Should i buy it?

[jebinc]

Actually that would be $38,990 (plus $1200 destination charge) with the recent price reduction. Really, this is about what you want to do and can afford to do. If it was strictly about economics, you would either keep driving the Genesis until it fell apart, or you'd buy yourself a base model Corolla or the like. If test driving the Model 3 put a smile on your face, and driving electric means something to you, then you should go for it.

I will say that you should consider the possible cost of future repairs since you will apparently burn through the factory warranty fairly quickly. Repairs can get a bit costly.

Just adding warranty specifics, in case new OP was unaware...

Battery and Drive Unit
8 years or 120,000 miles, whichever comes first

New Vehicle Limited Warranty
4 years or 50,000 miles, whichever comes first

 

[Sully151]

What do they say on the Hyundai Genesis forum?

That’s kind of like asking the Cookie Monster if he wants a cookie.

If you can swing it financially, and your wife says yes, then go for it.

 

[MorrisonHiker]

Hello and welcome! Just one question - is there a chance your job or job location change such that you would need more range? Another thing to remember is range is reduced when it's cold outside, and the general recommendation in these parts is using 65% of rated range as a guide to determine which model to get, not accounting for cold weather (i.e., don't go below 20% charge... and for day-to-day, charge to 80-90%, and not 100%, etc. That leaves 65% of a given models range to play with.) Another common thought in these parts is to "buy as much range as you can swing..."

OP is in Arizona so I don't think they have to worry much about the cold.

With that said, I would still recommend getting the largest battery possible.

 

[sanjuk]

Because you would pay it off and presumably keep driving it for many years.

i still have 4.5 years left in current loan (started 5year term) the car was a lease that i bought out. Tesla loan will be for 6 years.
lets assume gas price stays the same for next 8 years and no major Maintance repairs for genesis i will be paying similar monthly amount on car ownership for genesis or model 3 for 4.5 years Planning to keep the model 3 for at least 8 years depending on battery degradation.

 

[davewill]

...
With that said, I would still recommend getting the largest battery possible.

Why? The OP is obviously price sensitive and the SR+ range will serve his needs. Heck, he could get the $35K SR and still have enough range.

 

[jebinc]

OP is in Arizona so I don't think they have to worry much about the cold.

With that said, I would still recommend getting the largest battery possible.

Unless their job or family causes them to move to another state (or they are run out of town by the law! )… Future proofing...

I agree on the largest battery you can afford... In the case of this OP, that's an SR+

 

[MorrisonHiker]

Why? The OP is obviously price sensitive and the SR+ range will serve his needs. Heck, he could get the $35K SR and still have enough range.

Larger capacity batteries will Supercharger faster, can charge faster at home with the right equipment and will degrade slower since the cycle count won't increase as fast.

 

[jebinc]

Larger capacity batteries will Supercharger faster, can charge faster at home with the right equipment and will degrade slower since the cycle count won't increase as fast.

And also with more cells in the larger pack, the overall pack will be stressed less (a longevity thing) as it tries to maintain constant voltage during harder accelerations (like having a large capacitor, more reserve (not Flux Capacitor ))

 

[sanjuk]

Here is quick calculation i did assuming gas price staying the same at $2.90 and electric price staying same at $0.11 driving 36,000 miles a year and 7 years of ownership for either vehicle
For genesis i listed current loan balance as purchase price and i added $7,000 to model 3 for negative equity.

 

[ilg]

Just because you get money back from the Feds each year doesn't mean you can't take advantage of the tax credit. It is a credit against your total tax bill, not against your balance due at filing time. If you pay a total amount of taxes greater than or equal to the current credit, you get the full credit.

I can't imagine that your federal tax bill is under $1875. But, even if it is, you'll get it zeroed out and get a refund of all withholding.

 

[MountainJedi]

View attachment 441725 Here is quick calculation i did assuming gas price staying the same at $2.90 and electric price staying same at $0.11 driving 36,000 miles a year and 7 years of ownership for either vehicle
For genesis i listed current loan balance as purchase price and i added $7,000 to model 3 for negative equity.

A couple of thoughts on this:
1. I think you're overestimating the service costs of the Tesla, but if you are want to use that as a contingency, I get it.
2. As @ilg said, you will likely qualify for the federal tax credit as you're working. You can either get that back as a refund when you file or adjust your withholdings until the end of the year to get the money now, but you should account for the $1,850.
3. You might want to consider the residual value at the end of your 7 period. Your Genesis will be 11 years old with an additional 90K miles compared to a 7 year old Tesla.
4. Have you gotten an insurance quote on a Tesla? Some people have reported large increases compared to other cars or at renewal. That wasn't my experience, but it varies by state and driver history, so it's worth checking before you make a decision.

 

[sanjuk]

A couple of thoughts on this:
1. I think you're overestimating the service costs of the Tesla, but if you are want to use that as a contingency, I get it.
2. As @ilg said, you will likely qualify for the federal tax credit as you're working. You can either get that back as a refund when you file or adjust your withholdings until the end of the year to get the money now, but you should account for the $1,850.
3. You might want to consider the residual value at the end of your 7 period. Your Genesis will be 11 years old with an additional 90K miles compared to a 7 year old Tesla.
4. Have you gotten an insurance quote on a Tesla? Some people have reported large increases compared to other cars or at renewal. That wasn't my experience, but it varies by state and driver history, so it's worth checking before you make a decision.

Thank you i will redo my spreadsheet. And far as insurance it is actually $30 cheaper per month for me