Very high mileage LRAWD vs. New SR+ vs Other

[IndyGopher]

Tl;dr (or won't read, lol): Wanting opinions on buying a 2018 LRAWD with very high mileage (~100k) for about $40k vs. reserving a new SR+ vs. a different EV new or used? If the used Tesla, is there anything specific to "look for" in a very used 2018? I'm not necessarily worried about battery degredation which I assume will be around 10%, but are there other known issues that will cost me thousands to fix out of warranty?

Long story: I currently drive a 2017 Ioniq EV and absolutely love it. My daughter is about to turn 16, so we're looking to get her a car soon I've done some preliminary searching and of course prices are ridiculous for everything. Very old Nissan Leaf for $15k, Sonatas and Accords with almost 100k miles for over $10k, etc. Was thinking of getting her a brand new Leaf for $30k (tax credit will bring it to $22.5), but then I thought "hey, why would I get her a nice, new car when I could get one myself?!" I've always wanted a Tesla and had a deposit down in 2018, but I could never justify the expense. We make plenty of money and can afford it, but I'm a frugal guy and was holding out for something like a cheap "Model 2" someday. Especially with the recent price increases I just didn't think a Tesla made sense. That said, in light of how much everything else costs as well, I started revisiting the value prop of getting myself a Tesla and giving the daughter my Ioniq or the wife's CX-5. Not much to be found used, but I do occasionally see very high mileage 2018 models in the high $30's and low $40's, with the LWAWD models being on the high end of that. In my head, I can at least justify something like that because it originally cost over $50k or much more depending on options. Still, paying $40k for a car with 85 - 100,000 miles does freak me out slightly. I get the sense from YouTube that early M3 have held up just fine, but it's still a risk. So of course another option is to order a new M3 and wait a few months since my daughter doesn't need anything right away. It HURTS me deeply to imagine paying that much more for the car than I would've 6 months ago though...I just don't think I'll ever believe I'm getting a good value for that money. What would you do in my situation? I doubt you'll recommend the Leaf, but maybe some here will lol! TIA!

 

[Tam]

...early M3 have held up just fine...

As long as it doesn't rain in your area:

Tesla Acknowledges That Model 3 Rear Bumpers Can Fall Off In The Rain | Carscoops

Tesla says any damage caused by this defect is covered under warranty

www.carscoops.com

It is risky to buy a Tesla without a warranty. A simple repair can cost thousands. Its headlight costs $1.2k plus labor.

A/C, Heater could cost thousands each to fix.

The traction battery might fail and its replacement cost is not cheap: My guess would be around $15,000 or more at least (based on Model Y's battery of $22,000.)

But since you do have money, I think that can justify the risk of buying without a warranty.

 

[Tam]

...It HURTS me deeply to imagine paying that much more for the car than I would've 6 months ago though...

I would look at cars that still qualify for $7,500 tax credits:

Here's every electric vehicle that qualifies for the current and upcoming US federal tax credit

Here's a comprehensive guide to help you figure out if your electric vehicle still qualifies for any federal tax credit and state incentives.

electrek.co

 

[Sandiegodoug]

My neighbor just bought an ioniq 5
300 miles range
43k, qualified for 7500
I drove it, very nice car. A little hatchback
I like my 3 better, but with prices now might have concidered

 

[IndyGopher]

My neighbor just bought an ioniq 5
300 miles range
43k, qualified for 7500
I drove it, very nice car. A little hatchback
I like my 3 better, but with prices now might have concidered

Thanks to all 3 of you for replying! I've definitely been looking at new EVs that still qualify for the tax credit (and have a warranty) like Ioniq 5, EV6, and aforementioned Leaf. Interesting all 3 of your comments align on considering that direction. I'll have to go test drive some and compare. I've done a LOT of reading on Ioniq 5 actually and have been interested...

 

[tm1v2]

I'm a very performance-minded driver, I really like having AWD, and I bought an M3P last fall. Yet even I would pick a new SR+/RWD over a 100k mile 2018 LR AWD if the same price. Used car prices are still nuts if those two options cost the same.

Btw you're right to give your daughter the old car. Don't spoil a newly driving kid with a brand new car, it won't do their character any favors.

(What I really want to say is every kid's first car should have a manual transmission, manual steering, manual windows, manual locks, etc. And well under 100hp. Because that was the hand-me-down from my parents. But truly basic cars don't really exist anymore, the ones that old have all been put out to pasture.)

 

[jjrandorin]

I'm a very performance-minded driver, I really like having AWD, and I bought an M3P last fall. Yet even I would pick a new SR+/RWD over a 100k mile 2018 LR AWD if the same price. Used car prices are still nuts if those two options cost the same.

Btw you're right to give your daughter the old car. Don't spoil a newly driving kid with a brand new car, it won't do their character any favors.

(What I really want to say is every kid's first car should have a manual transmission, manual steering, manual windows, manual locks, etc. And well under 100hp. Because that was the hand-me-down from my parents. But truly basic cars don't really exist anymore, the ones that old have all been put out to pasture.)

I think my first car (which I purchased for 2 grand that I had saved up for, from summer work at fast food places) had manual everything, just like you mentioned. I didnt even know how to "drive a stick" when I bought it. I was 18 when I bought it, had been driving since 15 (not quite legally, but I think a lot of us did that then).

I knew the theory of driving a stick, but taught myself how to actually drive it by driving it home from buying it, lol. Good times, good times, lol.

 

[derekmw]

I drove the Ioniq 5 SE RWD which is the only one at $43k . But even then, all the dealerships here add required items to raise the price like $2k security system and $2k paint protection. Or they simply are adding ~$7500 dealer markup. So even with the tax rebates, it’s roughly the same price as the SR model 3. We ended up buying the SR for now because there’s about a 5 month wait.

Right now I don’t see any cars with similar range that match up in value to even the base SR Model 3.

I’m in the same boat as you having a hard time paying the current price for the Model 3 but I just don’t see any other value car. I’d love to be proven wrong and I’d gladly buy that instead to hold us over until our Rivian reservation comes up.

 

[tm1v2]

@jjrandorin After I'd been driving that hand-me-down car for a few weeks or months, my dad announced one day that clearly I had the hang of it, and he'd gone ahead and had that poor ol' clutch I learned on replaced.

(To be fair to myself that clutch was truly on its way out already before I finished it off. That car was mostly used for the daily stop-and-go commuting grind in one of the worst traffic metro areas of the country.)

 

[one2many]

We had a Leaf and loved it. The big issue was range, speed, and battery. One time
in snowy weather he had to plug in to get home just doing normal stuff.
So we got out a paper map, and yes they still exist and drew a circle around our
90% expected travel zone. Then we accounted for weather and battery reduction over the years
and the model 3LR was the only car without stopping to plugin.
That my friend is priceless. We did a lot of looking around, to save 20-30k for a non-volume
car was just too much risk.
BTW if the Leaf had fixed its issues, we may have all been driving them.

Just get it new, save the headaches of all else.

 

[boriszima]

I have 2018 LR AWD but only 30k miles. I would not recommend buying 100k EV for $40k, i dont think its a wise decision. Whatever you might be saving will go into repairs whatever those might be (suspension and other trivial items that will need a look at after 100k miles no matter what the car is). Perhaps you want to consider a fairly cheap car like corolla or civic for your daughter to start learning how to drive and sometime down the road dive into EV. Tesla seems to be too expensive for what it is because not many formidable competitors. I dont think i would buy a Tesla now given the current situation of prices. I have seen Ford Mach E here and it looks nice and specs seems nice, but no idea bout pricing if cross shopping for Model Y. good luck

You can check out this article

TESTED: 2022 Hyundai Ioniq 5 vs. Kia EV6 - Which One Is Right for You? | Edmunds

These all-electric SUVs are great for a lot of the same reasons, but each has its own delightfully distinct personality. Which is the best pick for you? Read on for key differences and all the numbers from the Edmunds test track.

www.edmunds.com

 

[one2many]

So we got out a paper map, and yes they still exist and drew a circle around our
90% expected travel zone.

So how did this work out, 3 superduper charges in over 2 years, one really was not needed.

 

[IndyGopher]

Appreciate everyone chiming in. Consensus seems to be look elsewhere or buy new, which is honestly the conclusion I've come to the post 24 hours as well. That being said, I'm just not sure I can justify the expense for a new Tesla after all these price increases recently. I'm sure I'll end up in one someday, but I'm gonna look elsewhere for now... Probably either a small ICE the the daughter or an Ioniq5 or EV6 to replace my wife's CX-5. Thanks again all!

 

[jjrandorin]

Appreciate everyone chiming in. Consensus seems to be look elsewhere or buy new, which is honestly the conclusion I've come to the post 24 hours as well. That being said, I'm just not sure I can justify the expense for a new Tesla after all these price increases recently. I'm sure I'll end up in one someday, but I'm gonna look elsewhere for now... Probably either a small ICE the the daughter or an Ioniq5 or EV6 to replace my wife's CX-5. Thanks again all!

I, for one, am always appreciative when someone takes the time to both thank people who provided feedback, and also let people who chimed in know their final decision, so thanks very much for that.

Good luck in your future search.