Considering we are at the beginning of seeing a lot of these 60kw batteries fail just outside of warranty the resale on these cars is likely to accelerate in depreciation. So even easier to be totaled. With that mileage I think its likely to need other expensive parts out of warranty in the next 4 years. Maybe a new MCU, charger, drive unit if it's not the newer revision, suspension. How will those other repairs be paid for with an $18k car loan plus another $11k either out of savings or another loan. I understand this is a huge pill to swallow but I would consider parting it out and paying off the loan. Now not everyone is blessed enough to buy expensive cars in cash despite the self made billionaire statement. However in the future I do not recommend financing a car that will soon be out of warranty, if anything breaks it can be really hard to pay the loan and repair.
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What to do?!?!? 2013 Model S 60 Battery fail
- Thread starter marlonjm2k
- Start date
I feel bad for you. These cars are advertised as low maintenance. Not sure what year yours is -- but like others have said -- repairs are super expensive (and have been very common for mine). Depending on your year and what has been replaced -- there are many 3k+ repairs (MCU, dc-dc converter, ac). Not total -- each.
I've fortunately got a used one with ~5 years left of warranty left when I got it -- or I'd be pissed about getting this car.
That being said -- I do think the newer ones have fewer issues and I think once all these parts get replaced your better off... But if you don't have the repair history -- you're taking a big chance.
I've fortunately got a used one with ~5 years left of warranty left when I got it -- or I'd be pissed about getting this car.
That being said -- I do think the newer ones have fewer issues and I think once all these parts get replaced your better off... But if you don't have the repair history -- you're taking a big chance.
If rest of car is ok then its simpler.
Ask if they will do it for $10,000.
If too much money, ask for trade-in value on Model-3?
If you do it for 10 or 11K, than at the 1 year mark you need to decide to keep going or if you should trade it on a Model-3/Y? And yes you would be underwater but at least you would have peace-of-mind for warranty; Depends on your comfort level.
BTW, I just spent 3K on a car valued at 2K and I thought it about it for quite a while. Problem was I could not sell it without the (steering/suspension/wheel) 3K repairs. The repairs are warrantied for 2 years plus car is in top shape otherwise.
Ask if they will do it for $10,000.
If too much money, ask for trade-in value on Model-3?
If you do it for 10 or 11K, than at the 1 year mark you need to decide to keep going or if you should trade it on a Model-3/Y? And yes you would be underwater but at least you would have peace-of-mind for warranty; Depends on your comfort level.
BTW, I just spent 3K on a car valued at 2K and I thought it about it for quite a while. Problem was I could not sell it without the (steering/suspension/wheel) 3K repairs. The repairs are warrantied for 2 years plus car is in top shape otherwise.
Definitely worth the trade in question and curious to hear their answer. Mine was a newer lower milage S with the bigger 85 battery and had almost every option ie air suspension, tech package, wheels, cold weather etc and they offered me less than half the cars private party value. My guess is they offer you 10k if your lucky due to their cost to fix it.
If this had happened 9 months ago my recommendation would have been to keep it since battery failures were rare. Therefore less likely to have stronger depreciation. Unfortunately the shine in Teslas battery armour is starting to fade with chargegate and batterygate reducing my confidence. Who would spend $25k on a car today when word gets out the batteries could fail anytime and it costs at least $11k to fix?
If this had happened 9 months ago my recommendation would have been to keep it since battery failures were rare. Therefore less likely to have stronger depreciation. Unfortunately the shine in Teslas battery armour is starting to fade with chargegate and batterygate reducing my confidence. Who would spend $25k on a car today when word gets out the batteries could fail anytime and it costs at least $11k to fix?
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Feel sorry for the OP.. OP owes way too much on the car - he's clearly underwater on the loan. Guy who sold him the car on the other hand is a genius... anyways: I think the car would sell for 25-30k+ if it had a newly installed (yet refurbed) 85 battery in it. I would ask @wk057 to help out and swap out busted 60 battery for 85 battery as offered, and then make a decision to sell or enjoy...
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I have heard the Tesla trade-in values have been very low. So, if I go down that path, I may need to go to Car Max and have them match. Of course, although the service agent tried to connect me with the sales team about exploring a trade-in, they told her they would not talk to me or provide an estimate until the battery issue is resolved
Tesla typically will not match CarMax on Tesla trades. They will match on other brands.
Ostrichsak
Well-Known Member
Uhmm.... that's exactly my point.
You don't NEED to buy an expensive car. Buy what you can afford (or less) now and you will be able to afford much, much more soon. It's that simple. Most self-made billionaires got there by not buying things they couldn't afford. Now, not everyone will be a billionaire but you can certainly become financially independent by being more financially prudent. Not buying stuff you can't afford is one of the most important aspect of this.
This idea that someone NEEDS to buy a $150k, $120k, $90k or even $50k car for proper transportation is silly. It's also how people get into situations like the OP is currently in.
Possibly. Depending on the exact issue, it may be obvious from such data (raw CAN logs from something like TM-Spy).
Tesla won't release any logs to you, though, so that's probably a waste of time to even try really.
At my shop, I usually pull the pack and hook it to my test bench, which actually puts it under both a load and charge as part of testing, which reveals a lot of faults that aren't obvious from just normal logging.
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Yes I agree with this statement assuming what you can buy is safe and reliable. Usually 7k can buy that and it should maintain those qualities for a few years, typically older Honda's and Toyota's.
You are of course right but the other side of this is the koolaid drinkers who say " how can you afford to drive anything but a Tesla" with claims of no maintenance, no repairs electricity is practically free.
I have seen people here actually make the case the savings are huge.......
I don't regret my 2014 P85 but at the same time, my wife's 2014 Impala with a few thousand more miles is a better car, more reliable, NO more maintenance costs, and much cheaper and fewer repairs.
OrbiterTI4
Member
Concur, on another thread I started to tabulate the costs, and when the time of ownership becomes equal in 2 years, I am on pace to have 2-3x the costs of ownership (repairs, tires, "standard service") of my previous mid-size non-luxury sedan, nevermind the increased number of service visits.
BUT, there is something satisfying from owning a not-quite-common vehicle that leads to having a story to tell others about a failure in your vehicle so unique that it prompted an engineering team review, a service bulletin across Tesla and a design change to all future vehicles.
As for the OP - sorry about the situation you encountered. If refinancing the loan to include the battery service into the balance is possible, that is likely the way I would go. Good luck.
ce2078
Member
I can repair the battery! Many times if the offending cell group hasn't completely gone to 0 volts its possible to fix it, if not, we need to swap that module. How close to AZ are you?
My site is hybridrevolt.com or PM me here.
⚡️ELECTROMAN⚡️
Village Idiot
I could pay cash but I would have to liquidate money that’s invested and earning more than the rate of the auto loan. Do you have a bunch of uninvested cash lying around and accumulating for your next car purchase? Kind of a strange fixation on being a billionaire. I think the odds of any of us in this forum, of becoming a billionaire, is extremely low and close to zero. And it’s not because most of us financed our Teslas.
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Ostrichsak
Well-Known Member
Financing a depreciating liability (read: vehicle) is a poor financial consideration regardless of what "rate" you're getting. Anyone who claims to be a financial adviser who makes such statements should be avoided entirely. You'll never produce figures that will convince me otherwise. New cars depreciate at an absurd rate and no netting one or two points difference between investments and interest rate will never make up for that loss. You're also on the hook for monthly payments and making profit for banks... exactly why their minions market it as a "good" investment to unsuspecting marks.
I stand by my previous statement that if you can't afford to pay cash for a car you can't afford it. If this means you drive a $2,500 then it means you drive a $2,500 car. I bet you can get a terrific, efficient and safe vehicle for that price tag that will get you years of service with minimal maintenance and repairs. Day two whatever money you were saving on a daily/weekly/monthly basis to buy said car can be split in half with half going to savings for repairs and/or upgrading your car down the road and the other half going directly into investments if that's your thing.
Doing this never goes wrong. There is no risk and your in the most powerful financial situation long-term that you can be in. No market fluctuations will affect you and no down-turn in the economy can touch you because you have NO monthly payments if you do this properly. Imaging being able to invest nearly 100% of your income on investments& retirement and you start to get an idea of that what I speak.
⚡️ELECTROMAN⚡️
Village Idiot
You would turn down a loan with a 1% or 2% interest rate? What about 0%? Sounds like it’s just one of your rules you live by. It doesn’t make financial sense.
Ostrichsak
Well-Known Member
Hell yes I would turn down a loan with a 1% or 2% interest rate since it means I'm probably going to buy a $100k car that I don't need and can't afford.
It makes 100% financial sense over time and is how I'm able to buy multiple Teslas today with cash.
Buy a new Tesla (or any car) for $100k at 0% and guess what... you're going to lose about $10k per year on depreciation and that's even at 0% interest. Once you sell/trade that car and realize that loss it's going to be steep and the market is littered with great used cars at amazing prices by people who made exactly that poor decision.
Now, if what you can "afford" to pay cash for is a $5k car... tell me how much you're going to lose per year in depreciation. Hell, I'll even allow you to factor in repairs. Still a looooong ways off from that $10k per year loss figure.
This thread isn't about financial guidance and what decision to make BEFORE getting yourself into the position the OP is in though so we're getting off topic. He's forced into a terrible decision right now because someone like you told him it was a good idea on the front end because the interest rate was so good. lol
How is it people will stand their ground that financing cars at ANY rate is such a good "investment" that they'll even argue it within a thread that demonstrates that it's clearly not?
I will stand my ground. I don't buy used. Kudos to those who do. I financed my S for two and and a half years 1. something %. Think I made somewhere around 40% by investing the funds. Paid off loan.
Investment or financial advise on a forum is often only applicable to those that it fits or those who care to listen. For me it's neither.
Feel for OP. Is here talking about batteries yet gets financial advice
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Huachipato
Member
To OP, it does suck. I myself have been trying to learn what to expect if the battery on my car decides to die. I don't think I would have purchased my car if the 8 year and "unlimited" mileage warranty was not still in place. Gives me a few years to enjoy the car and see what it's all about - as well as see how the early adopters fair if/when their batteries fail.
I do have to make one other point though. I have a cousin that recently bought an Audi and had an Head gasket issue. An engine out repair was needed. It cost him a little less than a refurbished 60Kw battery from Tesla, but the job took 2.5 months to complete. It is amazing to me that in contrast this battery swap just takes a couple of hours to complete.
I do have to make one other point though. I have a cousin that recently bought an Audi and had an Head gasket issue. An engine out repair was needed. It cost him a little less than a refurbished 60Kw battery from Tesla, but the job took 2.5 months to complete. It is amazing to me that in contrast this battery swap just takes a couple of hours to complete.
TFCooper3
Member
To OP: think of it this way: you can replace your broken car with a great refurbished 2013 Model S for $11,000. And it comes with a 4-year, 50,000-mile warranty on the battery! That's an awesome deal.
The fact that you owe money on the car is irrelevant.
The fact that you owe money on the car is irrelevant.
