight" - and it didn't have many miles on it either - maybe 20K.

The base sound system has improved in my opinion - it sounds in some ways better than the 2014 premium sound system.

Tesla seems to improve a lot of small things frequently that don't get publicized/documented.

The salesman at my DS says that the AWD has improved handling. I wonder if that is why you noticed better handling in the 70D versus the older 85?

I also believe the sound system has improved. I listened to the premium sound system in a 2013 CPO and in a brand new MS. I thought the brand new UHFS was a lot better.

 

[calisnow]

I don't currently go on a lot of road trips, but I know that will probably change when I get this bad boy. Plus, for my job I drive between the East Bay / South Bay / Monterey Bay on the regular, about once a week, with some irregular detours and stops to see accounts. Also a couple trips a year out to Modesto / Fresno.

With autopilot - and now potentially full self driving - I bet you will drive a lot more - I know I do. Cruising two hours one way just to see a show is something my girlfriend and I do because the ride is so relaxing with the car steering itself down the freeway. The miles are really racking up quick.