Model X Refresh Lease vs. Purchase

[SabrToothSqrl]

Used private party Tesla prices are holding very strong.

ALL used car prices are crazy atm... I traded in a 2012 Rubicon in 2015 for my first Model S... for $26k.

SAME Jeep, today, online... 2012-14ish... ready.... $26k. (Cuz that was my 3rd Jeep and I really miss my Jeeps, so I keep looking)

Apparently, had I not sold it back in 2015... it would have lost about $10.00 in 6 years. lol. My Model S on the other hand was $75k (new to me) sold after 36months for $44k... Should not have sold that either. Actually, I regret selling almost all my cars/toys... but that's another story.

 

[janthony6]

I ordered the new Plaid Model X. Total with delivery came to about 150k. I'm in sales and use the car for traveling to client meetings so hopefully I can use section 179.

 

[mikey_bs]

I ordered the new Plaid Model X. Total with delivery came to about 150k. I'm in sales and use the car for traveling to client meetings so hopefully I can use section 179.

Absolutely you can. As a business owner myself I am using section 179. Outweighs leasing IMO.

 

[Grassright]

If phone leasing was an option, I would do it. Every couple of years, your phone is outdated. I think a Tesla is similar with the technology. Your example is very compelling to make a purchase.

Except that when your lease is ending, the new model is still months away...

 

[VLTWGGN]

In California, recall that one doesn’t get trade in tax credit. Therefore, you have to pay the full tax on any purchased vehicle every time you change the car regardless of what you get on trade.

On a 110k car, this is roughly 11k; a tax I’m not inclined to pay every 3-4 years when I change the car. I’m still deciding on lease vs buy, but this is an additional consideration people don’t think about in California.

 

[BryWay]

Good insight VLTWGGN, and much appreciated. I hastily dove into a lease for my 2019 MX, because I'm one who likes to have a new vehicle every few years. I'd previously leased a new 2016 BMW 750Li, and that was definitely the right way to go given the depreciation Bimmers experience. However, I was completely surprised by the resale value of Tesla's Model X cars. I figured the Model S and Model 3 (at the time there was no Y) would have fairly high resale value since the 3 was in high demand and the S was still holding its own. It turns out resale is high across the entire product portfolio -- including the MX. I put a crap-ton of money down and am paying ~1400/mo for my 2019 MX P100D. The same amount of money down (and a much longer repayment schedule) would have meant less out of pocket per month, and probably a profit if I chose to sell it before reaching the termination of the loan. And now I'm thinking why not buy, then rent the car at loan termination via Turo; have it continue making money for me while I buy another. Something to think about.

 

[VLTWGGN]

Good insight VLTWGGN, and much appreciated. I hastily dove into a lease for my 2019 MX, because I'm one who likes to have a new vehicle every few years. I'd previously leased a new 2016 BMW 750Li, and that was definitely the right way to go given the depreciation Bimmers experience. However, I was completely surprised by the resale value of Tesla's Model X cars. I figured the Model S and Model 3 (at the time there was no Y) would have fairly high resale value since the 3 was in high demand and the S was still holding its own. It turns out resale is high across the entire product portfolio -- including the MX. I put a crap-ton of money down and am paying ~1400/mo for my 2019 MX P100D. The same amount of money down (and a much longer repayment schedule) would have meant less out of pocket per month, and probably a profit if I chose to sell it before reaching the termination of the loan. And now I'm thinking why not buy, then rent the car at loan termination via Turo; have it continue making money for me while I buy another. Something to think about.

I actually already run a small Turo fleet of 3 vehicles, but I’m thinking of adding my personal 3P to the fleet when the XP shows up. I’ve heard they do quite well on the platform. Just be prepared for the typical Turo headaches and damage to the cars (Happens frequently).

 

[MxTaycan]

I actually already run a small Turo fleet of 3 vehicles, but I’m thinking of adding my personal 3P to the fleet when the XP shows up. I’ve heard they do quite well on the platform. Just be prepared for the typical Turo headaches and damage to the cars (Happens frequently).

Turo still worth all the hassle?
It was great deal when I was able to rent my car directly to relayrides (former Turo) and they take care of everything.

 

[VLTWGGN]

Turo still worth all the hassle?
It was great deal when I was able to rent my car directly to relayrides (former Turo) and they take care of everything.

Let’s put it this way. It’s a great way to have someone else pay for your car, but not a great way to keep your mileage down, headaches to a minimum, and side revenue high. If you run a car for long enough (like 3-5 years), the revenue-damage expenses are enough to pay for the car, so you’ve gained whatever the car is worth at that point in “profit.”