I just checked order for S Plaid with fully loaded options, including FSD. It costs $110,380. Does your car have all high cost options?
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Market value for Plaid
- Thread starter Ash83
- Start date
I’m trying to figure out the math here - 1.5 years into a low-interest 5 year 150k loan would have a balance around 100k still? If your car optimistically is worth 70k now you’d be 30k underwater?
That’s a rough base case. I know it’s a luxury car, but not everyone getting into Tesla for the first time understands how much buying one is like trying to time the market or buying a phone.
I’d be pissed for sure. Hopefully you bought the car able and expecting to keep it for at least 5 years and you are able to catch up.
That’s a rough base case. I know it’s a luxury car, but not everyone getting into Tesla for the first time understands how much buying one is like trying to time the market or buying a phone.
I’d be pissed for sure. Hopefully you bought the car able and expecting to keep it for at least 5 years and you are able to catch up.
Ostrichsak
Well-Known Member
The problem is people considering cars investments. If they saw them for what they are (the single largest depreciating asset most will own... the higher the price, the greater the depreciation) they make wiser decisions instead of trying to impress everyone behind the mentality "gotta treat yo self... yolo!" and only considering if they can afford the payment or not. If you cared at all about finances you wouldn't buy a new car of any brand.... especially at $150k.
LMFAO, i think you have no clue how Insurance companies and used market estimate car prices!! MSRP is huge factor into the equation.
BrokerDon
Active Member
AbSoFreakinLutely !!!
BUY appreciating assets unless you plan on keeping them for 7+ years (many high end car buyers don't
LEASE depreciating assets
I remember a business owner told me to write up a purchase offer on a building for his business late Friday. When I brought him the offer on Monday he said he'd changed his mind and wanted to show me his brand new Corvette he'd paid CA$H for... which was the down payment on his building.
HE CHOSE POORLY. He should have LEASED the Corvette and BOUGHT the building. 10 years later the Corvette was worth a fraction of what he paid... and he'd missed $500,000+ in building equity AND his rent had doubled. Worse still the rent he'd paid over 15 years would have PAID HIS BUILDING OFF saving his business $10,000 a month. OUCH
DUMBEST FINANCIAL DECISION EVER.
AMPd
Well-Known Member
This is a must as you want to protect yourself from someone totaling your car.
And honestly just accept the fact that you’re stuck with the car for a while.
I don’t think that’s fair. There’s a lot of space between wanting to pay off a 5 year car loan without going majorly underwater and expecting to make a profit from a car.
The attitude here seems to be if you can afford a Plaid it must be fine, you can afford it, but none of us bought cheap cars.
People who bought standard range S’s and X’s just got screwed the same way. I’m have no dog in this fight, but it always amazes me how much Tesla owners seem to think other Tesla owners getting screwed is fine.
CTruck_BMW
23’ MS
Sometimes yes they are, and I did well over the years. Tesla is only stupid purchase I ever made (and I knew it beforehand) and that's fine.
in 2018, I bought a 2015 Mbenz S-class, drove it for 2 years and 10K miles, and sold it for 1K only less than what I paid for it.
in 2020, I bought a 2019 Lincoln Navigator, drove it 1.5 years, and sold it for $6K more than what it costed me.
in 2022, I bought a 2020 BMW X7, drive it 1 year, and sold it for exactly same price I bought it for
in 2023, I bought a 2019 Mbenz S-class (S560), drove it 6 months and 5K miles, and I sold it for $11K more than what I bought it for.
It all depends on knowing what car to buy, negotiate really hard, and also market your car really well when you sell and be firm.
Now with my current Tesla, I know it will probably switch my average car ownership cost to absolute negative, lol, but it's fine in the past 15 years I enjoyed a lot of cars (about 10 cars) and lost small money on some of them, and made few grands on a couple of them. Overall, my ownership cost is still one forth the average lease of most of the cars I owned. Am fine to let one Tesla car to play a little bit with this weighted average. It's a very fun car.
Help me understand the logic. If I understand, you are afraid to drive it, presumably because you might total it, but why? If you wreck it the insurance payout is supposed to go the bank, or to the guy repairing your car. If it is totaled they pay for a replacement and you are made whole again. If it goes to the bank, you will be responsible for making payments until the balance is paid, or you negotiate something else with them. Same as when you agreed to buy it. Nothing has changed fundamentally changed.
AMPd
Well-Known Member
Not all insurance companies pay for a “replacement” what they pay you is market value of the vehicle and the market value has taken a major hit.
since they are completely upside down on the loan, the market value amount might not be enough to cover the balance of the loan, and with no gap insurance they will be stuck with paying off the balance and no car.
Best thing to do now is get gap insurance and just keep the car for the long haul, the longer it’s kept and driven the lower the cost per mile
No, what I’m scared about if it does get into an accident and it’s totaled completely from what I owe on my balance to the bank. Which is 109 K. That’s $30,000 less than a new one.
Purchase price for a Plaid? Where are you seeing that? $89,990 is what I’m seeing.
Realistically it's $88,990 since you'd be a complete buffoon to not use a referral code for the free 1k cash on the table
Realistically it's $90,630 since you'd be a complete buffoon to not account for destination charge or order fee.
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The collateral is destroyed, the insurance company pays the bank. The bank can let you pay it off as normal, or declare you in default and demand the $30k. They won't get it if you don't have it or don't want to pay it, and they have no collateral so its now an unsecured loan. Or you negotiate with them to roll into the new loan and you are the same as before - upside down. Or get gap insurance and the bank is protected if you wreck it.
The risk was generated the moment when you were upside down, and that probably happened the day you drove it away. Or at the very least for a good year or so. Also plaids range from $91 to $110k. I'm guessing yours has a lot of options. Insurance companies are going to go look at what comparable models at used dealers have for sale, plus they reimburse for taxes. So you're probably close to fine, even without gap.
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Mine was an early delivery, 150k ish. Lease Teslas. They are like iPhones. Obsolete after 3-4 years max.
Easy peasy, hand the keys in and enjoy the new one!
Easy peasy, hand the keys in and enjoy the new one!
