Thinking of selling....Oh My

[whydontwe]

My job is now 100% remote. I have a 2018 M3 midrange with EAP. I probably spent another $3,000 on things like tint, front wrap, powder coat, etc.

I financed pretty much the entire amount, probably have about $43k left. It has 25k miles.

Before COVID-19, I was driving 50 miles RT for work, and of course, using EAP. Now, I rarely drive the car and so I am paying close to $900 per month including insurance and payment.

I thought about renting it out on Turo so that I can at least keep it and drive it around on the weekends. But the thought of cleaning, taxes, and meeting random folks seems stressful.

If I do sell the car, I'll probably get a low-mileage lease car for about $400 per month, including insurance (e.g, Civic, Camry).

I know this is my own personal decision, but I would leave your perspectives.

 

[cucubits]

I know how you feel.

I started working from home full time a few months after I had bought my Model S. Perfect timing. I keep thinking about selling too, it really is just sitting in the garage eating up $. So far I couldn't bring myself to actually do it but it 100% would be the correct decision, considering I'll be only working from home for the foreseeable future.

The only issue that may come up with yours is that I don't think you can get $43k now for a 2018 midrange so you'd probably have to pay for the difference just to get rid of it.

 

[whydontwe]

I know how you feel.

I started working from home full time a few months after I had bought my Model S. Perfect timing. I keep thinking about selling too, it really is just sitting in the garage eating up $. So far I couldn't bring myself to actually do it but it 100% would be the correct decision, considering I'll be only working from home for the foreseeable future.

The only issue that may come up with yours is that I don't think you can get $43k now for a 2018 midrange so you'd probably have to pay for the difference just to get rid of it.

That's another stumbling block is that I'll need to eat some of the difference. I suppose all those rebates and the Federal Tax Credit help to a certain extent.

 

[Apprunner]

Right now, almost 100% of the miles I drive is for pleasure and I still drive a ton for the sheer joy of it. If i got a Camry, i'd probably never leave the house.

 

[skygraff]

I travel for a living and only use my car for errands (when cycling or transit don’t work), occasional trips, and fun. Despite the added cost for payments, I wouldn’t give up my Model 3 for anything!

Factoring in maintenance, fuel, peace of mind, and pleasure (don’t forget to shop around for insurance and/or get reduced rate for lower annual mileage), you may discover that you’re better off keeping your EV even without the daily commute. After all, depending on what you do, commuting may be part of your life again.

If it doesn’t make fiscal sense to keep it, please consider alternative EVs.

 

[whydontwe]

I travel for a living and only use my car for errands (when cycling or transit don’t work), occasional trips, and fun. Despite the added cost for payments, I wouldn’t give up my Model 3 for anything!

Factoring in maintenance, fuel, peace of mind, and pleasure (don’t forget to shop around for insurance and/or get reduced rate for lower annual mileage), you may discover that you’re better off keeping your EV even without the daily commute. After all, depending on what you do, commuting may be part of your life again.

If it doesn’t make fiscal sense to keep it, please consider alternative EVs.

Thanks for your perspective. I was thinking of possibly a Kona EV? Regardless of working from home, I do need to go out and I would hate to touch those gas pumps or take it in for a frickin oil change.

 

[zhu-]

If you're going to be buying any other car, why not just keep the 3? You already ate most of the depreciation cost in the ~2 years and long term, paying off the 3 will probably still be cheaper than trading it in for a new car for a lower monthly payment.

 

[dc121gw]

I think your payment is pretty much a sunk cost. The only way it makes sense to trade now is if you get something significantly cheaper than what you have now, especially when you add tax, registration etc.

You can talk to your insurance company and try to get a lower quote based on low usage. Mine had a "under 8000 mile" tier that saved me a little.

 

[Sukhshanti]

I'd kill myself if I had to drive a Civic or Camry after owning my P3D-

 

[Mr X]

My job is now 100% remote. I have a 2018 M3 midrange with EAP. I probably spent another $3,000 on things like tint, front wrap, powder coat, etc.

I financed pretty much the entire amount, probably have about $43k left. It has 25k miles.

Before COVID-19, I was driving 50 miles RT for work, and of course, using EAP. Now, I rarely drive the car and so I am paying close to $900 per month including insurance and payment.

I thought about renting it out on Turo so that I can at least keep it and drive it around on the weekends. But the thought of cleaning, taxes, and meeting random folks seems stressful.

If I do sell the car, I'll probably get a low-mileage lease car for about $400 per month, including insurance (e.g, Civic, Camry).

I know this is my own personal decision, but I would leave your perspectives.

Couldn't imagine ever paying for $400 for a Civic or Camry when I pay less per month for my Model 3...

 

[Bubbatech]

$43K in remaining debt for something you don't use is quite a bit. It really depends on what you want doesn't it. Spending a lot of money on any car is never a financially sound decision. I bought the model three because I though it is uber cool and I thought it is the only EV worth buying. But if that does not apply to you or you never use it, then your plan makes a lot more sense. On a different note, I have considered a lease every time I buy a car. I have never been able to make the numbers work.

 

[focher]

Right now, almost 100% of the miles I drive is for pleasure and I still drive a ton for the sheer joy of it. If i got a Camry, i'd probably never leave the house.

At least not without wearing a bag over your head. Face masks are inconvenient enough.

Me? I like just having mine to look at in the garage.

 

[turok3000]

If you're driving it very little and have no expectations that the situation will change for some time, then $900 per month on loan and insurance does seem like a waste of money. I personally would likely cut my losses by switching to a much cheaper vehicle and putting the money saved towards retirement and/or "next Tesla" for when circumstances change.

 

[SmartElectric]

Sell the car, use Uber/taxi and forget paying $400/mo let alone $900/mo.

Then again, my commuter is a tiny Smart Electric Drive, about $200/mo all-in, so it's cheaper than 4 (or 2 round trip) Uber rides per month, it's more fun and convenient.

 

[whydontwe]

Oh my goodness, please ignore my Camry and Civic comments. Yes, I can't see myself in one of those. I do need transportation for the occasional trip to the grocery store, going to the gym, and other errands.

I feel that cutting my transportation costs in half isn't enough to justify unloading my M3. If I get a used car, I need to consider the maintenance costs, which I loved not doing with the M3. Another thought is a low-mileage lease, but I need to find something that's possibly $400 ALL in with insurance.

 

[cucubits]

Another thought is a low-mileage lease, but I need to find something that's possibly $400 ALL in with insurance.

I would seriously consider a Mazda 3 hatch in this case. It's arguably much nicer than the Civic/Camry mentioned and a 3 year lease should be well under $400 (a few years ago I paid I think $340 per month for a fully loaded one).

 

[user212_nr]

Before COVID-19, I was driving 50 miles RT for work, and of course, using EAP. Now, I rarely drive the car and so I am paying close to $900 per month including insurance and payment.

The problem with threads like these is that we do not know very much about your financial situation. Not that I want to, it is just that you could be making so much that that amount is meaningless, or you could be some irresponsible person who spent all his/her money on the car. Sure, we could try and help you, but you'd have to put down all numbers about how much you make and how much other debt and investments you have.

The second issue is that what you do with your money is your own personal decision. It does really sound like you want to keep the car and you are just whining about your cost-per-mile.

For me, I find that I still drive quite a bit and actually find the car more useful and essential during the pandemic. Reason is that my travel budget has gone to $0, (restaurants also to $0 during the lock down), and there is nothing to spend money on.

Also, you are wrongly calculating your payment number and not considering that you continue to own the car after it is paid off. If you keep the car for 20 years, your cost of ownership decreases greatly.

Other EVs do not have the supercharger network, and so you will need in addition an ICE car to take any longer distance trips, or limit yourself to rental cars and air travel.

 

[Dan203]

I have driven about 100 miles in the last 4 months and have paid ~$675/mo for the privilege. Sucks to be paying so much for a car and having it sit in the garage. But these are unprecedented times and there is zero chance I'm going back to driving an ICE car. So for now I'll eat the monthly payment and hope that things get back to normal soon enough.

 

[Darren Donovan]

Oh my goodness, please ignore my Camry and Civic comments. Yes, I can't see myself in one of those. I do need transportation for the occasional trip to the grocery store, going to the gym, and other errands.

I feel that cutting my transportation costs in half isn't enough to justify unloading my M3. If I get a used car, I need to consider the maintenance costs, which I loved not doing with the M3. Another thought is a low-mileage lease, but I need to find something that's possibly $400 ALL in with insurance.

$900 a month and not using the car is absolutely wasteful. Get rid of it.
Look on lease hacker forums, there are several deals that are below $400.
Also check leasetrader, and swapalease for people who want out of their leases and are willing to add money so that the monthly payment is less than what they've been paying, and you can usually assume a shorter lease term.

 

[user212_nr]

$900 a month and not using the car is absolutely wasteful. Get rid of it.
Look on lease hacker forums, there are several deals that are below $400.
Also check leasetrader, and swapalease for people who want out of their leases and are willing to add money so that the monthly payment is less than what they've been paying, and you can usually assume a shorter lease term.

lol what are you doing here