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Want a tesla, can't afford, but could if I rent it out

Discussion in 'Model S' started by bigbear, Sep 25, 2015.

  1. bigbear

    bigbear Member

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    Bad idea? I have a prius with 180k on it and I'm not wanting to wait for the 3. I figure I can keep the prius and rent the telsa. If I could rent it 8 days a month, that would be enough for the car payment and insurance at $100 a day. I've been looking at used telsas on eBay and it looks like I can get an s for 55ish with low miles. I live in Austin and I don't think I'd have an issue being people to rent it as we get a lot of people in town for events. Thoughts? Renting it for 8 days and I get it for the other 75% of the month and get the car paid off?!
     
  2. Max*

    Max* Autopilot != Autonomous

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    Bad idea.

    What happens if the renter steals your car? Door dings it? Runs out of charge? Gets into an accident? Doesn't return it on time?

    I've heard of people getting CPOs in the low 40s, not sure if it helps.
     
  3. shelbri

    shelbri Member

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    Never stretch yourself for something that isn't needed. Wait until you can afford it or wait for the Model 3. Just my two cents.
     
  4. bigbear

    bigbear Member

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    Relay ride offers 1M liability insurance and screens renters though
     
  5. mikeash

    mikeash Active Member

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    8 days a month doesn't sound hard to achieve, but do you have any solid indication you could actually achieve that number on a reliable basis? It would be pretty painful to go through the process of buying it only to discover that local demand is much lower than that. You're basically proposing to start a business here by making a substantial capital investment up front, and there needs to be some more solid data to support such a thing beyond simply observing that a lot of people come into town for events.

    It's a great car, but you don't want to make yourself unhappy about it because of the financial strain.
     
  6. purplewalt

    purplewalt Active Member

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    I have had my car for over 27 months, and am still learning things about it, part of it due to newer firmware upgrades..
    How do you think an average Joe (unless they already own a Model S and are familiar with it) will treat your car?
    First off: it is a very large car.

    Will the $1M insurance policy be a business deduction/tax write-off for this enterprixe?

    I cringe even when a valet drives my car.
    Good grief, what happens when and if something occurs and the leaser/renter is not even at fault?
    What does that do to YOUR insurance rate for the car?

    Maybe if it is a CPO with some miles a bit of wear.
    NEVER with a brand new Model S.
     
  7. sorka

    sorka Active Member

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    What about revenue from an advertising wrap? Do companies still do that?
     
  8. Jool

    Jool Member

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    If RelayRide's insurance is anything similar to Uber and Lyft, then you'll want to be very careful. I know Uber's insurance policy requires you to make a claim through your insurance company before they cover any damages. But your insurance company can and will terminate your policy if you make a claim on an accident that occurs during use of the vehicle for ride-sharing purposes.

    Honestly, you're better off just saving up until you're financially comfortable enough to purchase and afford the car properly.
     
  9. brkaus

    brkaus Member

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    From my reading, quite a few of these have been scams. Send a check for he wrap, promised income. Check cashed, never hear from again.
     
  10. MorrisonHiker

    MorrisonHiker Beta Tester

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    Don't forget that you'll have to pay taxes on your income so it would probably mean and additional 4 to 5 rental days a month to clear the $800 just to cover the car payment and insurance. You'll have other expenses such as maintenance and higher electricity bills to consider as well.
     
  11. Discoducky

    Discoducky Active Member

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    I can vouch for RelayRides insurance. A renter damaged my car and they paid for everything to get it fixed at the shop of my choice.
     
  12. CaptainKirk

    CaptainKirk Member

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    I want a Tesla too, but remember that delayed gratification will make the final purchase that much more satisfying! Being able to plan for the future and wait for better things is often a very good predictor of future success, so don't do it if you're stretching yourself just to satisfy your near term wants.
     
  13. bigbear

    bigbear Member

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    I found a guy with a Tesla in Dallas, renting for $120 a day and his calendar is wide open. So, it appears getting 8+ days a month may be a stretch. Darn it, dream ruined but I appreciate all the info and feedback.
     
  14. bigbear

    bigbear Member

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    Great point captain!
     
  15. Gabzqc

    Gabzqc Member

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    Consider being a Uber Black Driver?
     
  16. Tamar

    Tamar Member

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    ebay is not the place to be looking for a used Tesla, IMO. Check here for Certified Pre-Owned direct from Tesla (via a cool consolidator thread): http://ev-cpo.com/

    PS I'm with the others, you will not want to rent it out, the time and headache of running that "business" will take all the joy out of it.
     
  17. jimtelsa

    jimtelsa Member

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    i would not do it

    Wait till you can afford on your own

    CPO prices are falling and will fall more

    do the math on what you pay now, gas cost, insurance and total it up

    wait till the price of the cars payments match the tesla prices

    There will be a price that makes sense and you are there

    good luck
     
  18. brucet999

    brucet999 Active Member

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    Even if you could make the nut on rentals, I'm guessing that your insurance company would not sell you coverage if they knew you were renting, and in the event of a claim while a renter was driving, could legally cancel and refuse to pay as soon as they found out.
     
  19. cgiGuy

    cgiGuy Member

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    No necessarily. Some insurance companies are adding additional coverage specifically for ride sharing, that is very reasonable (USAA offers in TX for $6-8 a month). This means you don't need "full up" livery coverage, which is usually more than most of these drivers would make in a month.

    - - - Updated - - -

    $100 would probably be pretty competitive. Most I've seen on RelayRides are $200+ and there don't appear to be any in Austin right now.

    Not saying it's a good idea, but you wouldn't have much competition.
     
  20. Chrisizzle

    Chrisizzle Member

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    I saw this car with http://www.TeslaForHire.com written on the side.

    I am also told there are three Tesla Model S Uber drivers in Toronto.

    I won't comment on whether it is wise and what insurance implications are but, you are not alone.
     

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