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Did you buy a used Tesla Model S?

Discussion in 'Model S: Ordering, Production, Delivery' started by hughconn, Dec 6, 2014.

  1. hughconn

    hughconn Member

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    #1 hughconn, Dec 6, 2014
    Last edited: Dec 6, 2014
    I know many Model S owners who are trading up to the new P85D, or who would if they could sell their current Model S for what they owe, or thereabout. I see for sale many Model S vehicles, especially on this site.

    I am interested in hearing from people who purchased a Model S used. I'm curious to hear why buyers bought a used Tesla. I'm trying to learn what motivates someone to spend $70,000 (+/-) for a "used" car, even a Tesla. Lastly, how easy/hard was it to get a car loan, or did they pay cash, other source of funds.

    Clarification: If you bought a Tesla loaner, or demo service I am not considering that as used. I am interested in owners who bought their Model S from someone other than Tesla.

    Thanks for your feedback.
     
  2. bollar

    bollar Disgruntled Member

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    Really the only downside is that you're not the first owner and don't get that experience. And I guess you don't have the very latest features.

    Otherwise:

    - 2013 and newer can be financed as new cars with 100% LTV by many banks.
    - First owner took most of the depreciation hit.
    - Tesla warranty is transferable.
     
  3. Jaff

    Jaff Active Member

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    What motivates a person to spend $70,000 on a used car?

    Well, this is not just any used car, it is the best electric car out there (if you cannot afford a new D model)... period.

    It's owning and driving " this specific Model of car" that motivates...

    I could see the look in the buyers eyes when we made the deal...it was the same look as was in my eyes when I first ordered the car new...:love:
     
  4. hughconn

    hughconn Member

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    Yes, I know we all love Tesla. I love mine very much. But I haven't heard from anyone who actually bought a used Tesla. I don't think the buyer of a used Porsche for weekend and summer driving is the same demographic for a used Tesla even thought the price points might be similar. My hypothesis is that the market for used Tesla's that cost more than $50K is super thin. If true, there really won't be an active secondary market for 2 more years. So, the residual guarantees might actually have value to the owner as a put option to Tesla.
     
  5. drichardson875

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    I bought my Model S used from a Ford dealership of all places. The car had 1,600 miles on it and was in great condition. Factory sticker was $95,000 with options and I bought for $76,000. I have had not had any issues since the purchase and would really rather buy used instead of new because of the cost savings.

    Financing was not an issue either, I used the dealership's bank after trading in my Nissan and it was a seamless transaction.
     
  6. Xenoilphobe

    Xenoilphobe Active Member

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    #6 Xenoilphobe, Dec 7, 2014
    Last edited: Dec 7, 2014
    Why - because it comes with a 8 year unlimited miles warranty and its ~$37,000 cheaper. (I could buy a motorcycle and a jet ski and a trailer with the left over cash - or ~150 shares of Tesla stock).

    New Tesla owner and HAPPY Great price from tesla! - $68,000 new from Tesla once you include tax incentives.

    I have found my exact car (paid $117K for it a year ago) can get the same car today P85 loaded for about $80K - I am considering it for my wife. I don't need AWD and the P85 is plenty fast to smoke most of the poor drivers of "performance" cars driven by non-performance drivers. (best one yet was a 30 something in an BMW M6 convertible - that missed a shift with his girlfriend next to him - his girlfriend and I couldn't stop laughing at the next light) -BMW M6 F12 2013 - manual transmission in action - YouTube

    Beautiful car and beautiful girl - but poorly skilled driver with a nice toy he doesn't know how to use.
     
  7. hughconn

    hughconn Member

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    Thanks guys! You are the audience I was seeking. I believe that you are very rare people and would love to learn more about you.
     
  8. Xenoilphobe

    Xenoilphobe Active Member

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    #8 Xenoilphobe, Dec 7, 2014
    Last edited: Dec 7, 2014
    I would definitely consider a P85D demo car. I have bought cars and motorcycles off ebay multiple times. No issues - (FJ Cruiser for $8K less due to defaulted loan and only 1400 miles), HONDA VFR800 motorcycle $4000 less the BB due to divorce had 400 miles on it) and Passat TDI Wagon - that had black leather in florida - trucked it up from Florida for $500 and saved over $5000 due to the greedy dealers here in NVA) - always looking for a deal.

    I wouldn't buy a car off this site, because most of the listings are massively over priced - they should offer a reverse auction on them and see what the market is really willing to pay - I have three active bids going loaded P85's on ebay - somebody will give - they always do, but I want one cheap!!! The FJ guy dropped his price $4000 under his reserve bid - I picked the car up the next day (luckily he was in Baltimore - so I got a ride up there and picked it up!) - I have a loaded FJ brand new for $21,900 verses the $32,000 the dealer wanted (it was one model year old, but had just been titled that year) - I used the savings to Supercharge and add nicer wheels/tires/suspension.

    With the frenzy over the P85D that gets worse mileage than my P85, there will be some awesome deals due to the emotional buying of the P85D that is going on - go get one for $35K less!!
    EPA Range Rating For P85D is Only 242 While S85 Remains 265. Truly Disappointing - Not Due to Method Revision | Forums | Tesla Motors

    Looks like the EPA has decided that we can only use 90% of our gas tank (so they reduced the range to 242 @ 90% charge for P85)
     
  9. PlanB

    PlanB Banned

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    I almost bought this car from San Diego Porsche. It's so nice and not a bad price. They have it listed for $83K on Autotrader but got them down a bit. It's a P85+ and in really good condition but I got a better deal with someone else. As you will find most people are not budging on their prices just yet....but they will.
    image1.JPG image2.JPG
     
  10. Xenoilphobe

    Xenoilphobe Active Member

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    Having an $80,000 depreciating asset hanging around your used car lot gives the buyer lots of room to negotiate. I was never a fan of the copper/ brown color when the introduced it, but it has grown on me now that they got rid of it.

    How are the used car rates - 1.9% on my new one - what does the used market allow these days?
     
  11. Shortmanz

    Shortmanz Member

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    I bought a used Model S85 in September. It was 1 year old with 8300 miles. Sticker price was about $94000 and I paid $72,900. Even though I could have paid cash for a new Tesla, I financed it since I was able to get 1.25%. I am very happy with the car and Tesla has been great to work with. I have had two issues, both of which were resolved very quickly: 1) Stuck rear window, and 2) Replaced 12V battery.

    I bought used because I felt it was a better value. I didn't have to take the initial depreciation hit and didn't have to wait 3 months for a new one. I did miss out on the $7500 tax credit, but still saved a lot of money on a car that was very well taken care of and still smells new.

    For what it's worth, I was seriously considering putting money down on a Model X, but decided I would rather get a Model S now and enjoy it for the next ~1.5 years until I could get a Model X.
     
  12. Xenoilphobe

    Xenoilphobe Active Member

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    this one is nice, but does not have the dual charger capability:Tesla Model s Performance 85 kWh | eBay - also they list that it has Goodyears - only Michelins MXM4 come on the P85 - so is it really a P or a S?

    - - - Updated - - -

    Nice job! Sounds like you got a great deal and the car you wanted without alot of headaches. I think my new is 1.25 too not 1.9 - I think I used Alliance?? Is that who you used for your loan?
     
  13. PlanB

    PlanB Banned

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    Their cars are sooooooo overpriced.

    This was my 3rd choice Used 2013 Tesla Model S For Sale St. Louis Park, MN - Bentley, Cadillac, Ford, Hyundai, Kia, LINCOLN, Maserati, Mazda, Nissan, Subaru Serving Minneapolis, MN, St. Paul, MN BU11075 5YJSA1DP2DFP10284

    but they only budged in the price a little because they just got it, they will learn =)
     
  14. skboston

    skboston Member

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    I also bought mine used and no it's no different than buying a new car, it was in flawless condition with 7k miles and fully loaded with eveyrthing a 13xxx vin came with.
    I couldn't get the tax credit and MA rebate, but I got it for a very good price, so I get the credit in the form of price reduction.
    Warranty is still valid, car is new to me. I could have bought brand new S85 with not so many extras, but when you can buy fully loaded P85+ for the same price with extra goodies like winter tires, extra rims and such, why settle for less and no wait time?

    Financing is just as easy as on new car, some people have money to burn and don't care much about depreciation, some don't have that chance and wait until a good deal comes up on the horizon and if you're patient enough it will. Every person knows that a new car looses the most value in its first year of ownership and there are those buyers that don't like the car and move on to the next, I bought mine from an owner that was very happy with the car (his words) but he said it was too big for him and NYC roads destroyed 2 of his 21" rims already and he'd like to get something smaller (as a car) and was offering it for a great great price and color that I love, so here I am :)
     
  15. hughconn

    hughconn Member

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    skboston, Paint Armor is a great addition. I have 27,500 miles on my S85 and the road rash is evident, although not terrible. In hindsight, I wish I had added the armor.
     
  16. Xenoilphobe

    Xenoilphobe Active Member

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    Thats a really good deal! - impressive - you got a great interest rate too.
     
  17. skboston

    skboston Member

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    It really is helpful to have it, I also did paint correction and Opticoat Pro to help with that as well and improve the looks :) Difference is noticeable and the car looks like brand new.
     
  18. 3mp_kwh

    3mp_kwh Member

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    • There are good and bad deals on this site.
    • With EPA 242, P85D deliveries and maybe some cancels, the RWD market could bottom and turn upward in ~2 weeks/less
    • I don't make calls in finance, like the above, but feel pretty comfortable with this one
    • PlanB, I also like the brown SanDiego car. Congrats on the '13. Great value on those, and I bet 83k won't last (P85+!!!)
    • I did almost the same September maneuver and would consider a '13 P, for <10k more

    OP, I would bet most don't think of loan balance / sale price. This is a price range where one might borrow more for the house, and pay cash for the car (or most of it, at least). You see lots of listings, and lots of them are stale. I would encourage there being nothing wrong with standing offers, to people who might say no, and at prices that would likely be higher than Tesla, or the other wholesalers would pay. You might also figure out what YOU want, and even end up paying less if you find you like coil suspensions, etc. I picked Rial snows up from a local guy, last night, who sold a '13 P just before the Tsunami hit. He said Tesla was "10k" lower than Carmax, after listing here for ~84.5k. Apart from Carfax/Autocheck, I don't think you can go wrong with a P85, right now.
     
  19. tga

    tga Active Member

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    I'm having a hard time getting my head around this thread...

    Is there something "wrong" with buying a used Tesla? With buying any used car for $70K? Is the implication that people who buy used Teslas are somehow "second class citizens" compared to those who buy new?

    I bought a 3 year old 2004 911 GT3 for right around that price. I'm the third owner, and the car came with a CPO factory warranty extension. I let the prior owners take a huge depreciation hit (~1/3 the MSRP) and I saved a ton of money. How is that not a good thing? (especially in this case, since the car is rare enough it's pretty much held value)
     
  20. Sparrow

    Sparrow S105/ Roadster 189

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    I bought our second Model S used in January. It was only 4 months old so it was up to date at the time and was the color I was looking for. My main reason for buying used was that I did not have to deal with the State and Federal tax credits and still got the car for less than I would have paid for a new one after those credits. Being retired and all of my income coming from investments, my income can vary from year to year and in some years I can miss out on the ability to utilize the Federal tax credit. Buying used allowed me to not worry about the tax credits.
     

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