Financing a Model 3

[viktorz]

Hi!
I'm a 21 year old from Sydney and have been wanting to buy a Model 3 for a while now- I had the idea a few months ago to purchase one via financing through Tesla, and rent it out via websites such as evee.com to cover the costs of financing it. I was mainly looking for advice from people who have either rented their vehicle out or just purchased it via finance (and model 3 owners in general!). A couple of things I wanted to know are:

1. (For those who have rented) How often do you have people renting it and how much of the financing/ cost does it cover?
2. Overall, would it be a smart investment? especially with the rising cost of FSD and the possibility of Tesla soon having a FSD network (Tesla Taxi/ FSD Uber etc.) is it smarter to buy now rather than later?
3. What has your overall experience been like with the 3 over time? have you noticed the Model 3 has any major flaws or shortcomings?
4. Do you see the Model 3 dropping in price in Australia? Would it be better to wait?
5. (Maybe a stupid question) Hypothetically, if I was to buy it for (e.g.) $79,000 and it was to drop to (e.g.) $75,000 in a few months, would I continue to pay off the $79k or would I pay the $75k? (probably stupid but I had to ask ).

Overall I just have a gut feeling that this is a good time to get a model 3 because of the constant rise in price of FSD and the vehicle in general but I'd still love to hear any advice or feedback!!

Also its my first time posting here! Looking forward to all the replies, glad to be a part of TMC

P.S. I currently don't hold a full license so I can't even drive it for another year and a half- part of the reason I'm wanting to get one now is so I can pay some of it off by the time I can drive it (and save on buying the FSD in a years time). It's a dream car of mine and I know I am going to get it at one point or another but I just thought the flexibility of not having to rely on the car for transport and just having it pay itself off (or at least a chunk of it) through renting would be a good idea!

 

[blasterkings]

If you like the car - just go ahead. Everyone will have their own opinion on price drops, FSD, ride comfort, Tesla in general, Elon's way of operating the company, etc.

At the end of the day you should like what you own. I own top of range Lexus RX and bought recently a model 3. The experience is different between the 2 and I like them both. I am not a car enthusiast (except for having watched a whole lot of Jeremy Clarkson shows).

Tesla has good community going with these forums so it's easy to get help and guidance. Tesla model 3 is a good car too. If you havent done one - do a test drive (provided your local restrictions allow you to take advantage of it). If you can (provided you needed it), try to get the test drive car for a day so you do various tests - I did that couple of times before putting the money in.

Also buy what you can afford - you know your situation. With or without FSD the car is good no matter how old you are.

HTH. Good luck with your purchase.

 

[rohan_aus]

Hi!
I'm a 21 year old from Sydney and have been wanting to buy a Model 3 for a while now- I had the idea a few months ago to purchase one via financing through Tesla, and rent it out via websites such as evee.com to cover the costs of financing it. I was mainly looking for advice from people who have either rented their vehicle out or just purchased it via finance (and model 3 owners in general!). A couple of things I wanted to know are:

1. (For those who have rented) How often do you have people renting it and how much of the financing/ cost does it cover?
2. Overall, would it be a smart investment? especially with the rising cost of FSD and the possibility of Tesla soon having a FSD network (Tesla Taxi/ FSD Uber etc.) is it smarter to buy now rather than later?
3. What has your overall experience been like with the 3 over time? have you noticed the Model 3 has any major flaws or shortcomings?
4. Do you see the Model 3 dropping in price in Australia? Would it be better to wait?
5. (Maybe a stupid question) Hypothetically, if I was to buy it for (e.g.) $79,000 and it was to drop to (e.g.) $75,000 in a few months, would I continue to pay off the $79k or would I pay the $75k? (probably stupid but I had to ask ).

Overall I just have a gut feeling that this is a good time to get a model 3 because of the constant rise in price of FSD and the vehicle in general but I'd still love to hear any advice or feedback!!

Also its my first time posting here! Looking forward to all the replies, glad to be a part of TMC

P.S. I currently don't hold a full license so I can't even drive it for another year and a half- part of the reason I'm wanting to get one now is so I can pay some of it off by the time I can drive it (and save on buying the FSD in a years time). It's a dream car of mine and I know I am going to get it at one point or another but I just thought the flexibility of not having to rely on the car for transport and just having it pay itself off (or at least a chunk of it) through renting would be a good idea!

Straight off the bat, almost no insurance company will insure you if you're under 25, and if they do it'll be reallllly expensive. I've struggled to find insurance for a reasonable price for my previous Model S (bought at 26) and my current Model 3 (bought at 28). The closer you get to 30 the easier it gets.

Also, reach out to Evee, Slava will be happy to answer any questions you have, let him know where you're living and what the demand is like and what income you can expect per week. Evee also becomes your insurance company when your car is hosted with them, and I know they cannot rent to anyone under 25, so they may not be able to rent your vehicle out.

 

[paulp]

To answer your dot point 2. There is no example of a mass produced car that was a smart investment. To think that a tesla model 3 will break that trend is a significant investment risk. Hence you should factor in capital loss in your equation.

 

[Onshore]

Honest response: Reading your post, I think the absolute best thing you should do first is sit down and have a discussion with your accountant.

 

[viktorz]

To answer your dot point 2. There is no example of a mass produced car that was a smart investment. To think that a tesla model 3 will break that trend is a significant investment risk. Hence you should factor in capital loss in your equation.

thanks for the honesty!! appreciate it

 

[viktorz]

Straight off the bat, almost no insurance company will insure you if you're under 25, and if they do it'll be reallllly expensive. I've struggled to find insurance for a reasonable price for my previous Model S (bought at 26) and my current Model 3 (bought at 28). The closer you get to 30 the easier it gets.

Also, reach out to Evee, Slava will be happy to answer any questions you have, let him know where you're living and what the demand is like and what income you can expect per week. Evee also becomes your insurance company when your car is hosted with them, and I know they cannot rent to anyone under 25, so they may not be able to rent your vehicle out.

Thanks so much for the reply! I was thinking of having my dad be the one to apply for the finance and insurance etc. since he would be the only person who could drive the car atleast until i get my full license- hence saving on the crazy insurance prices for under 30s- It would all technically be under his name and I would simply be paying for it through him since he doesn’t seem 100% on getting one for himself yet.
Also thanks for the tip on contacting evee! I will definitely do that.

 

[viktorz]

Honest response: Reading your post, I think the absolute best thing you should do first is sit down and have a discussion with your accountant.

thanks for the advice man, appreciate it.

 

[paulp]

thanks for the honesty!! appreciate it

A small but significant tip passed onto me from an old guy; “Buy a piece of property and have someone else pay it off for you”.
I followed his advice and with significant success. I buy myself a nice car every few years from the ample proceeds. You are young. Great time to start.

 

[Watts_Up]

I'm a 21 year old from Sydney and have been wanting to buy a Model 3 for a while now- I had the idea a few months ago to purchase one via financing through Tesla, and rent it out via websites such as evee.com to cover the costs of financing it. I was mainly looking for advice from people who have either rented their vehicle out or just purchased it via finance (and model 3 owners in general!).
A couple of things I wanted to know are:
1. (For those who have rented) How often do you have people renting it and how much of the financing/ cost does it cover?
2. Overall, would it be a smart investment? especially with the rising cost of FSD and the possibility of Tesla soon having a FSD network (Tesla Taxi/ FSD Uber etc.) is it smarter to buy now rather than later?
3. What has your overall experience been like with the 3 over time? have you noticed the Model 3 has any major flaws or shortcomings?
4. Do you see the Model 3 dropping in price in Australia? Would it be better to wait?
5. (Maybe a stupid question) Hypothetically, if I was to buy it for (e.g.) $79,000 and it was to drop to (e.g.) $75,000 in a few months, would I continue to pay off the $79k or would I pay the $75k? (probably stupid but I had to ask ).

Overall I just have a gut feeling that this is a good time to get a model 3 because of the constant rise in price of FSD and the vehicle in general but I'd still love to hear any advice or feedback!!

Also its my first time posting here! Looking forward to all the replies, glad to be a part of TMC

P.S. I currently don't hold a full license so I can't even drive it for another year and a half- part of the reason I'm wanting to get one now is so I can pay some of it off by the time I can drive it (and save on buying the FSD in a years time). It's a dream car of mine and I know I am going to get it at one point or another but I just thought the flexibility of not having to rely on the car for transport and just having it pay itself off (or at least a chunk of it) through renting would be a good idea!

To answer your question, I would never rent my car, especially a Tesla, unless I don't care getting new tires every month or so...
May be I could consider taking some passengers, but I would need to get a new insurance then and drive everyday to make it worthwhile.

FSD is great on highway or freeway but limited for city driving. My previous car was a manual and I miss using a stick shift.
I didn't wanted getting new car with an automatic transmission, so this is one of the reasons I wanted to get an electric car.
It might be possible that FSD could become a subscription, so you could get it just for some long trips.

Depending of the usage you have, getting a used car will be certainly more affordable and the insurance would be lower
especially if you don't take full coverage. If you have a short daily commute, a used Nissan Lead or VW e-Golf could be fine.
And if you have only occasional long trips, you could rent a car (EV or ICE) with a bigger range then.

A smart investment would be to buy some stock options or real estate, taking a credit or a lease would be the opposite.
What the main purpose of getting a car: is it for leisure or work?