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

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?!
 
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.
 
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.
 
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.
 
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.
 
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
 
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.

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.

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If I could rent it 8 days a month, that would be enough for the car payment and insurance at $100 a day.

$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.
 
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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