Help me think this through for buying a model Y

[hulk]

Hello, new here.

I have a paid off rav4 older car and a 4 year old Q7, and 4 more years of payment left.

I am hoping someone who is good with numbers can help me think this through.

I have around 24k left on q7 loan and since the used car market is hot, if I get a good price for the q7 was thinking of selling it at Carmax/carvana and put anything extra I get on top of the loan amount I can put as a down payment for the model y and finance the rates.

I have heard that some folks got as low as 1.6% from BoA etc.

So if I am still have payments on the q7 for 4 more years. My thought was to just get the model y and make the payment of the Tesla. I would most likely go for a longer term loan to keep the monthly low.

Good idea or is this a terrible idea financially.

TIA

 

[Doublea88]

The best idea is exactly what you are saying. I would even sell the Rav4, you would be surprised how much it would sell for in today's market. Sell both and have a pretty good payment amount for the Y. Have you test driven the Y yet? If not, just make the earliest appt to go test drive and you will order the car the moment you end the drive.

 

[benboy12]

I think you are missing pieces of data here:

1.) What would carmax, etc give you for your Q7? This is needed to figure out how much equity, if any, you could roll over as a down payment.

2.) What is your current interest rate?

3.) How many miles do you drive per year? What’s your cost of electricity compared to gas? You need to factor this in to figure out your monthly fuel savings. Also, how long do you plan on keeping the car? Fuel savings equals cost savings even after the loan is paid off.

4.) if you aren’t trading in your Q7 directly, you won’t recognize any sales tax savings. This means you have to pay full sales tax when buying a new car.

 

[hulk]

The best idea is exactly what you are saying. I would even sell the Rav4, you would be surprised how much it would sell for in today's market. Sell both and have a pretty good payment amount for the Y. Have you test driven the Y yet? If not, just make the earliest appt to go test drive and you will order the car the moment you end the drive.

We need two cars so keeping the rav4 plus it’s a 10 year old car. I haven’t test driven but do plan go after I figure out the finances and if this is the right move. Want to smite sure we like the drive quality as readings lot about the stiff/harsh ride of the MY.

 

[Doublea88]

We need two cars so keeping the rav4 plus it’s a 10 year old car. I haven’t test driven but do plan go after I figure out the finances and if this is the right move. Want to smite sure we like the drive quality as readings lot about the stiff/harsh ride of the MY.

Ah ok yea makes sense to just keep the rav4 as the 2nd car. But i agree, first take the test drive.

P.S. I went in for a test drive just to see how the new Y handles and without any intention of buying the car. That day, i got offers for my old infiniti and placed the order.

 

[hulk]

I think you are missing pieces of data here:

1.) What would carmax, etc give you for your Q7? This is needed to figure out how much equity, if any, you could roll over as a down payment.

2.) What is your current interest rate?

3.) How many miles do you drive per year? What’s your cost of electricity compared to gas? You need to factor this in to figure out your monthly fuel savings. Also, how long do you plan on keeping the car? Fuel savings equals cost savings even after the loan is paid off.

4.) if you aren’t trading in your Q7 directly, you won’t recognize any sales tax savings. This means you have to pay full sales tax when buying a new car.

Thanks, I don’t have the Carmax quote but plan to go get it appraised. What I am seeing them selling a 2018 q7 premium plus with 40k miles is in the range of 40-48k.

Auto trader gave an estimate of 44k.

Loan remaining is 24k with interest rate if 2.99% on 84 month term. Already paid for 4years and 4 more years of payment remain.

We drive around 10-12k miles a year a bit less now.

We are in Delaware and a quick google search mentioned that average cost to charge is 10.40 cents per kWh.

 

[thesmokingman]

You can get a quote from Carmax instantly online. If your car checks out with their inspection then you'll get the full amount from the online appraisal.

 

[zannman]

There are a ton of variables, but '17 Q7s are selling near me in the 26-35k range, so you probably aren't as far ahead as you'd hoped. Carmax, Carvana, or other sites will give you a much clearer idea.

I'm assuming you bought used a couple of years ago and two years in you've decided you want to try something else. My comments that follow are only about how likely you'll be to come out well two years from now if the Y isn't right for you.

If you roll over any negative equity or a lot of sales tax into this deal, I think you'll have large payments for a long time. The Y will probably be worth 80% or more of purchase price two years from now, but your loan may not be paid down that far by then. If you're not comfortable saddling the future you with $1000 payments, then you should probably wait until you pay down the Audi a little more.

 

[Glen959]

I did similar with a VW, sold to Carvana for $4000 more than I paid for it 2 years ago! Toughest part was timing the sale with the delivery of MY LR. Need the two cars we have. Worked out great and the MY seems to be worth more than I paid for it! But plan to keep it for awhile! LOVE this car! Absolutely hate driving my Jeep now.

 

[hulk]

You can get a quote from Carmax instantly online. If your car checks out with their inspection then you'll get the full amount from the online appraisal.

Really, I may be doing something wrong as it keeps asking for email to send a quote.

 

[hulk]

There are a ton of variables, but '17 Q7s are selling near me in the 26-35k range, so you probably aren't as far ahead as you'd hoped. Carmax, Carvana, or other sites will give you a much clearer idea.

I'm assuming you bought used a couple of years ago and two years in you've decided you want to try something else. My comments that follow are only about how likely you'll be to come out well two years from now if the Y isn't right for you.

If you roll over any negative equity or a lot of sales tax into this deal, I think you'll have large payments for a long time. The Y will probably be worth 80% or more of purchase price two years from now, but your loan may not be paid down that far by then. If you're not comfortable saddling the future you with $1000 payments, then you should probably wait until you pay down the Audi a little more.

It’s a 2018 Q7 premium plus 3.0 trim and we got a 84 month loan term on a new car. It’s been 4 years already.

 

[thesmokingman]

Really, I may be doing something wrong as it keeps asking for email to send a quote.

?

Give it an email so it can send you the quote.

 

[Clark_Kent]

Before you can truly consider purchasing a Model Y you need to test drive the car. Reading about the ride quality won't help you make a decision since there are too many variables to consider.