What to do next? Coming off a 90D Lease

[JB1416]

I am plotting what I want to do next in terms of purchasing a new Model S. I have leased one for the past three years (ending March 2019). I have about 32K miles on the car, here's the specs:

2016 90D Midnight Silver Metallic
Carbon fiber spoiler
Sunroof
Sub Zero
Auto-pilot
Premium seats
Obeche wood
Slipstream wheels

The car is great and my strategy behind it was based on the idea that the car was chaging so much I wanted to wait to own one. Now I am ready. The buy out on it is 62K. The tesla rep advised me not to buy it out but I am wondering why. If I look at the prices of CPO, the cheapest I could find (and I realize the come with a refreshed warranty) is $69K. So, the question is, should I just buy this out? I do want a 90+ battery and also don't want to spend more than 70K on the new one. I'd like the refreshed body but the cheapest I can find is 79K.

Any advice? Is it possible they don't want me to buy it out because they can make money on it?

 

[Daemun]

Is it ap1 or ap2?

If it's ap1 I suggest not buying it out. The value of ap1 cars don't hold very well.

The other part is the interior refresh that's planned for model S next year. That would probably be another drop in value of the used model S in the wild

 

[SIFutbol]

I had an 2016 S75 (refreshed facia) that i just turned in off lease. Residual/buyout was $59,800. I opted to turn it in as I didn't feel the car was worth that.

If yours has the refreshed facia, I think $62K is a very good price. I mostly see those go for $70K-$72K.

This is of course, you don't care about the HOV lane access as the 2016s don't qualify for the new red sticker.

they don't want you to buy it because they want to sell you another car and yes, they will take it back and resell for more than $62K.

 

[Jordaholic]

This is of course, you don't care about the HOV lane access as the 2016s don't qualify for the new red stick

It is still valid if they never applied for it or they applied for it in 2017.

 

[SIFutbol]

It is still valid if they never applied for it or they applied for it in 2017.

true...

 

[FlyinLow]

If you don't like your Tesla then try any other <200 mile range BEV out there. If you can get your hands on the I-Pace or Etron, then go for one of those.
If you can't find one of those available before your lease runs out then you might have to consider another Tesla lease or something else.

Good luck and let us know what you decide.

 

[BLKMDL3]

I-Pace or Etron/QUOTE]

Hey! No swearing!

 

[Jedi2155]

He could also with a P3D+ if he doesn't mind the downgrade, but otherwise if it has AP2 hardware then definitely buy it out.

 

[Electric-fied]

he states he wants to get a refresh (april 2016 and up) Assuming his 3 year lease maturity matches... He has a nose cone with AP1 car and no way i'd be willing to pay 61k for that... Get something else!

 

[JB1416]

OK good feedback. As I said I checked CPO inventory and 90D with nose cone and AP1 are still going for over 62K. I really do want the new hardware and fascia so I'll likely go for a newer one. Hopeful that I can time it perfectly. Of course next year the federal credit is downgraded.

I should note, I was contacted by Tesla last week to get out of my lease early, get free supercharging, and discounts on inventory 100Ds, but they were still coming out above what I want to spend. Decent deals though. 1.47% financing.

 

[FlyinLow]

Hey! No swearing!

If he has to ask...point being that there’s really no good equivalent alternative to a Tesla right now, so those who lease are bound to spend more to trade up vehicles every couple years.

If spending less is the goal, then leasing in general is not typically the way to do that...

 

[JB1416]

FlyinLow - I get it. Leasing is more expensive but if the technology changes to rapidly its a better option.

 

[Footer]

Since you bought it in March 2016 you have the classic fascia and AP1.0. $62K is a fair price today give or take a few thousand, but 6 months from now, probably not so much. I would wait tell February before making a decision.

Keep checking EV-CPO.COM.

 

[FlyinLow]

Sounds like cost is not a concern. If there are no other lease options by February on cars with better tech lease the Tesla with the biggest battery you can afford the payment on and enjoy.

 

[Sunshine State]

Is it ap1 or ap2?

If it's ap1 I suggest not buying it out. The value of ap1 cars don't hold very well.

I’m don’t think that is actually true. There is a possibility that some people on this forum may be uninformed and think that, but all things equal the value of a ‘16 AP1 vs a ‘17 AP2 will be less due to age. But a 2016 refresh AP1 vs another ‘16 AP2 will make a little difference in value to most buyers. I’ve got both and I’ve got to break it to you the AP1 is flawless. If you can buy an AP1 car for less now its value will hold up well.