Current lease is up soon - what do do between now and Model3?

[Bimbels]

Yeah, but what about safety? Any used car with good resale value will have pretty bad small offset crash rating.

Are you saying all reliable used cars are unsafe? I don't understand.

If it were me I would be looking for a 2-3 year old Lexus, Toyota, or BMW. I would not consider those cars unsafe. Of course, the safest car IMO is a Tesla - but the OP has said that isn't feasible.

 

[Vitold]

Are you saying all reliable used cars are unsafe? I don't understand.

If it were me I would be looking for a 2-3 year old Lexus, Toyota, or BMW. I would not consider those cars unsafe. Of course, the safest car IMO is a Tesla - but the OP has said that isn't feasible.

Toyota (and other automakers) appear to be building cars just to pass safety tests not to exceed them (like Tesla). Any car built before small offset crash test was introduced is likely to be outperformed by current models. I would not call BMW reliable.

For example, Lexus 2012 gets 'Poor' rating.
Vehicle details

IIRC, it took Toyota mid year refresh to get it right on RAV4 after failing for two or three years in the row.

 

[Bimbels]

hmm...well, like I said, OP has said a Tesla is not feasible. It is not feasible for most people which is why so many are waiting for the Model 3. Prior to buying our Tesla, we owned Hondas, Toyotas, Lexus, and BMW. All were reliable. I agree automakers should strive to exceed safety tests - but I would not infer that all used cars are unsafe because they do not. Could they be safer? Yes. But I also do not think buying a new car that depreciates the second you drive it off the lot is sound, financially. I guess the OP has to weigh the pros/cons.

 

[Galve2000]

I'm actually very surprised to hear that people will be going from a Model S to a Model 3. Getting a short term Model S lease to "tide them over" until the Model 3 becomes available.

you do realise that they are going after 2 different market segments here, right?

I would find it hard to go for a Model 3 after driving a Model S for a few years.

 

[NikeWings]

My choices are starting to solidify around a three year MS60 lease (same cap reduction goes further and if qualify for the CA tax rebate), buying a new MS60, and buying a CPO cheaper MS. The configurations I'm looking at would be 77k for new, 60k for CPO.

There is no CA tax rebate. It is a cash rebate, mailed directly from the state program, and not related to any tax credit when filing a tax return. There are income qualifications based upon your 1040, but its for eligibility determination and verification. There is no 'tax credit'.
The funding for this cash rebate program was depleted in June. Last week's legislative session has supposedly added more funds to the till, but also restricted further, the income qualifications which take effect in November.

If the $2500 is pivotal to your buying decision, then you should learn more about the program here: Clean Vehicle Rebate Project The details from last weeks session have yet to be posted to the rebate site, but looks something like this: California approves new round of clean-energy car rebates

 

[GSP]

I also recommend a used Volt as the best low cost option. They have great safety ratings, and you can drive electric 99% of the time when in town.

On the highway the range extender is necessary but it is convenient to just use gas stations instead of doing trip planning (but not as fun as trip planning IMHO). It is a little to small for long highway trips, but great for short 100-400 mile trips.

Most people waiting on a Model 3 will be a lot happier getting a Volt than some other $15-20k used car. However, getting a used Model S from a private party or CPO would be much better and worth the extra money for those that can afford it.

I have been driving Volts since February 2011 and loved every minute of Volt ownership.

GSP

 

[Bokonon]

I also recommend a used Volt as the best low cost option. They have great safety ratings, and you can drive electric 99% of the time when in town.

On the highway the range extender is necessary but it is convenient to just use gas stations instead of doing trip planning (but not as fun as trip planning IMHO). It is a little to small for long highway trips, but great for short 100-400 mile trips.

Most people waiting on a Model 3 will be a lot happier getting a Volt than some other $15-20k used car. However, getting a used Model S from a private party or CPO would be much better and worth the extra money for those that can afford it.

I have been driving Volts since February 2011 and loved every minute of Volt ownership.

GSP

Seconded, as a former Volt driver... especially the part in bold.

There have been a few different threads here about bridging the gap between an expiring lease (or similar situation) and a reserved Model 3, and they all seem to express a desire to drive electric during that gap period, if it's possible to do so without breaking the bank. A common suggestion is to look into a used LEAF (preferably one with the lizard battery), as some are selling below 25% of MSRP now. However, if one of the main reasons you're reserving a Model 3 is for the 200+ mile range (due to occasional road-trips, commutes from the exurbs, etc), I'd strongly recommend looking at first-generation Volts as well -- it might offer a nice balance of cost-effectiveness and personal satisfaction.

Also, if your expiring lease is an ICE, a Volt might also be a nice way to transition to all-electric driving, as you can get into the habit of plugging a car in, get a sense for how range is affected by your specific weather and driving habits, see what driving with strong regen ("L" mode) is like, etc.

 

[pinski]

Toyota (and other automakers) appear to be building cars just to pass safety tests not to exceed them (like Tesla). Any car built before small offset crash test was introduced is likely to be outperformed by current models. I would not call BMW reliable.

For example, Lexus 2012 gets 'Poor' rating.
Vehicle details

That Lexus example is a little disingenuous. That's an IS, which at that point had been around in that generation since 2006, so it's unsurprising that it would fail a new test it wasn't initially designed for. I think those of us recommending used are suggesting a current model, just used. For example, a 2014 Accord is largely unchanged from the 2016. The crash structure and safety ratings will be very similar. Anything that was a new design after 2012 should be sufficient as that's when the small offset test was implemented by the IIHS.

 

[Vitold]

That Lexus example is a little disingenuous. That's an IS, which at that point had been around in that generation since 2006, so it's unsurprising that it would fail a new test it wasn't initially designed for. I think those of us recommending used are suggesting a current model, just used. For example, a 2014 Accord is largely unchanged from the 2016. The crash structure and safety ratings will be very similar. Anything that was a new design after 2012 should be sufficient as that's when the small offset test was implemented by the IIHS.

It's true, in Lexus case 2013 has Good rating. However many other (even refreshed) models struggled with this test for years after it was introduced so it's important to check (for example Camry was not rated good until 2015). Personally I feel small offset crash performance is quite important and would not want to drive poor rated or not rated car which, like you said, " was not designed for " it.

 

[zer0cool]

Go to leasetrader or swapalease and take on a good BMW lease. You can find some great deals there.

Or if you can get an amazing deal, lease a new BMW 3 series or 5 series. Assuming you have a good deal, they are super easy to transfer... I got a 2014 535i Msport 15k miles/year lease for under $600 per month (MSRP~65k, and I paid no cap reduction, not demo, less than 50 miles on the car when I got it). When I transferred it to get a Tesla, like 10 people contacted me after I put it online and it was transferred with all fees and transport cost paid by the person who assumed the lease. Why, cause my deal was hella good. BMWs are super easy to transfer, so get a good deal and you can get out pretty much whenever you want.

 

[ApauloThirteen]

Consider leasing a volt, egolf, bmw i3 or leaf. You'd drive a car under warranty, be able to comfortably wait it out until the model 3 arrives. The leases on all are getting aggressive - they need to sell in CA for compliance.

 

[psgabin]

1. Do you really think the model3 will be delivered on time???
2. Do you really want an early build car compare to first 6 month builds of S and X
3. If you want a tesla get a tesla.
4. $7500 tax credit is built into lease essetially reducing cap cost of car.
5. Cleanest way, if you think model 3 is 2years away take 3year lease on best deal, new, inventory, or cpo. Tesla will probably ( no guarantee ) let you out early no penalty on new car purchase.
this gives you time to see model 3 on road and any warts that show up and worst case scenario you drive a great car and if not walk away unscathed .

 

[tsla007]

Drive your friends model S until then. If you don't have access to one-dream!

 

[xav-]

My choices are starting to solidify around a three year MS60 lease (same cap reduction goes further and if qualify for the CA tax rebate), buying a new MS60, and buying a CPO cheaper MS. The configurations I'm looking at would be 77k for new, 60k for CPO.

My admittedly crude math shows the cost over *3yrs* for finishing the lease to be about 33k, selling the new car ~31k, and selling CPO ~25k (payments+paying off loan+down-estimated value at 3yrs).

Lease is just simpler and lower risk. New would be lower specced, but my choices plus AP. CPO is cheapest, could probably get a P85, but used and no AP (and other useful updates like LTE).

The wise choice would be for me to get a used civic or maybe a new Volt. Doubt it's going to happen though. (I have the opposite of driving a little too much - I'm at 13k miles total at the end of my current 3yr lease)

One more option I am exploring by the way.. Saying this to you cuz I noticed you are from the county as well.. OC fiat is leasing the Fiat 500E for $1,600 drive off / $99+ tax a month... And on top of that apparently we get the $2500 state tax credit. So total cost is like 1/10th of a model S......

 

[xav-]

If your commute isn't that long, you may want to look into a used Volt. Volt's have taken a big depreciation hit, and many are in the $10 - $15K range.

The first generation of the Volt allowed you to go 38 miles on battery power only. If you only drive 13,000 miles in 3 years. it might make a lot of sense. With a used Volt, someone else would have already paid for the depreciation.

You can lease a new volt for $220 a month + tax with less than $2k due at signing if I recollect. Not including any tax credit.

That said in CA used volt will get you carpool sticker, not the new one.

 

[ImEric]

I'd say look into a used Volt or Leaf. If the range of a Leaf will work for you (plus Enterprise or Avis for long trips), then it's a super-cheap option.

 

[nexsuperne101]

If 70 miles is enough per day for you, then a Leaf would be the one to go for. I got mine 14 months old with less than 3,000 miles on the clock for 40% of the brand new price. Now it is worth 30%, and it is only 2 years old with 29,000 miles on it. 10% depreciation in year 2 isn't so bad. I'm glad I didn't get the 60% hit from year one!

 

[sitter_k]

Leasing or buying a brand new car is essentially the same. You will pay for the depreciation of a new car becoming an old car in yr 1. It drops off significantly after year 3.

If your are price conscious the best thing to do is BUY a 2-3 yr old
used car. Buy to your comfort level bmw or Toyota. There will be much much less money lost when you sell it in year 4-6. Second best price conscious tactic would be to lease or finance the same vehicle. But hey cars are an emotional purchase.

I will be breaking my own rule on the model 3 but I'm also a business owner and a large part of my car is written off to lower my taxable income.

 

[RangerRick]

I have a similar conundrum. Volkswagen is literally paying me $7k more than my diesel Jetta is worth to get rid of it, so I'm totally taking them up on their offer. The question is, do I use the cash to pay for a lease for ~2 years, or get the cheapest used Civic I can afford and put the extra money towards M3 trim options?

My mind says the latter but my heart says the former.

I seriously considered the S60 2-year lease, but I just can't bring myself to put out the extra money to do it on top of what I'd be getting for my current car. So tempting though...

In the end though, I think I'm going the patient route and getting a decent $5k used car to hold me over. I'll hate every minute of driving it, but it'll be an investment in the future.

 

[sbtz]

I have a similar conundrum. Volkswagen is literally paying me $7k more than my diesel Jetta is worth to get rid of it, so I'm totally taking them up on their offer. The question is, do I use the cash to pay for a lease for ~2 years, or get the cheapest used Civic I can afford and put the extra money towards M3 trim options?

My mind says the latter but my heart says the former.

I seriously considered the S60 2-year lease, but I just can't bring myself to put out the extra money to do it on top of what I'd be getting for my current car. So tempting though...

In the end though, I think I'm going the patient route and getting a decent $5k used car to hold me over. I'll hate every minute of driving it, but it'll be an investment in the future.

I think that's wise - though my heart argues (for myself) that the Tesla isn't a patient/practical choice regardless. I'm buying for the tech, the torque, and the beauty of the car. I won't be saving much on gas (super short R/T commute).

I did decide to eliminate the 2yr Model S lease as an option though - it was just too much for two years. Most of the quote they give show the same $6k down payment for both 2 and 3yr leases. The 2yr then appears better because that down payment's effect is spread over a shorter term. Also, I wouldn't qualify for the EV rebate we have in CA (min. 30mos). All that and 12%/yr "depreciation" over 2yrs compared to 11.3%/yr over 3yrs... that third year seems pretty cheap.