Ordered a 3, but I hit a coyote with my trade in vehicle. What do?

[dekuramen]

I hit a coyote today with my 2013 Model S. I have no comprehensive coverage with ICBC since COVID19. The car has no basic warranty and my motor/battery warranty ends this March. The damage is a cracked bumper, destroyed nosecone, coolant leak and possible radiator damage. I have dashcam footage and hope that ICBC will not tell me I'm SOL.

Earlier today I ordered a 2019 performance model 3... Worth a shot to try and trade it in? The 2019 Model 3 Performance is $62,400 @ 4.6% with 34,000km. With my indian status I would save about $9300 in sales tax and would go for a 96 month term(64,000km basic warranty remains). I currently owe $43k on my 2013 Model S P85(217,000km) which has no basic warranty and battery/motor warranty ends this March. 7.89% interest with 5/6 years remaining. Tesla's previous trade in value for my S was $27k. I would be at peace of mind with the 3 and would consider a regular used AWD Model 3 if this doesn't work out. What do you think I should do? Insurance is pretty similar with both vehicles. Should I try it and then if it doesn't work out maybe hold onto my S and try to sell private? Still have to see pictures of the 3 and check it out. I hate the new used car system with Tesla

TLDR: I hit a coyote with my trade in vehicle and just ordered a used Model 3 online the same day. What do?

 

[Nayston]

Do you really get a $9300 tax savings because of your Indian heritage? That's absurd. With that said, I'll give you 2 pieces of advice: (1) if you need a 96 month term on a car, you're buying a car outside the range you can afford, and (2) you're probably SOL. After you fix it, with the amount you owe, you're going to lose money. Truly sounds like you should not sell your car, nor buy a M3P.

 

[6spdcoupe]

Ooof. Did you say 7.89% interest? For 5-6 years? I'd say 96 month may work if low interest and you have the money for it so you can put some of the money in investments. But not if yiu need 96months. Check the 20/4/10 rule .

 

[jjrandorin]

Since you asked for opinions.....


You should have insurance fix your current car, and drive it till the wheels fall off (or until you finish paying off the 43k you owe on a 2013 model year vehicle).

To the others in this thread, the reason this OP is likely trying to get a 96 month loan is there is thousands (and thousands and thousands and thousands) of dollars of negative equity left on the model S. Whoever he is working with is trying to sink as much of that into the payment on the "new" (to OP) car.

People do this all the time, whether they realize what they are doing or not. OP will still be paying for the model S as well as the model 3 during this loan, Op just may (or may not) realize it. There is no getting away from the negative equity, the dealer is not going to pay it regardless of what they say they are doing.

There is almost no chance the model 3 "96 month" loan would be taken to term, either, so if the OP goes through with this, they are just setting themselves up to repeat this exact scenario again 4--5 or even 6 years from now.

The reason OPs current car has 43k left on a 2013 is likely because of the same exact thing above. Negative equity from some other vehicle was likely sunk into this vehicle.

Like I said, people do this all the time, but its always a bad deal. They just want a new car "because they want one" / "because I work hard and deserve one" /" because this one isnt safe anymore" / "because its outside of warranty and I dont want to pay to fix this issue thats wrong with it thats $1900 to fix".

They convince themselves that the current car isnt worth paying whatever it cost to fix, which in many cases is 1-3k, yet they are ok signing up for a loan for 84 or 96 months that is 200 more than they currently pay monthly to get a newer car... not realizing that they are now paying for basically 2 cars in their current car payment, and have guaranteed that they will not be able to get out of that car before the term ends without losing thousands of dollars. Wait 4-5 years, and rinse repeat.

So, OP, what you SHOULD do is let the insurance fix that car, and drive it until you finish paying for it, so you can start from scratch and not be 15k or more upside down in a car. Since you asked for opinions, thats mine.

 

[patrick40363]

How is the coyote?

 

[designrs]

Life is short. I’ve been upside down on numerous vehicles... and THOROUGHLY ENJOYED them ALL!
No regrets!

$43k owed on S - $27k trade = $16k negative equity. No biggie if spread over the new loan, if the newer car makes you happy, plus the performance, warranty and significantly better battery technology and charging, then go for it!

Interest is relative. Not everyone has platinum credit or a bank full of cash. What matters is if the buyer is getting a good interest rate for his credit situation. As long as the interest is not insane, and is from a standard bank (no shady finance operations) then fine.

So enough about the “should I do the deal” debate. If he can make the payments and it’s worth it to him, then great!

Knowing about the damage history, I don’t think Tesla is going to take your trade-in car. They would not accept my 2015 BMW because of perfectly repaired cosmetic-only damage history.

Of course it would be unethical “sneak in” damage to your trade. Then again, it’s Tesla and they should be able to fix the damage easier (parts availability / factory service, etc.)

One note of caution: Do NOT let any repair shop enter CARFAX while just giving you an estimate!
I had very minor damage once. BMW wanted thousands to do completely unnecessary work. I had a local shop fix it for $650 including BMW parts. When I traded in the vehicle, I was so pissed that BMW entered “front-end damage” on CARFAX while giving me an estimate. The damage was only a small cracked piece of airdam plastic!

So what to do:
1) If you talk with Tesla, I wouldn’t expect much and you could scrap the whole trade-in part of your deal.
2) Definitely talk with your insurance company.
3) Try to get the damage at least functionally fixed ASAP (take care of the coolant leak and the nosecone.)
4) Get a free appraisal from CarMax. It will be an offer to buy your car. They will pay off your existing loan, but you will need to bring the negative equity in certified funds.
5) CarMax buys cars in all conditions, with or without damage.

Sorry that you have to deal with this. Keep on working your options and find a solution!

 

[designrs]

... in short, try to find a smaller repair shop, with significant Tesla experience, that might be able to help you get your old car in reasonable shape, so that you can negotiate the situation.

 

[dekuramen]

Since you asked for opinions.....


You should have insurance fix your current car, and drive it till the wheels fall off (or until you finish paying off the 43k you owe on a 2013 model year vehicle).

To the others in this thread, the reason this OP is likely trying to get a 96 month loan is there is thousands (and thousands and thousands and thousands) of dollars of negative equity left on the model S. Whoever he is working with is trying to sink as much of that into the payment on the "new" (to OP) car.

People do this all the time, whether they realize what they are doing or not. OP will still be paying for the model S as well as the model 3 during this loan, Op just may (or may not) realize it. There is no getting away from the negative equity, the dealer is not going to pay it regardless of what they say they are doing.

There is almost no chance the model 3 "96 month" loan would be taken to term, either, so if the OP goes through with this, they are just setting themselves up to repeat this exact scenario again 4--5 or even 6 years from now.

The reason OPs current car has 43k left on a 2013 is likely because of the same exact thing above. Negative equity from some other vehicle was likely sunk into this vehicle.

Like I said, people do this all the time, but its always a bad deal. They just want a new car "because they want one" / "because I work hard and deserve one" /" because this one isnt safe anymore" / "because its outside of warranty and I dont want to pay to fix this issue thats wrong with it thats $1900 to fix".

They convince themselves that the current car isnt worth paying whatever it cost to fix, which in many cases is 1-3k, yet they are ok signing up for a loan for 84 or 96 months that is 200 more than they currently pay monthly to get a newer car... not realizing that they are now paying for basically 2 cars in their current car payment, and have guaranteed that they will not be able to get out of that car before the term ends without losing thousands of dollars. Wait 4-5 years, and rinse repeat.

So, OP, what you SHOULD do is let the insurance fix that car, and drive it until you finish paying for it, so you can start from scratch and not be 15k or more upside down in a car. Since you asked for opinions, thats mine.

This is a fair opinion and point. I did the math and my monthly payments would be the same, but stretched out 3 more years. Air suspension would cost $5k per axle to replace once the inevitable leak happens. That's my biggest concern about the S. Maybe I should try for a used AWD 3 in the 50k or less area if I want to continue down this path. Love these cars and the payments are definitely worth it. I've done many small repairs myself on the S and would appreciate warranty, smaller interest rate and a car that has much better resale value 5 years later. My lesson learned yesterday is that I need better insurance coverage on a luxury electric vehicle. Comprehensive is a must for how much I drive. My bad for not having the right insurance in a rural town. I will see what ICBC says and maybe look into a cheaper 3. I will lose 16k+ on trade in but I feel it will be near impossible to sell the S in the near future. I'm okay with this.

 

[Phlier]

Since you asked for opinions.....


You should have insurance fix your current car, and drive it till the wheels fall off (or until you finish paying off the 43k you owe on a 2013 model year vehicle).

To the others in this thread, the reason this OP is likely trying to get a 96 month loan is there is thousands (and thousands and thousands and thousands) of dollars of negative equity left on the model S. Whoever he is working with is trying to sink as much of that into the payment on the "new" (to OP) car.

People do this all the time, whether they realize what they are doing or not. OP will still be paying for the model S as well as the model 3 during this loan, Op just may (or may not) realize it. There is no getting away from the negative equity, the dealer is not going to pay it regardless of what they say they are doing.

There is almost no chance the model 3 "96 month" loan would be taken to term, either, so if the OP goes through with this, they are just setting themselves up to repeat this exact scenario again 4--5 or even 6 years from now.

The reason OPs current car has 43k left on a 2013 is likely because of the same exact thing above. Negative equity from some other vehicle was likely sunk into this vehicle.

Like I said, people do this all the time, but its always a bad deal. They just want a new car "because they want one" / "because I work hard and deserve one" /" because this one isnt safe anymore" / "because its outside of warranty and I dont want to pay to fix this issue thats wrong with it thats $1900 to fix".

They convince themselves that the current car isnt worth paying whatever it cost to fix, which in many cases is 1-3k, yet they are ok signing up for a loan for 84 or 96 months that is 200 more than they currently pay monthly to get a newer car... not realizing that they are now paying for basically 2 cars in their current car payment, and have guaranteed that they will not be able to get out of that car before the term ends without losing thousands of dollars. Wait 4-5 years, and rinse repeat.

So, OP, what you SHOULD do is let the insurance fix that car, and drive it until you finish paying for it, so you can start from scratch and not be 15k or more upside down in a car. Since you asked for opinions, thats mine.

If you take the time to read just one long post on TMC this year, make it the one quoted.

There is a lot of good stuff there that the average consumer just doesn’t know about.

 

[jjrandorin]

One thing I like to say is "Eyes wide open", meaning that if one has considered the ramifications of what they are doing, they are making the decision "eyes wide open". Then, its just what you want to do.

Sounds like you have your eyes wide open as far as making the decision, so you should do what will make you the most happy at that point.

 

[dekuramen]

How is the coyote?

I couldn't find it.. it definitely got sucked under and I don't think he hit my wheels. Might be alive still, hopefully it's not suffering

 

[dekuramen]

Does anyone know where to find G48 50/50 coolant near Abbotsford/Chilliwack? I will fix the leak and order a replacement nosecone for now.

 

[jjrandorin]

Does anyone know where to find G48 50/50 coolant near Abbotsford/Chilliwack? I will fix the leak and order a replacement nosecone for now.

You might have better luck asking that in the regional forum for Canada, since you are asking "anyone know where I can find X in Y" where "Y" is in Canada.

Canada

 

[BeeGood]

One thing I like to say is "Eyes wide open", meaning that if one has considered the ramifications of what they are doing, they are making the decision "eyes wide open". Then, its just what you want to do.

Sounds like you have your eyes wide open as far as making the decision, so you should do what will make you the most happy at that point.

Very good point.

@jjrandorin laid out perfectly the financial ramifications of this. But the OP seems to get it and is OK with it. Which is really all that matters. I’m about to eat $1800 in negative equity to move from one M3 to the 2021 version. It’s dumb financially, but I want the car and I can afford it.

Eyes wide open.

 

[JCtx]

Glad you hit a coyote animal, rather than a coyote engine; ha ha. Or a larger deer. Coyotes are small, so you probably hit it at a good clip, so my guess is at night, no? It's always way more dangerous to drive at night than during the day. Good luck.

 

[dekuramen]

Glad you hit a coyote animal, rather than a coyote engine; ha ha. Or a larger deer. Coyotes are small, so you probably hit it at a good clip, so my guess is at night, no? It's always way more dangerous to drive at night than during the day. Good luck.

Yep and I learned a valuable lesson about insurance. I'm getting comprehensive coverage moving forward. Glad it wasn't anything bigger. I'm looking for a gas beater while I wait for repairs and trade in. Next SC appointment is Jan 11th and the radiator, nosecone will have to be replaced.

Thanks for the advice guys. I still need to check out the used Model 3 before I make any further decisions. Could be driving the S for awhile still.

 

[Tiger]

Air suspension would cost $5k per axle to replace once the inevitable leak happens. That's my biggest concern about the S.

Hell no, you can do a better aftermarket suspension upgrade for much less.

 

[dekuramen]

Forgot to update this situation. I replaced the radiator, nosecone and front louvres with used parts from Autobahn Dismantling. I'm happy I DIY'd this one. Definitely sticking with the Model S.

 

[dekuramen]

Still alive and driving on Free Supercharging.

 

[ODWms]

Wow. I didn’t realize you have free supercharging. I’d drive that thing til the wheels fall off. You can literally overcome the upside down status of your loan and then some, on that alone!