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Brand New Tesla Model X P100D for sale
- Thread starter rdross80
- Start date
I know I'll want to keep it, that's exactly why I don't even want to drive it! As for what I'm driving, it's one of the least sexiest car to be in existence, the Prius, lol. Here's the thing, I don't know how well off everyone else in this forum is, but I'm just a regular Joe Shmo. While I do alright for myself financially, I'm not well off enough to normally be driving around in a 125k car. Brand new, this thing is worth more than my house, and it honestly seems ridiculously extravagant to have this thing parked in my driveway. Not to mention the insurance on it will probably be almost as much as a car payment. This car is worth more to me as a way to pay off my house, and have enough left over to buy another (slightly used) car and finally get some remodeling done to my house that has been needed for a good long while. And since I will no longer have a house payment, I will have so many options to work with (invest more in my 401k, down payment on purchasing a rental, or even just more vacations). It's truly a life changing event for me to win this car.
Smart move. Some of us, well off or not, are a little crazy paying these prices for a car too.
sounds like Dave Ramsey’s debt snowball. Good to have financial discipline!
any updates?
Ha! That is exactly what it is! I'm a follower of Dave Ramsey, and soon I'll be finished with baby step 6! But I am going against part of his rules, as I'm just going to pay off MOST of my mortgage and use the rest to buy a Model 3, which goes against his rule of owning a vehicle worth over half your income, but I just love Teslas too much not to!
As for an update, I picked the X up last weekend, and she's a beauty! I have to wait until mid-January to sell it because that is when Omaze is coming to take pictures of me with the car. Kind of a bummer, but chances are it will take that long or longer to find a buyer once I list it.
that car is gorgeous. Congratulations! Keep it wrapped in bubble wrap until you sell it.
Just an update for those interested. I ended up selling it on Only Used Teslas for $105k to a dealer in California. It went surprisingly quickly, I had it listed less than a day when it sold. Now I'm looking to buy a Model 3 Performance and use the rest to pay down the mortgage (I back slid a little on being responsible, but driving the X got me too hooked).
gigawatt1010
Member
Congrats!!! This is a big problem with Tesla's! Once you drive them, the itch doesn't stop until you own one. Good luck with the M3 Performance and live a little!
Happy to see you sold it for more than expected. However Hank had the right idea. You could have done several things with this to maximize your profits and even had the car at the same time or later. You seem like you have a good head on your shoulders and are responsible but a little risk taking could have gone a very long way.
You very easily could have carried the loan or even refinanced it and than done day, weekly or monthly rentals with the loan as it’s not illegal to have a loan and rent it out on a monthly term. Meaning you could have structured it where you basically carried the loan with only 1 person and renewed it monthly to keep it legal. You could have controlled the insurance payments so that the driver would not miss any payments and worse case crash it when it wasn’t covered which would be the most concerning and stressful part of doing it.
You could have found a lot of people who do well financially but are irresponsible when it comes to their credit and are willing and use to paying a premium to drive a nice car that correlates with the income they make. It also would have given you the option of being able to drive the car on occasion or after x amount of agreed time with the payee.
Another route which is even more lucrative would be just caring the loan as if you were the bank but still controlling the insurance payments to insure that you wouldn’t get screwed just like renting it monthly. But you could have structured a year , 2yr, 3yr loan etc and made the decision if you wanted to ultimately allow the buyer to own the car at the end of the term or do more like a lease where you would get it back after x amount of time. I would have recommended allowing a buyer to own it if they fulfilled the payments agreed upon. Again since you’re the bank and like I said before there are many people who make a lot of money but don’t necessarily have credit or ruined their credit in the past would have allowed you to charge unreal interest rates which in turn usually ends up with the car back in your possession to basically rinse and repeat. You could have easily had them put down a $20k-$40k down payment (finding someone would have been so simple it would have blown your mind) than charged a minimum of 30% interest or more since you can charge any amount since you’re not a financial institution. A simple tracker with ignition shut off takes almost all worries away as far as someone disappearing with the car and cost nothing to install and maintain the membership. Which would allow you to track the car as much as you want as well as shut it off where it won’t start again as soon as its placed park, allowing a repo truck to come pick it up if they did anything to void the contract which could’ve had stipulations of safe driving involved which could easily be monitored as well, which Tesla does with all their cars we own (which is why having Tesla be the premier insurer of Tesla’s would be disastrous). I would guess that you probably would have had a new owner every year collecting $20k each year or more on down payment and never losing the car to any owner over the course of their loan agreement with them paying the loan off in full (they never do, they either find another car cuz they get bored with it and move on or default)
So many people have to resort to these very limited options when buying a nice expensive car as they have no choice but are flushed with lots of money and usually all cash. I don’t need to get into to details the most likely candidates but I know you can imagine yourself who they could be and ultimately you have the last call in deciding who you trust/or know would not make it thru the entire loan. With these types of loans since you’re not a bank the money they pay would not be something that they could argue to receive back any equity from their previous payments if they ended up missing a payment/payments, as you would have structured the loan to be only completed when paid in full over the course of the loan with no way of paying off the loan in full before the duration of the loan has expired.
Meaning the down payment and monthly payments would not give them any equity in the car if they didn’t complete the loan in full in let’s say a 3yr period for example.
But you got what you wanted so congrats, it’s just something that could have improved your finances immensely if only I saw this before you sold it so you could have had an idea the money that potentially could have been made.
Lol either way you’re a very lucky individual and responsible so you’re going to use the money wisely I’m sure regardless. Stay away from Vegas and pay off that mortgage lol
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