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Best timing to enter the reservation for the Model 3?

Discussion in 'Model 3' started by Borgholio, Mar 15, 2016.

  1. Borgholio

    Borgholio Member

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    I am stuck in a bit of a pickle. I'm really looking forward to the Model 3 but I'm not sure I'd be able to afford it at the moment unless I got a great financing deal. I'm currently upside down on my Prius and I don't expect to be breaking even for about 3 years. This was expected so I'm not worried, but it does mean that it may delay my plans for the Model 3.

    If I put the deposit down on April 1st, then it's possible I will get the Model 3 within 2 years (if they are on time with production and not TOO many people order highly optioned models). If I get the car in 2 years, I'll still be a few thousand dollars upside down on the Prius and that will mean two car payments for awhile or higher monthly payments overall than we can afford (if I were to trade it in). So the prudent thing would be to wait 6 - 9 months to put down the deposit, so I won't get the Tesla until late 2018 or early 2019...but the Prius will be almost paid off so the payments on the Tesla would be doable.

    Problem is, that if I wait too long, I miss out on the tax credit. Now my wife and I don't make enough for the full 7.5k credit from the Feds, so we can wait until the credit phases to the 50% mark and that would work out almost perfectly for us. But the timing has to be right...otherwise I would risk getting into the 25% mark which would be a couple thousand dollar loss.

    So planning for the worst case scenario here, if we miss the tax credits entirely, what kind of lease payments could we reasonably expect from Tesla on a lower-end Model 3? Is Tesla like some conventional dealers where they're willing to offer higher-than-normal trade in values just so they can get your business?
     
  2. Sp4rky

    Sp4rky Member

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    #2 Sp4rky, Mar 15, 2016
    Last edited: Mar 15, 2016
    Well, given the Model 3 is coming in at 50% of the cost of the base Model S, you can reasonably estimate that a lease payment for a base Model 3 would be about $400-$425 a month with roughly $3k down. Of course this is purely speculation on my part and they might not even offer leasing at first (but probably will).

    Tesla isn't really in the business of re-selling cars (at least not their own) and I've heard they don't offer spectacular trade in values for current vehicles. As always, it would be best to sell it yourself. Besides, a Prius may become more valuable as gas prices will probably begin to increase again over the next couple of years.
     
  3. McHoffa

    McHoffa Member

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    If you're looking at 3 years, then don't worry about reserving, and don't plan on getting the tax credit (which isn't as big a deal if you can't get the full $7500 anyway. Most likely Tesla will hit 200k cars sold about the end of next year, which would mean within another year, the tax credit will be completely gone. By then I would think production would ramp up enough that you could order and have it in a few months, which means you could put away more money to add to the down payment and install a home charger before your car is ready to buy.
     
  4. Brad_NC

    Brad_NC Member

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    You can also reserve ASAP, but not complete your configuration and order until you are closer to being ready for delivery.
     
  5. Borgholio

    Borgholio Member

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    That'd be a grand locked up for at least two years though...would be better to just reserve later when I'm ready.
     

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