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Ordered new car and feel regretted after seeing the CPO price

Discussion in 'Model S' started by Quesder, Feb 23, 2017.

  1. Quesder

    Quesder Member

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    San Jose, CA
    I ordered a Model X and paid $2500 and total price is $115000 ($1200 delivery included)
    Yesterday I checked the CPO car price and I feel really bad.
    A 2014 P85D model S now is only worth 81000, (40000+ miles). I think it was worth 140,000+ before.

    Maybe I should wait till 2019 or more to get a P100D Model X for $90000.

    Now my wife and I found a good house and it would be good if we had the $100,000 to add to the down payment.

    What do you say, guys? Is the new car worth the difference?
    Is there anyway to ask Tesla to put my $2500 deposit aside for next purchase? I asked them once but got rejected. I need someone to help me find a stronger argument. The car is not in production yet, but the 7 day window is closed for sure.
     
  2. ev-now

    ev-now Member

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    Yep, drive a new car off the lot - you lose 50% (not always, but lets face it 40K of use, old hardware, in an early adopters vehicle - what do you expect)?
    If you really want the 100K for other use, pay 2.5% and get it 'back' - i.e. waste the deposit.
    If you want 32.5K towards the house, but still need a great EV consider the MS.
    Seems like you made a 115K impulse purchase - congratulations on your financial independence!
     
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  3. croman

    croman Active Member

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    A car is a depreciating asset. Welcome to luxury car economics. You need to talk to a financial planner. Good luck.
     
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  4. EXOTIC1

    EXOTIC1 Member

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    private party P85D 40k cars are worth 72-73k max
     
  5. JClu

    JClu Member

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    Yeah, house first, then car.
     
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  6. brkaus

    brkaus Active Member

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    Every car drops a large % when you drive it off the lot. High end even more! New car smell is expensive.

    If you want to buy a cpo, just consider the lost $2500 deposit part of the cost. You would still be saving a pile of money.
     
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  7. CmdrThor

    CmdrThor Active Member

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    You shouldn't even be asking if Tesla could use your $2,500 towards a future purchase. You signed a contract, put money down, and now Tesla is busy preparing to build you a car. The real question is are you willing to let the $2,500 hit be a lesson learned and take the hit, or will you stand by your original decision to buy a new Model X. There are CPO Model Xs as well that you could have considered, but none of them have Autopilot HW2.

    Regarding the house, we are thinking about looking now too even though we were planning on waiting a few more years. Sure the extra money would have upped our price range a bit, but life is all about opportunity costs. If we can't afford our dream house now because we got the X I don't let that bother me because we live in a perfectly good house now.
     
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  8. No2DinosaurFuel

    No2DinosaurFuel Active Member

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    Like others have said take the 2.5K hit and move on. Learn this valueable lesson and put it towards your house. I am sure over the 15/20/30 years loan you will save much more than 2.5K if you put the 100K towards the house even if you factor in the tax deductions you get to claim on the interest.
     
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  9. EV-lutioin

    EV-lutioin Active Member

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    #9 EV-lutioin, Feb 23, 2017
    Last edited: Feb 23, 2017
    I suppose all cars depreciate by a similar percentage, but the more a car costs up front, the bigger the depreciation hit.

    50% of a loaded Honda Civic = $13,000. 50% of a loaded Model S = $75,000
     
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  10. Kenriko

    Kenriko Member

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    I got a loaded P85 with only 15k Miles in the low 60s. Same car new was well over 100k.
     
  11. liuping

    liuping Active Member

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    With 6 year auto loans still under 3%, why pay cash for the Model X? Use the cash for the house.
     
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  12. Jrogville

    Jrogville Member

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    If you want to transfer your deposit toward the purchase of a CPO, it can be done. But don't ask the new-car sales people. Find the CPO you want ( teslainventory.com ), then talk to the CPO specialist about transferring the deposit. I was able to do it.
     
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  13. mbhforum

    mbhforum Member

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    Your home should be a bigger priority then your car. I bought a flipped house 5 years ago that was completely remodeled and then just did a costly extension two years ago. Now that my house is set for a good 10 years, I bought myself a nice car :)
     
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  14. TheOx

    TheOx New Member

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    How about financing the Model X (100% low interest rate savings and loan financing is available) and using the cash for the new home? That way, you can have your cake and eat it, too.
     
  15. jelloslug

    jelloslug Active Member

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    So let me get this straight, a used car costs less than a new car?
     
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  16. jmanning

    jmanning Member

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    If you spent a good deal on researching the vehicle and am happy with what you ordered, stick with it and when you get it you will be amazed !!!
     
  17. Reeler

    Reeler 7th Year of Pure EV

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    Tesla's drop 20% driving off the lot just like most cars with the options dropping 50%. Subtract from that the $7500 tax incentive and you get an idea of what we are talking about. Many forget that $7500 when complaining about Tesla's resale.

    Another factor is that the Performance and Ludicrous upgrades are almost worthless on the secondary market. By the time you sell, Tesla has improved those to such an extent that the older versions command no premium.

    If you want the highest resale value, buy a lightly used and stripped down unit used.
     
  18. croman

    croman Active Member

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    Finding a good used car is like finding a good house. So much work and all you do is minimize your potential headaches.
     
  19. David29

    David29 Member

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    One other option: Lease the Model X, and try it during the 90-day Happiness Guarantee period. Minimize your down payment. After 60 days or so, apply to return the car under the happiness guarantee -- but realize the downsides (such as that you can never again lease a Tesla, and you lose what you have paid so far). And if you decided you do want to keep it, but leasing you have minimized your capital investment.
    This solution is not for everyone!
     
  20. Zaphod

    Zaphod Galaxy President (former)

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    Happiness guarantee program is no longer around. Think it went away year or so ago.
     
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