Folks who stretched: Will you do it again given another chance or regret buying Tesla

[jive_devil]

I stretched - my Model S was (pre-tax) double the cost of my next most expensive car, but don't regret it for a second.

However, my caveat is I was sort of an ideal Model S "stretch" candidate - I have a long, predictable commute; I charge at work; I have 3 kids in tow; I've gone solar; had I opted for another car, it probably would have been in $40-50k range anyways; I live in CA with access to superchargers and HOV lanes; etc.

 

[arondaniel]

Yep. I spent ~3x on the Tesla as my previous car. No worries though, it'll pay for itself with gas savings in a short 20 or 30 years.

 

[GDH]

No regrets but no I would not do it again. Way to much to spend on a car.

 

[breading]

As I posted on the Tesla Forum, before my Model S I owned a 1994 Toyota truck. It was time for a replacement and I was looking at 30K dollar sedans. When I realized the price point of the 40 at around 50K was similar given lifetime gas savings, I reserved a Model S. After reserving, range concerns and option creep meant I spent more than 4x what I had ever spent on a vehicle before. I can afford the payments but this was definitely a stretch compared to what I would have bought if Tesla was not around.

How do I feel? Lovin' every minute of it!

Is it worth it? Absolutely!

...rethinking my decision? I do wonder if I should have waited for a loaner or used model... But for nearly a year now, passing freezing drivers pumping gas into their outdated luxury ICEs, effortlessly leaving every other car in my rear view mirror at every stop light, listening to any song my heart (or my kids hearts) desires, spreading the EV good news through Tesla moments, and being able to carry all the luggage, Costco boxes, etc. that used to fit in our minivan has been utterly priceless.

 

[Apoclyps]

I stretched, and was only able to afford a basic MS60, with a few options I thought would help sell the car if I misjudged my finances. Most I had ever spent on a car was 30K, and I was one of those who mocked folks who paid more than 50K on a car....and now here I am, one of those people. 8 months later, I thoroughly enjoy the car, and the many folks I've met in our monthly owners meeting. This is the first time where I am paying attention to car care. Not a car person, and had no clue what it took to take care of a nice car. Handwashing the car is actually therapeutic. Anyways, I had to make some lifestyle changes (switched from cable to Netflix, rented out a room so lost some privacy). Looking back, I now think I coulda gone for the MS85 with all the changes I've made to my monthly expenses. Oh well. No regrets, other than the battery size.

 

[bareyb]

I didn't stretch to buy it (we had the money in savings) but it was still way outside my comfort zone. My previous limit for a car was about $60k. I admit, I felt a little guilty for the first two weeks or so after getting the car home and wondered if I should have not gotten the "P". Something about it being "A 100 THOUSAND DOLLAR CAR!" really messed with my head for a while.

Now that I've had it long enough for it to really become "mine" and feel like "mine", I'm just flat out in love with the Car and I wouldn't change a thing. I enjoy the quickness. It's the one I was supposed to get and I really need to stop being such a tight ass when it comes to myself. I spend money like it's going out of style on my wife and kids and that doesn't seem to bother me, so…. Yeah. I'm not regretting it one bit. I kept my last car for ten years and I expect I'll likely keep this one for a long time too.

 

[Hybris]

Thread tip of the day:

Doomsday Preppers?

where is the zombiekillerkit for model S? AWD required...

 

[AMPd]

I didn't stretch to buy it (we had the money in savings) but it was still way outside my comfort zone. My previous limit for a car was about $60k. I admit, I felt a little guilty for the first two weeks or so after getting the car home and wondered if I should have not gotten the "P". Something about it being "A 100 THOUSAND DOLLAR CAR!" really messed with my head for a while.

Now that I've had it long enough for it to really become "mine" and feel like "mine", I'm just flat out in love with the Car and I wouldn't change a thing. I enjoy the quickness. It's the one I was supposed to get and I really need to stop being such a tight ass when it comes to myself. I spend money like it's going out of style on my wife and kids and that doesn't seem to bother me, so…. Yeah. I'm not regretting it one bit. I kept my last car for ten years and I expect I'll likely keep this one for a long time too.

Weren't you the guy who picked up the model s in an Aventador?

If so, then can you point me in the direction of these 60k aventadors!

 

[Chickenlittle]

My order will finalize this week and I am staring at 96K car
Going through the forum posts, I see there are many owners, who owner Ferrari, Bentley, Porshe, Mercedez S Class and list goes on and on. I am assuming many owners are really rich and 100K is either few month income or less than 1-2% of their worth and they are attracted to the latest toy which they will play for some time. They can easilu affod Model S.
Then there are folks who typically don't spend more than 30K on a car. Some may have stretched to buy the car. Some may afford it but still would not have paid so much for a car which is a depreciating asset as it makes little financial sense. Folks did it for various reasons like attraction by the technology and contribution to green movement, thinking Model S is more than a car etc. Now that you have owned the car and have spent so much, how are you feeling? Is it worth it? Does financial reality (montly premium or getting behind by 100K) cause you to rethink your decision? Given a chance again, will you re-buy Tesla, will you buy a higher priced Tesla or do you think you should rather wait for few years when used car market is available and 2012, 2013 models will be available at half the price as they are for other high end luxury cars and where most middle class folks buy used cars and let ultra rick pick initial year depreciation. Cheers, Amit

Interesting post. Have several thought on this. It was my most expensive car purchase as well but:
1.found myself trading in cars every 2-3 years and after a year still in love with it enough to know I won't do this which will save money in the long run
2. Early car with some options I would have gotten were not available then (winter option and parking assist). Would not change car just for those
3.didnt. Get a P. Don't miss the extra power and would not pay for acceleration I wouldn't use
4. My buying the car and driving it gave me the courage to continue my investments in tsla stock/options. My wife claims that I could have invested without buying the car but the constant use/enjoyment gave me the courage of my convictions. It has resulted in an early retirement with return of over 30 fold allowing me a very comfortable retirement but it also ultimately cost me over 3 million dollars since I held back those funds to purchase the car. Always pay cash for cars but regret not borrowing to buy the car

 

[ddruz]

I had a difficult time justifying the cost of some options but not the car itself. I consider the Tech Package a ripoff but still feel it would be very difficult to buy such an expensive car without its features.

I do not regret buying the car for a moment despite it costing twice what I ever paid for a car before. But were I to buy again I would pass on the air suspension, the leather seats and, unfortunately, the upgraded sound which I like very much. At $950 the sound upgrade was extremely well worth it, but not at $2500.

 

[Vexar]

I stretched to buy this car. The car my Model S replaced was a $22,000 '99 Chrysler Cirrus. I saved up for several years to get down to a loan equivalent to what I had for the Cirrus (good ol' Treadbare), despite alimony payments (which are now over, yay!). I calculated that the net cost difference was that I would be saving $100 a month in energy/fuel costs, so apart from saving a lot, it wasn't that hard. That meant I drove an old car with rust on most body panels for quite some time. It got to the point where when I met people for business, I'd park in weird spots to hide my thrift. I did all this to save about $850 a month for about 5 years. Really, I started saving when I first got word of the Whitestar being possible. In a little more than 3 years, I will have paid off my loan for my Model S.
To date, I've driven over 13,000 miles with no oil changes and no petrol fuel. I've saved about $1800 versus ol' Treadbare, not counting the usual $1200-$2000 a year in repairs for and old car. That about zeros out the loan payment right there if you combine the two savings. In 3 years, I will be saving about $4000 a year. Even if my Model S lasts a paltry 8 years total, in the 4 years I own it without a loan payment, I will have saved $16,000 back. When you add the $7500 government incentive, the total savings less what I put for my initial lump sum to buy the car means that in retrospect, I spent about $20,000 to go from a Chrysler Cirrus to a Tesla Model S, by 2020. If I own the Model S as long as I did the Cirrus (which is rust-proof, yay!), that's another 4 years saving a total of $7200 or more on fuel/oil costs (hey, how's that peak oil demand coming along?).
Yes, it was a stretch to save up as much as I did. I didn't spend lots of money on travel, and I packed a lot of lunches. I went without cable television, and I made other concessions.

Here's a sample monthly budget comparison to consider:
Budget A
Home phone $30
Hi-speed Internet $90
Mobile phone w/ high data plan $150
Cable / Satellite TV $100
Dining & entertainment budget $575
Weekly Lawn/snow service $30
Travel (year budget, divided) $350
Total= $1325

Budget B
Lo-speed Internet $50
Mobile phone w/ lo data plan $100
Dining & entertainment budget $200
Travel (year budget, divided) $75
Netflix $8
Total= $433

And that was precisely how I did it. I packed lunches regularly, went out with the family for a meal only once a week, and took the family to a movie once a month, usually shooting for a matinée. I also did a lot of house work myself. That meant I saved $892 a month. My grocery bill went up nominally, so maybe you could argue $850 a month is fair.

Learning how to live below your means is a vital skill. Getting really good at it is a little like hyper-miling a Model S on a winter road trip.

 

[gglockner]

You're not going to get an honest assessment here. Anyone who posts to this discussion group is a fanboy (or fangirl) - if they weren't, they would spend time elsewhere on the internet. Statisticians call this "selection bias".

You can't justify a Model S on cost alone. Even with an aggressive increase in the price of gasoline, there are other luxury cars that have a far lower total cost of ownership.

If a Model S fits your budget, you will likely be very happy with the purchase. If not, then either adjust your budget or get something else, like a used Model S.

 

[kevincwelch]

Gosh, I love my Model S, but as GDH said, I am not sure I would spend that much money on a car again. Buying the Model S did not set me back financially and the financed portion of it is nearly paid off (waiting for the tax credit). I love the remote app. I love the quiet drive. I love the acceleration. I love the looks it gets. I love the lack of gasoline and oil; I love seeing all the people at gas stations blowing air into their hands or shaking to keep warm . I would definitely buy an electric car again, but I don't know that I would be in the market for a $95,000 car again. My wife and I have never paid more than $30,000 for our cars, and before the Model S, I considered a $40,000 Acura TL as a "luxury item" to reward me for my hard work. Never thought I'd pay twice that for a car.

I saw this as an opportunity to be on the cutting edge and to play a small part in helping an innovative company move forward with a technology I believed in, and I had the money to support it. Again, I love the Model S. I'd buy a Tesla again, but maybe not a $95,000 Tesla.

 

[ElSupreme]

Yes. I know several that fit in that category. I think once they retire they just shut down because they are no longer busy eight plus hours per day.

On topic: I stretched to get the Model S. Don't regret it for an instant. However, I'm sure glad I got it before all the price increases. Had I waited I probably wouldn't have gotten it as I would have had to get a stripped down version (I like my toys).

Yeah no way would I be able to get the same car I got pre price increases. And my philosophy was go big or go home. Not sure I would have opted for a stripped 40 or tried to drive slower and leased a LEAF/FocusEV forcing my commute to fit into the smaller range.

 

[jthompson]

The most expensive car I purchased before my Model S was a decked out Ford Flex (which I loved, BTW!) at around $45K. But I put my deposit down two years before I got my Model s (delivery 30 Dec 2012) and I went for every option except the pano and rear seats. I saw the Model S as a true car of the future, and I wanted to adopt it early. I liked what I heard about Elon Musk and George Blankenship (who came from my beloved Apple computer company), and I knew great things were to come for Tesla. I am not rich, and therefore had to pull money from investments to keep the Tesla payment in line with my Ford Flex payment. But the penalties I paid I have already made up in Tesla stock, and in another year my Tesla stock will have paid for the Tesla Model S I own!

 

[ACDriveMotor]

Weren't you the guy who picked up the model s in an Aventador?

If so, then can you point me in the direction of these 60k aventadors!

No. I think I recall that being TylerCA.

- - - Updated - - -

I didn't stretch to buy it (we had the money in savings) but it was still way outside my comfort zone. My previous limit for a car was about $60k. I admit, I felt a little guilty for the first two weeks or so after getting the car home and wondered if I should have not gotten the "P". Something about it being "A 100 THOUSAND DOLLAR CAR!" really messed with my head for a while.

Now that I've had it long enough for it to really become "mine" and feel like "mine", I'm just flat out in love with the Car and I wouldn't change a thing. I enjoy the quickness. It's the one I was supposed to get and I really need to stop being such a tight ass when it comes to myself. I spend money like it's going out of style on my wife and kids and that doesn't seem to bother me, so…. Yeah. I'm not regretting it one bit. I kept my last car for ten years and I expect I'll likely keep this one for a long time too.

+1. I've easily put a MS+ into house mods over the last few years: kitchen, bath, dining room, living room. Don't regret those either. But now it was my turn for an upgrade. I was fully prepared to spend $60K+ on a Lexus, Infiniti, maybe even stretch to a Porsche. I tend to keep my cars for 10 - 15 years, add in that gas savings + oil change + emissions, etc. and I consider it approaching break-even. As long as the MS holds up well post warranty I will have no regrets. LOVE the car!

 

[vevans]

I would not have bought a car this expensive previous cars VW Jetta and Honda Van. Typically I would agree that buying a car in this price range is a waste of money. But the more research I did prior to purchase the more the obvious answer was staring me in the face I could not avoid. I was going to spend the money on other vehicles because of fuel costs. I could have another Tesla for the amount I spent on my Honda Van and Gas over eight years. So the question became do I want another sedan pick most sedans? Or do I want a Tesla? I bought the base Tesla 40kW. Best decision I made because of the fuel savings over time no regrets best car I have ever owned.

 

[AMPd]

No. I think I recall that being TylerCA.

Oh, you may be right.
My mistake

 

[Hybris]

I did do some calculations and its for sure not cheap to own when considering depreciation and everything. I did not order it thinking I will save money compared to an iCE. I did buy it as i loved the testdrive and its a perfect family car. its in M5, AMG, Panamera land in cost and thst is not cheap to own. on the other hand who the heck will buy and used M5 or Panamera in 3-5 years? I think they will drop like crazy in price with the EV revolution. So if you see a model s as a good investment forget that. Be prepared for the depreciation that all luxury cars do have... I will pay most of the car in cash. if I dont think about the money lost due to depreciation there is no issue... ;-) the great thing is that the cheap charging will mean I will probably use the car much more than today. also feels good that most electricity on sweden is nuclear, water, solar and wind. very little coal and dirty elecricity produced. We need some people to lead the transformation to green transportation. that is us! be proud!

 

[B.TSLA]

Its math, nothing more nothing less. You either can or you can't imo.

+1 Agree