WMAC
Member
Already confirmed and received my Vin today. I'm now looking at accessories....
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Already confirmed and received my Vin today. I'm now looking at accessories....
Here's my dilemma:The mileage is the biggest factor making me unsure. I could come close to hitting 15k per year.
That said, I did quick math on the particular config I want, a 70D with a few options
price - $84000
dest/doc fee - $1200
down payment (difference of amount due at lease signing) - $5508
total - $85200
amount still due after 36 months (assuming 3%) - $41635
minus tax rebate - $34,135
lease payments total - $36468
due at signing - $6708
total minus those payments - $40824
So buying comes out ahead by about $6500 at the end of the 3 years. If I kept the car the full 6 years, I'd have something left to sell and put toward the next one, though looking at numbers so far, not a whole lot. The buyback guarantee would give me $40k for the car + $1600 for the extras after 3 years? That would mean I would come out about $7k ahead of a lease, and I wouldn't be worrying about mileage.
(If I've missed something in my math, please tell me)
That said, I did quick math on the particular config I want, a 70D with a few options
Comparing how much you owe after 3 years (6 year loan versus buy-out option on the lease) is one metric. Other metrics include how much you've actually paid in the first 3 years and how much you expect the car to be worth at that point (e.g. if it makes sense to return the leased car because it's worth less than the residual).
The problem with the lease is that you lose the $7500 tax credit if you purchase the car at the end of the lease term. This happens because the $7500 is added to the residual - as opposed to reducing the capitalized cost. So the lease is at a $7500 disadvantage after 3 years, which is probably what's driving the $6500 advantage to buying. I'm assuming you chose a 6 year loan because the payments over the first 3 years are roughly the same?
You might consider leasing if you're pretty confident (say, 90%+) you will want to return the car at the end of the lease OR if you believe the value of the car at the end of the lease will be lower than the residual (minus $7500).
Otherwise, you are probably better served buying the car.
I was looking at Alliant.Which CU are you going with? Alliant still offers 1.99% for 60 months. I think for my tesla they were offering 72 months, and only required the tax as the down pay, so ~$6k down. If I want to upgrade in a few years (which I likely will), I'll just pay off the car and sell it. Prolly won't end up much worse off compared to if I had leased, and I don't have to worry about miles. Remember that the number of miles you drive after you get a tesla tends to go up. Every weekend I'm looking for a new place to take a road trip in my car now. Couldn't pay me to do the same in my old Prius.
What was the outcome?I created a detailed spreadsheet for this decision that computes the total cost of ownership (taking into account options, taxes, cost of money over time, accessories, gas savings, interest rates, etc.) for loan (with or without guaranteed buyback) vs. lease (with or without buying it off the lease).
If there's enough interest I can make it a bit more "user friendly" and share it on google docs...
What was the outcome?
If there's enough interest I can make it a bit more "user friendly" and share it on google docs...
Tesla lease rates suck. If you value convenience of not worrying about it (like $10-15K of value), then leasing is the way to to. Assuming you don't pile the miles on, and don't wreck it (always a chance), owning it is far, far better than the lease rates they offered me.
You have a quasi 3rd option where you can finance through Tesla (purchase) and then in 3 years if you want to sell the car back to Tesla they offer their guarantee buyback pricing, while not great it sets a floor for the value of your car in 3 years. In the meantime you can claim the $7500 federal rebate and any state incentives (you can't claim the federal rebate on a lease but Tesla can). So if you really wanted to get rid of the car in three years you might make out better with a purchase from Tesla, claim the $7500, sell car to a private buyer, rinse, repeat.