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Model x lease - help

Discussion in 'Model X' started by KCad, Feb 17, 2017.

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  1. KCad

    KCad Member

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    Jan 22, 2017
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    Location:
    West Palm Beach FL
    Hey guys this is my first post on the forums. I've been dealing with the local SC for the past few weeks and am about to pull the trigger on a Inventory Demo MX P90D. It's a early build VIN 12XX unit with about 2k miles with AP1 hardware. The deal just seems too good to pass up,10k due at signing, about $1100/mo tax inc with 15k/yr. I submitted the app today and got approved within 2 minutes, which was surprising knowing how stringent US bank can be. My only concern is that the unit is coming from the North and has snow tires on it, and they refuse to put the factory rubber on (all seasons or Summer tires, as I am in Florida.) Any chance I can muscle them into getting me some regular rubber? It has the factory 22" silver wheels. My second concern is that it is a very early build unit, being in the 1200 range. I know these early builds had some QC issues. I'm hesitant to make a big deal out of it since I'm getting it for about $1,000/mo than what they normally lease for. Any advice?
     
  2. ToddS

    ToddS Member

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    Jan 13, 2017
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    Jupiter, FL
    KCad,

    Welcome to the forum, neighbor. That is a tough call on the early build. I would ask about service records, what has been repaired on it, and of course an opportunity to go over it with a fine tooth comb when it gets here (using TMC's check list) and the ability to back out of the deal with no $ loss if you don't like it for any reason.

    As for the snow tires, if you are getting 22" (love them and put them on mine), you will be replacing the tire often enough anyway during ownership that I would not make this a deal breaker.

    Best of luck and welcome to the family.
     
  3. voltaren

    voltaren Member

    Joined:
    Feb 16, 2017
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    Location:
    Annapolis, MD
    I second ToddS' comment on the tires.

    I'll preface my other opinion with: I think most leases are bad deals. However, your deal seems decent especially since others are paying ~$1900 for the same car. Lease will cost you $49,600 over 36 months (assumed 3 yr lease).

    Notwithstanding other tax reasons why you chose to lease, perhaps I can offer additional food for thought: Buying it outright would be ~$110-120k. As long as depreciation stays around $50k over 3 years, you'll even out. Now, if the value holds better (which I suspect it will because the car has already taken tremendous depreciation), it might make more sense to buy. A 2013 SP85+ was $100-110k new, now sells for about $60k. The P90D MX was ~$140k new and now it's already taken a $30k hit (largely because of AP1, I suspect). I think the P90D MX will be worth ~$80k in 3 years.

    Also, there's a MX P90DL with 2k miles (in Florida) listed on ebay for $110k. With my model above, your cost could be $30k over 3 years, not factoring financing costs.
     
  4. rjdoc74

    rjdoc74 Member

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    Feb 27, 2014
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    Location:
    LA, CA
    KCad,

    Curious about getting service records on a demo car. I am awaiting a demo car with 2000 miles on it. It never occurred to me to request service records on a demo car. I mean it's still brand new as far as warranty is concerned. Is this really necerrary?
     
  5. arijaycomet

    arijaycomet Member

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    Dec 18, 2014
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    Location:
    Cleveland, Ohio
    @KCad where in the North? I'm in Cleveland so if the vehicle is in Ohio and you want a 2nd set of eyes on it let me know. I know there were a few P90D X Demo up here at one point.

    That said--- I'm down-sizing to aftermarket 21" wheels (they'll arrive Monday, have an appointment Friday in 6 days for installation). I've got a buyer for my 22" wheels and I'm re-using the TPMS--- but I'll have used all-season Pirelli Scorpion tires with about 8,000 miles on them. My car actually came from Tampa, FL so your neck of the woods. That said, my tires are available for sale if you want some still rather fresh used all-season tires off my X -- send me a PM.

    RE: QC issues--- my X was purchased a few weeks ago as a CPO, and has an 0087xx VIN and my worries were the same. I've found no issues after ~1,500 miles of driving (drove from FL to OH with the car instead of paying $2k for shipment) and other ancillary driving since. Of course YRMV but overall I think a good majority of the quality items can/should be resolvable at a SC.

    Sounds like you found a nice discount (I'm guessing upwards of $15k given the 90 vs 100 kWh and AP1 vs AP2) -- I'd probably say jump on it. Even if you had to buy brand new tires the price/savings and such is still likely worthwhile. And you'll still have the "satisfaction guarantee" applicable to you since you're technically still leasing a new vehicle I think, right? So there is that should you find any issues after receipt of the vehicle. Good luck!

    PS: Just wanted to add one other note... of the 6 Tesla we have owned, many of them have been inventory "demo/loaner" vehicles. Only one of them was a brand new custom order, 2 of them were CPO, leaving the other 3 to have been inventory cars-- some with THOUSANDS of miles on them-- and our experiences have been GREAT!
     
  6. KCad

    KCad Member

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    I appreciate everyone's responses. As a further update I was able to locate an identical car, closer to us ( in GA) with only 50 miles on it, no snow tires, and still a 27k discount. Lease is almost identical so it seems that's the way to go. It does have the AP1 hardware but for 1100/mo for a 145k MSRP how can you go wrong? We took advantage of the 2 day demo drive of their inventory demo model and absolutely love the car. The only downside is that their demo car has AP2 and is completely unfunctional. Anyway, will keep you guys updated as I get closer to delivery.

    As a side note, just an FYI for anyone looking to purchase an inventory car they do allow you to transport the car the car on your own dime. I was able to get the car transported down for about $600 VS the $2000 they wanted to charge.
     
  7. rjdoc74

    rjdoc74 Member

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    Problem is if you are using your own transport, you introduce another level of complexity into getting a $145k vehicle sight unseen. If the car is scratched, dented, etc etc. was this Tesla or your transport? Especially important for a lease since you will be responsible for all the damage at lease return. Just IMHO.
     
  8. KCad

    KCad Member

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    I took into consideration exactly what your saying as well. I am concerned with the residual value on the AP1 software as well. With the discount being so heavily applied on the lease, and the residual being 79k for a 15k/yr residual, if it holds better than that then I can take it to Carmax and sell it and pocket the difference. The other factor that you aren't considering is that I pay close to 10k in taxes when purchasing plus interest on the buy vs lease which heavily negates any upside on the purchase portion. I think in this scenario to get a 150k MSRP vehicle for $1100/mo. If it was the standard 2k/mo plus I would whole heartedly agree with you. The money factory ends up being about 3.8% which is a little high but there are too many upsides too the lease to not take advantage of it IMHO.
     
  9. KCad

    KCad Member

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    I work in the car business, so the transport companies I use are usually pretty damn good at the initial visual inspection of the car. If they see anything at all in damage they notate it and make the person whom they are picking it up from sign it off. Hopefully this will be sufficient to CYA when it arrives to my SC. I am having it transported from SC to SC so my local one can detail the car and prep it for delivery. What do you think?
     
  10. rjdoc74

    rjdoc74 Member

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    My personal experience: I am having many issues with my inventory car delivery. One delay after another. I wouldn't use my own transport.

     
  11. FURY

    FURY Member

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  12. rjdoc74

    rjdoc74 Member

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    Thank you FURY. Which device do you recommend? Kinda don't want to spend $1000 for one car pick up...
     

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