I was exaggerating. But I just checked insurance on my last 2004 e46, it was $30/mo.$5/mo for insurance on a beater? I know liability only, but have you run that by your insurance company?
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I was exaggerating. But I just checked insurance on my last 2004 e46, it was $30/mo.$5/mo for insurance on a beater? I know liability only, but have you run that by your insurance company?
Hmm. It was uphill both ways and all that snow to contend with in the Central Valley of California. At least that is what I told my parents to justify getting my own car.Hey, if we're trying to maximize our savings maybe it's time for your kids to walk everywhere. Back in my day, I walked downhill both ways.
Well, not to dismiss your comment - but the overall question for this post is sort "considering the car doesn't have any repairs."I think the comment about the type of car is the most important.
My family is in the car repair business. I worked in it for a number of years. What you see is most used nice European vehicles are cheap to acquire but expensive to repair. People tend to think that the costs of repairs decrease as a function of the market value of the car, this is false in many cases. We saw numerous cases of someone buying a used BMW or Mercedes was forced to have to sell it or part it out when something major broke and the repair was more expensive than the value of the car.
If you want something to be a cheap to keep older car look at the Japanese brands like Toyota or Honda. Specifically at their low-end entry models where millions were made, and they are tons of knock-off or junk yard parts.
If you want to narrow it down to the cost of just fuel you can probably work out the numbers.Well, not to dismiss your comment - but the overall question for this post is sort "considering the car doesn't have any repairs."
The lold post was exactly about whether having a car with repairs was worth against a brand new car.
But on this post, the hypothetical is about getting a cheapo car that does not have any issues, and would just require the regular maintenance. Like, let's pretend there are magically no issues with it in the future.
I understand what the likelihood of that is, but in this post, I'm just concerned with the cost of buying plus the cost of gas - would it be worth getting that car to save the depreciation of the new Model 3.
No, not just the cost of fuel. I think you missed the first part of this post.If you want to narrow it down to the cost of just fuel you can probably work out the numbers.
But, even ignoring a whole lot of mechanical issues on ICE car, especially BMWs, the depreciation on most Teslas is very low. The dumbest thing I did was turn in my 2018 X when the lease completed. I should have bought out the lease for the $52,000 residual. Carmax is selling a similar car for $85,000 with more than the 17,000 miles mine had. And back in 2018 I could have purchased this vehicle for $74,000 and gotten that much selling to CarMax. I feel like an idiot.
The point I am making is that the Tesla may not depreciate at all in value because of mileage.No, not just the cost of fuel. I think you missed the first part of this post.
The overall question is: What would you do - buy a 2nd, cheap car for $3000 and not care about the mileage (while also owning the Tesla) - or DRIVE your Tesla for 3000 miles, and letting it depreciate in value because of that mileage?
I sold my Model 3 for a profit, in March of 2021. But I had to buy it again, this year, so I did. I'm sure even right now, this Model 3 is worth more than a used one. I'm not planning on selling this new one, but I definitely don't want to depreciate the value a lot right now.
Well, that is, of course, your opinion.The point I am making is that the Tesla may not depreciate at all in value because of mileage.
Also, saying that you can ignore maintenance costs on an old car, especially an old BMW is a fantasy. We have owned over 12 BMWs (we leased 2 cars for 3 years, so a new BMW every 1.5 years on average and bought several others) and they are great cars. But cheap to own and repair they are not.
Mine is probably a little biased since my family owns a repair shop, and they do repair BMWs and pretty much everything else. So the only time we see cars is when there is an issue. We have seen some pretty sad cases with German car owners primarily BMW, Mercedes, etc. that had some bad sticker shocks we they needed to replace a turbo or transmission. A turbo/wastegate replacement for some BMW 3 series is a near $5,000 job. And an automatic transmission for some AMG Mercs can run $10K, if you can find one.Well, that is, of course, your opinion.
I have owned 29 cars in my lifetime. I have owned 11 BMWs, 9 of which were pretty old (older than 15 years at the time). Only 2 needed major repairs. I don't subscribe to the whole "BMWs naturally and automatically are in needs of repairs, will need big repairs, and they're expensive to repair."
In my experience, it's just like any other car - except for Teslas - where it matters HOW you buy it, whether you do your due diligence with Pre Purchase inspections and such. And once purchased, whether you take the time and effort to look for a good mechanic, and not take the car to the dealership. I think the only blanket statement about BMWs that is true 100% is that the dealership shop is unnecessarily expensive.
I'm gonna give Tesla a call, about a trade in - see where they stand on this.Mine is probably a little biased since my family owns a repair shop, and they do repair BMWs and pretty much everything else. So the only time we see cars is when there is an issue. We have seen some pretty sad cases with German car owners primarily BMW, Mercedes, etc. that had some bad sticker shocks we they needed to replace a turbo or transmission. A turbo/wastegate replacement for some BMW 3 series is a near $5,000 job. And an automatic transmission for some AMG Mercs can run $10K, if you can find one.
No, not just the cost of fuel. I think you missed the first part of this post.
The overall question is: What would you do - buy a 2nd, cheap car for $3000 and not care about the mileage (while also owning the Tesla) - or DRIVE your Tesla for 3000 miles, and letting it depreciate in value because of that mileage?
I sold my Model 3 for a profit, in March of 2021. But I had to buy it again, this year, so I did. I'm sure even right now, this Model 3 is worth more than a used one. I'm not planning on selling this new one, but I definitely don't want to depreciate the value a lot right now.
I would suspect you should be able to do very well on a trade in. Car dealers are screaming for inventory and right now are making a lot of money by taking advantage of the lack of cars. And Tesla has feet in both the manufacturer and car dealer businesses.I'm gonna give Tesla a call, about a trade in - see where they stand on this.
I'll be back with info.
I actually used Carvana when I sold my last Model 3. Made a profit. It was very easy. The only drawback is dealing with the 22 year old staff. You kind of feel like they're going to mess something up. But I wouldn't object to selling to them again.I would suspect you should be able to do very well on a trade in. Car dealers are screaming for inventory and right now are making a lot of money by taking advantage of the lack of cars. And Tesla has feet in both the manufacturer and car dealer businesses.
Don't forget to check with Carvana and other places. People here report some very high values, relative to Tesla.
Absolutely, I agree. However, with how the economy and the market is right now, I think it's wise to hold on to every bit of value of all your material possessions. I made a lot of money selling properties, early in the year. So, I would rather not depreciate this brand new Model 3 right now, at least until we get out of this slump, economically.It's a car, not a collectable. Just drive the car.
As long as the money is green, I would not care how old they were. But at my age everyone looks 22 (or 16).I actually used Carvana when I sold my last Model 3. Made a profit. It was very easy. The only drawback is dealing with the 22 year old staff. You kind of feel like they're going to mess something up. But I wouldn't object to selling to them again.
I don't know. Every time I walk into a place and it's staffed by people between 18 and 25 ONLY, I get an uneasy feeling. I feel like they need some "adult supervision", you know?As long as the money is green, I would not care how old they were. But at my age everyone looks 22 (or 16).
Oh, ...I'm sorry, the purpose of your comment is completely irrelevant to me.A car is not an investment and you said "I 'm not planning on selling the car any time soon, or at all" therefore making any logic related to depreciation/appreciation and miles driven not applicable here at all, which then it merely comes down to affordability for you of the Tesla itself. If you can afford the payments, just drive the car and enjoy it. Stay away from multiple vehicle ownership. Just put that $3K into a growth stock mutual fund if you want and you'll be much happier in the long run (or actual investment of your choice that you like - but a used car is not an investment).
However, if you are satisfied driving a 1995 Toyota Corolla rather than a new Model 3, then that gets back to selling the Model 3 and having only the Corolla. I mean, what is the point of having a nice car if you refuse to use it?But back to the Tesla portion of this convo - you don't think it would depreciate enough to merit buying a whole 'nother car? Even if the other car was a perfect, 95 Toyota Corolla, or something like that. Something that has a very high likelihood of not having any issues?