So, I guess this is PART 2 of the other popular thread I wrote about 6 months ago. Link here:
The savings from giving up your Tesla...
In this new predicament, I wanted to weigh out what would be better: Daily driving my Brand New Tesla Model 3 OR buying a Cheapo old car for this specific purpose??
Let me explain:
In case you didn't read the other thread, I bought a brand new Tesla Model 3 back in February. It is my 4th Tesla ever, since 2013, that I've been in and out of Teslas. My reasoning was to buy a cheapo old car to "save money", to see if I could save enough to be worth giving up my old Model 3 that I had until March of 2021. I bought a Model 3 in July of 2019, and it was great, but I had it under a car loan, and of course, the payment wasn't pretty. So, I thought about selling it a year and a half later to buy a $3000.00 2004 e46 BMW (since I am very familiar with those cars and can mostly fix them myself). Over the next year, I calculated how much it cost me to own an maintain and repair the cheapo BMW versus if I would have kept the Model 3. Turns out, I spent more on the cheapo than if I would have never sold the Tesla. So, that made me give up on the idea, and just re-buy the Model 3, which I did, in February of this year.
But now, the predicament. Now that I know it's definitely not worth it (ESPECIALLY with Gas Prices and Inflation) to go back to a Gasoline car. I 've had to daily drive my daughter to school, to and fro, every single day. We're just outside of the Bus Route range, and there's no other option where we live. Fortunately, I'm retired, and I can do that no problem, but after 5 months of doing it so far, there's something that's been on my mind - HOW MUCH AM I DEVALUING THE CAR PUTTING THAT MANY MILES ON IT???
I've tried to sell a Tesla back to the company at one point, and they do the "1 dollar per mile, +" rule. So, I have 3000 miles on the car already - 90% from the School driving - that's already at LEAST $3000.00 off of the value of the car.
At this rate, school starts back up in mid August - so, I'll be driving again, for another 4 months, putting probably another 3000-3500 miles on the car by the end of the year. I'm not happy about it, but I have to do it, I have no other choice. Unless....
...what if I bought another cheapo car, this time as a 2nd car instead of a replacement, but ONLY for the purpose of this school driving?
Say, I bought another $3000.00. In 1 year of daily driving, would this cost me LESS than daily driving the Model 3 and devaluing it because of the miles.
In my experience selling/buying used Teslas, Mileage is the #1 factor in determining value (aside from whether the car has any issues). Now, I'm NOT planning on selling this Model 3 anytime soon - or at all, in the future. This is my "forever car". But I also don't want to cause it the wear and tear of 5 years worth, in the first year of ownership.
If I bought a cheapo car, I wouldn't really buy anything for it, like wheels, tires, sound system, etc. I would literally only pay for it to drive and not leave me stranded on the highway. All other expense would only be from the fuel. And since I wouldn't be using the car for anything else other than the 25 daily miles, I don't think I would spend more than the aforementioned. So, 1 cheapo old car ONLY to daily drive to school - and for no other purpose; and my Model 3 for literally everything else, which isn't much. I stay home mostly, I get most things delivered, I have a gym at home, etc. I have very little reason to leave the house.
So, this thread is different because I have not actually crunched the numbers. It's more of a theoretical approach. But I believe, based on the other 3 Teslas I've sold, that I would be "saving" money by buying this cheapo car and putting the mileage on THAT car, instead of the brand new Model 3.
What do you think?
The savings from giving up your Tesla...
In this new predicament, I wanted to weigh out what would be better: Daily driving my Brand New Tesla Model 3 OR buying a Cheapo old car for this specific purpose??
Let me explain:
In case you didn't read the other thread, I bought a brand new Tesla Model 3 back in February. It is my 4th Tesla ever, since 2013, that I've been in and out of Teslas. My reasoning was to buy a cheapo old car to "save money", to see if I could save enough to be worth giving up my old Model 3 that I had until March of 2021. I bought a Model 3 in July of 2019, and it was great, but I had it under a car loan, and of course, the payment wasn't pretty. So, I thought about selling it a year and a half later to buy a $3000.00 2004 e46 BMW (since I am very familiar with those cars and can mostly fix them myself). Over the next year, I calculated how much it cost me to own an maintain and repair the cheapo BMW versus if I would have kept the Model 3. Turns out, I spent more on the cheapo than if I would have never sold the Tesla. So, that made me give up on the idea, and just re-buy the Model 3, which I did, in February of this year.
But now, the predicament. Now that I know it's definitely not worth it (ESPECIALLY with Gas Prices and Inflation) to go back to a Gasoline car. I 've had to daily drive my daughter to school, to and fro, every single day. We're just outside of the Bus Route range, and there's no other option where we live. Fortunately, I'm retired, and I can do that no problem, but after 5 months of doing it so far, there's something that's been on my mind - HOW MUCH AM I DEVALUING THE CAR PUTTING THAT MANY MILES ON IT???
I've tried to sell a Tesla back to the company at one point, and they do the "1 dollar per mile, +" rule. So, I have 3000 miles on the car already - 90% from the School driving - that's already at LEAST $3000.00 off of the value of the car.
At this rate, school starts back up in mid August - so, I'll be driving again, for another 4 months, putting probably another 3000-3500 miles on the car by the end of the year. I'm not happy about it, but I have to do it, I have no other choice. Unless....
...what if I bought another cheapo car, this time as a 2nd car instead of a replacement, but ONLY for the purpose of this school driving?
Say, I bought another $3000.00. In 1 year of daily driving, would this cost me LESS than daily driving the Model 3 and devaluing it because of the miles.
In my experience selling/buying used Teslas, Mileage is the #1 factor in determining value (aside from whether the car has any issues). Now, I'm NOT planning on selling this Model 3 anytime soon - or at all, in the future. This is my "forever car". But I also don't want to cause it the wear and tear of 5 years worth, in the first year of ownership.
If I bought a cheapo car, I wouldn't really buy anything for it, like wheels, tires, sound system, etc. I would literally only pay for it to drive and not leave me stranded on the highway. All other expense would only be from the fuel. And since I wouldn't be using the car for anything else other than the 25 daily miles, I don't think I would spend more than the aforementioned. So, 1 cheapo old car ONLY to daily drive to school - and for no other purpose; and my Model 3 for literally everything else, which isn't much. I stay home mostly, I get most things delivered, I have a gym at home, etc. I have very little reason to leave the house.
So, this thread is different because I have not actually crunched the numbers. It's more of a theoretical approach. But I believe, based on the other 3 Teslas I've sold, that I would be "saving" money by buying this cheapo car and putting the mileage on THAT car, instead of the brand new Model 3.
What do you think?