Inquiry Regarding New Model 3 or Model Y Long Range Purchase Decision

[pqrsuresh]

Hello all,

I am currently considering upgrading to the new Model 3 Long Range and have some questions about the financial aspects of the transaction.

I own a 2018 Model 3 with approximately 45,000 miles with Enhanced Autopilot. I understand that I am eligible for a $7,500 credit for the new car purchase for this year, which will not be available in the subsequent year.

Based on the Tesla inventory, I noticed that a similar new 2023 Model 3 is priced at $44,819, inclusive of taxes.

Considering my deductions – $7,500 credit, $1,000 (early Cybertruck booking), and an estimated $23,000 for the trade-in – the net cost for the new car would be approximately $13,000 more. or additional $4000 more for Model Y.

I would appreciate your insights on whether the upgrade is financially justified.

Are there any additional benefits or features in the 2023 Model 3 that might make this transition worthwhile, given the additional cost?

Your guidance will greatly assist me in making an informed decision.

Thank you for your time, and I look forward to your response.

 

[Abubakr]

Would you consider waiting for the 2024 Model 3 Highland? It has refreshed and provided many changes from 2023.

 

[pqrsuresh]

Would you consider waiting for the 2024 Model 3 Highland? It has refreshed and provided many changes from 2023.

Is it available now for purchase? My Tax credit either use it or lose it!

 

[Abubakr]

Is it available now for purchase? My Tax credit either use it or lose it!

No it’s not. If price is a consideration then best to just buy inventory models now.

 

[pqrsuresh]

Thank you! back to my orginal question, Is it worth to buy?

 

[Abubakr]

Worth or not is always a difficult question to answer as it depends a lot on your personal needs.

I can only give my own opinion which is that if you are happy with your vehicle, then ride it out and save or invest the money.

The 2023 model for myself as a comparison comes with better auto pilot hardware, a faster computer, a heat pump (useful for cold climate such as in Canada), and possibly better build after learning over time.

 

[JCtx]

A related question: Does anybody have an idea what the prices of the Highland '24 model will be? That's a very important aspect to decide to wait or not. I personally, no way I'd buy a first year model of any car now, even though it's not completely redone. But enough things changed that for sure will be teething pains at least for a year. So if you can get $7,500 off, plus extra inventory/end-of-year discounts, I'd jump on that. And that's exactly what I'm waiting for right now, cash on hand, for last-minute deals. In my personal case, unless I see discounts seen in other cities for the M3P (which mine doesn't have yet), I'm not going to pull the trigger. Good luck.

 

[jjrandorin]

Worth or not is always a difficult question to answer as it depends a lot on your personal needs.

There is always so much that goes into "worth it?" that I tend to avoid even attempting to answer, because "worth" is extremely personal. A large part of that is, what is that amount of money, to you?

The OP says its 13k more for them. (rhetorical question inc), what is 13k to them? Is 13k an amount that is spilling out of their couch, or is it an amount that they have been saving up for several years to get to? That makes a difference on "worth".

To pivot a bit, I have no issue paying $5-10 for a smartphone app, even if I only use it a few times, if it works for the purpose I wanted it for. Others are in the " OMG the app is $2 ?!?!!?!? its too expensive!!!!" camp, even if they can afford a brand new Tesla.

I have a espresso machine in my house that cost a number measured in thousands instead of hundreds, yet I have an issue paying to stay overnight in a hotel if I can reasonably expect to drive home from that location, as it is not "worth" it to me to pay for a hotel room if I could make it home.

Shrug...

In any case, I have a 2018 Model 3P and decided to keep it, outside of warranty, vs trade it in and get an updated one. Once I see the highland model 3 in person, perhaps my opinion changes, but the current changes were not worth it to me (to semi answer the thread question posed after rambling on)

 

[Abubakr]

A related question: Does anybody have an idea what the prices of the Highland '24 model will be? That's a very important aspect to decide to wait or not. I personally, no way I'd buy a first year model of any car now, even though it's not completely redone. But enough things changed that for sure will be teething pains at least for a year. So if you can get $7,500 off, plus extra inventory/end-of-year discounts, I'd jump on that. And that's exactly what I'm waiting for right now, cash on hand, for last-minute deals. In my personal case, unless I see discounts seen in other cities for the M3P (which mine doesn't have yet), I'm not going to pull the trigger. Good luck.

We can't know anything for sure but based on my readings and comparisons to price changes in other countries, the consensus seems to be MSRP + 1-2K more?

Maybe it'll just stay MSRP to incentivize due to the tax credit loss?

 

[JCtx]

With all the improvements, I was expecting more than that...but maybe Tesla removed some other crap too, like they did with the mobile cable, parking sensors, 1-yr connectivity (vs 1 month now), etc. But with the improvements listed, a $2K hike would be really mild. Thank you for your input.

 

[pqrsuresh]

Thank you all for your insightful response, especially regarding the subjective nature of assessing the value of a significant investment. Building on your perspective, let's consider the potential impact of the $13k investment in a new car versus holding onto the current one for the next 5 years.

Exploring how this amount could appreciate or contribute to long-term financial goals adds an interesting dimension to the decision-making process. It provides a broader perspective on the overall financial implications and potential benefits over an extended period.

Your perspective has been invaluable, and I appreciate your contribution to this contemplation. If there are any additional thoughts or factors that influenced one's decision to keeping their 2018 Model 3, I would be keen to hear more.