Am I making a bad choice?

[Jumper]

I have a '16 Model S coming up on end of lease.

It has:
Post-refresh design (i.e., no nosecone, yes bio-defense, etc.)
44k miles
AP1
Free Unlimited Supercharging
Sunroof (no longer a thing)
Rear Jumpseats (no longer a thing, at least until Plaid variant brings them back)
Cold Weather Package

US Bank is offering to let me buy my own car out for 48k. (51k including all taxes & fees)

Similarly specced rides (*without* the supercharging) via CPO go for, say, 57k. (61k w/taxes/fees)

As far as I can tell, the only "rub" is that the CPO's have the 2yr/100k warranty thrown back on, whereas I'm in month 40 of my 4yr/50k warranty.

I dunno man: Everything I've ever read suggests that buying your own leased vehicle is a sucker's bet, but I really like my car (both sentimental AND it has features you can't get anymore: sunroof/jumps)

Would appreciate your thoughts on my "Choose My Own Adventure" below!

 

[Huachipato]

It looks like since you are still within the warranty period - that you should be able to purchase an extended warranty. If the financing allows for this, add that back into the cost of the loan? Sounds like your current car is a good deal price wise compared to what is out on the market.

 

[Jumper]

It looks like since you are still within the warranty period - that you should be able to purchase an extended warranty. If the financing allows for this, add that back into the cost of the loan? Sounds like your current car is a good deal price wise compared to what is out on the market.

Thank you!

 

[Zishan]

I have a '16 Model S coming up on end of lease.
I dunno man: Everything I've ever read suggests that buying your own leased vehicle is a sucker's bet, but I really like my car (both sentimental AND it has features you can't get anymore: sunroof/jumps)

This is an overall observation and doesn't always apply to everyone's situation.

If you are happy with your car, I'd keep it.


Btw, mine's very similar, refreshed front, midnight silver, and rear facing seats!

 

[David in NC]

why don't you buy your car and an ESA if you like the AP1 and want the sunroof and jumpseat?
if you are a frequent SC user, than probably your best bet since can't replicate this combo for less $

 

[Simon_Emes]

Just had the exact same decision to make and went the Model S route. Aside from the larger trunk the more conventional operation, free SC and especially the sunroof lured me over. Only regrets are lack of trailer hook and the size is just a tad too much for a European city.

 

[Jumper]

Just had the exact same decision to make and went the Model S route. Aside from the larger trunk the more conventional operation, free SC and especially the sunroof lured me over. Only regrets are lack of trailer hook and the size is just a tad too much for a European city.

Thanks Simon. Just to make sure I'm following: You bought *your own leased car* over a 3, or you bought a "new to you" Model S?

 

[Drax]

Yes, if you buy-out your lease, you essentially will have overpaid by a lot on your S in interest and the lost tax credit.

Realistically speaking though, it just depends on what you want in a car. The cost of supercharging is insignificant, but if you’re looking for value, the increased charging speed is really worth it. For me personally, I can’t imagine getting anything other than a new Model 3 for comparable money. YMMV, though. Good luck!

 

[Saxgod]

I have a '16 Model S coming up on end of lease.

It has:
Post-refresh design (i.e., no nosecone, yes bio-defense, etc.)
44k miles
AP1
Free Unlimited Supercharging
Sunroof (no longer a thing)
Rear Jumpseats (no longer a thing, at least until Plaid variant brings them back)
Cold Weather Package

US Bank is offering to let me buy my own car out for 48k. (51k including all taxes & fees)

Similarly specced rides (*without* the supercharging) via CPO go for, say, 57k. (61k w/taxes/fees)

As far as I can tell, the only "rub" is that the CPO's have the 2yr/100k warranty thrown back on, whereas I'm in month 40 of my 4yr/50k warranty.

I dunno man: Everything I've ever read suggests that buying your own leased vehicle is a sucker's bet, but I really like my car (both sentimental AND it has features you can't get anymore: sunroof/jumps)

Would appreciate your thoughts on my "Choose My Own Adventure" below!

I think 48k for that car is a deal.

 

[PhilDavid]

I would absolutely keep your car and perhaps consider purchasing the ESA warranty. You then pretty much have a CPO with a 4 year warranty and it is a car you took care of.

I personally would not want to give up the sunroof.

 

[kpeters000]

I bought pretty much that exact car from Tesla in January for 48.8k. Obviously the only difference is that mine came with a 4y/50k warranty. You've already lost the depreciation of the initial buy, so you really just have to compare the value of the car as they offer it vs the value of alternatives.

From what I see, I bought my car at an absolute steal, so you should be totally good, provided you are ok with the technology of the car (AP1, charging speeds, etc)

 

[Klau2]

Sounds like a deal, 10k difference, so it's still cheaper if you purchase extended warranty. Other thing to consider is you really don't know what you get when you buy from Tesla, I heard some horror stories. At least with this one, you know exactly what you are getting. I actually just bought a 2018 S 75D last month for $59k. It had 9000 miles on it. Still under warranty, so that's something else to consider.

 

[Jan Fiala]

In the current situation, when SC are rejecting many warranty claims and TM3 flooding the streets making the situation even worse, I would personally avoid any Tesla at the moment. I love the car and how it works. I just hate how Tesla handles its customers when problems arise.

 

[XLR82XS]

You love your S. If you enjoy the size of it keep it vs. getting a 3. 44K is not bad for 3+ year old car.

 

[jlv1]

I dunno man: Everything I've ever read suggests that buying your own leased vehicle is a sucker's bet

I don't see why. You know exactly the history of this car. Has it been reliable? Are there problems with it that you know will need to be addressed in the next year?

 

[David29]

I faced the same choice last fall, and bought the leased car. At the time, my impression was that i was paying a bit of a premium, but like you, I had features no longer available (sunroof and gray leather upholstery) and I had had good luck with it. And there is a value associated with not having to search for and buy another car. Or, to put it another way, there is a cost to shopping for another car in terms of effort and stress, especially if you try to buy a "good used car." By the way, my price was higher than yours, too! And it is only a 70D!

 

[Jumper]

I don't see why. You know exactly the history of this car. Has it been reliable? Are there problems with it that you know will need to be addressed in the next year?

honestly no problems I’ve been very fortunate with this car, and while I haven’t gone out of my way to take “special“ care of it, I haven’t abused it in the least either. I see what you’re saying: the devil you know versus the devil you don’t.

 

[MichaelP90DL]

I voted for the Performance Model 3. But then I'm an absolute speed freak. G forces are fun!

 

[MichaelP90DL]

honestly no problems I’ve been very fortunate with this car, and while I haven’t gone out of my way to take “special“ care of it, I haven’t abused it in the least either. I see what you’re saying: the devil you know versus the devil you don’t.

You just reminded me of why I had my old 1997 BMW 328i repaired after an accident in 2011 rather than let Travelers Insurance total it. They gave me the choice. My decision: Better the devil you know. And that was a good decision. Good luck with yours.

 

[kpeters000]

Another way to look at it - you're going to be losing at least 30-40% of the value of a new M3 over the next 4 years (especily considering they're basically Honda Civics as far as adoption demographics goes), whereas you're looking at about half that for your "used" MS. I'd say you have a nice little unicorn as far as value goes.

90kWh battery and AP check the boxes that make it a pretty compelling private party sale.