Anyone considered waiting and buying used?

madeleine · Dec 29, 2012

Hello,

I'm curious to know if any of you have thought about waiting a year or two to buy the model S used. Is there anyone reading currently wanting to find a used option rather than new? What was your thought process, pros and cons, etc?

I received my email to finalize a few weeks back and still haven't decided on what to do, which are:

Buy the P85 - performance that I've been wanting for years, but I also now have the added benefit of the car being practical for my needs.
Save ~$10K and buy the S85 - Read all the debates about S85 v P85. I don't need the performance and can use the cash in other ways, but damn, it just sounds so nice to have and reasonably priced for that extra performance.
Wait a couple of years and try to buy a used P85. I don't mind if someone else gets to play with the car first if I can get a big enough discount. As long as the car is kept in great condition, I'll be OK. The extra cash saved from buying used can go to other things on my wish list or savings, but I get to have my performance model S in the end without paying the premium.

I've never bought a new car before. The one and only car I've ever paid for was $20K, so getting the Model S is a huge difference and step up. I never thought I could get myself to buy a brand new automobile until the Model S came to life. I get this ridiculous smile and get really giddy when I watch the videos and think about the car being in the garage, never having to get gas again, etc, but then I see the sticker price and get this icky feeling about how much cash I'm spending. I also didn't think I'd spend over 6 figures on a car, either, and here I am debating about if I should just for the Model S. If I go new, this would be my one big splurge for myself. My first new car :love: Though, the used option does look nearly as good...

Would love to hear your thoughts. This forum has been quite helpful for me in my EV and Model S learnings.

Sorry if that has been talked about before. I tried searching for forum and found posts regarding used roadsters or my keyword 'used' being match for different context. I've also tried searching for thoughts on re-sale value just to get an idea, but I don't think anyone really knows at this point. It's educated guesses

CanuckS#69 · Dec 29, 2012

With the reservations outpacing production, I don't know that we'll see discount priced used vehicles for a while yet. It took quite a while for the used Roadster market to become affordable and even then the most modern revisions still sell for a pretty penny.

There's also the fuel savings in the intervening years that offsets some of the depreciation.

Like you, I've rarely spent big money on a new car and the price worries me, but considering that I spend >$7k on fuel per year, I'm justifying to myself the depreciation in exchange for having the car for those early years.

Zythryn · Dec 29, 2012

In order to buy used you have to find someone that is selling their P85. That may take a lot longer than a couple of years;-)

dhrivnak · Dec 29, 2012

Zythryn said:
In order to buy used you have to find someone that is selling their P85. That may take a lot longer than a couple of years;-)

I am not so sure of that. When I started to look at Roadster 2 years ago I was pleasantly surprised to find several for sale. People's circumstances change, and it was more trouble and took me about 4 months, but I did find a very nice used Roadster when they were still making them. I now see a LOT of Roadsters for sale and the prices have taken another drop down. Hopefully the market will appreciate but only time will tell. But I will say it has been fun to drive that Roadster around.

jerry33 · Dec 29, 2012

madeleine said:
1. Buy the P85 - performance that I've been wanting for years, but I also now have the added benefit of the car being practical for my needs.

2. Save ~$10K and buy the S85 - Read all the debates about S85 v P85. I don't need the performance and can use the cash in other ways, but damn, it just sounds so nice to have and reasonably priced for that extra performance.

Can't advise you on those two because that's a personal opinion. I'm just getting the S85. If there was a lower performance one that had more range, I'd get that. I am not into high powered cars and don't really understand the mentality of those that are.

madeleine said:
3. Wait a couple of years and try to buy a used P85.

The problem with hi-tech items is that no matter how long you wait, there is always going to be something better coming out next year. You can wait forever playing that game and not get the enjoyment of actually having one. The best advice is to buy the best you can now and then never read another review until the current one no longer meets your needs (this applies to every kind of hi-tech, not just cars).

smorgasbord · Dec 29, 2012

Zythryn said:
In order to buy used you have to find someone that is selling their P85. That may take a lot longer than a couple of years;-)

As soon as Model S v2.0s come, a ton of decked out P85s will hit the market from those that have the desire and means to always have the latest and greatest.

Ceilidh · Dec 30, 2012

To briefly answer your thread title question:

No, I never considered it for a second.

I believe in supporting this fledgling company attempting to change the world. Buying used would defeat that purpose.

Cheers.

Brian H · Dec 30, 2012

Like with computers, you can get yesterday's top-of-the-line for much less, at objectively much better bang for the buck. That is the rational $$ consideration. But 'intangibles' are more of this purchase than most, and they have real value, in the strict sense that people are willing to pony up for them. So ... 2 yrs or so of intangibles relevant to you = $$??. If you can probably save more than that, then wait. If not, don't.

dsm363 · Dec 30, 2012

Financially speaking, used is always better of course but I totally agree with Celiidh. If there is one time to break the trend and buy a new car, this is it. If not enough people buy, you might not have a company around to support your used car. I think Tesla is past the immediate danger of not making it but every sale helps. Plus, waiting for it after hearing all the reviews would be no fun.

jerry33 · Dec 30, 2012

A new car never reduces costs compared to a used car (unless you keep the new car for twenty years--even then, it depends). However, with Tesla we're voting with our dollars for a vision of the future as much as purchasing a car, so cost doesn't really enter into it. I'd suggest that purchasing a Model S does more to affect where we're going than voting for one of two losers in a dysfunctional system.

Sparky · Dec 30, 2012

Good question; FWIW I've never regretted not making a purchase of any big-ticket item. I've thought about delaying my purchase as well. Cars are expenses, not investments and we have to quantify how much we receive in utility & pleasure for the expense.
And yet, money is so cheap right now; I don't know if I'll be able to borrow $50K for 1.5% again. When I consider how much I spent servicing my last car loan(4.5%), plus gasoline, that's $10K over 3 yrs.
Also, I agree with others that with Tesla, we're promoting a different vision of the future. Sustainable, made in USA, hell yeah. Stodgy, hell no.
But it seems you answer the question in the portions of the post which I've excerpted below (ridiculous smiles are priceless!).

madeleine said:
...
[*]Buy the P85 - performance that I've been wanting for years, but I also now have the added benefit of the car being practical for my needs.
... I never thought I could get myself to buy a brand new automobile until the Model S came to life. I get this ridiculous smile and get really giddy when I watch the videos and think about the car being in the garage, never having to get gas again...

walla2 · Dec 30, 2012

I own a Sig Performance and plan on keeping it for as long as it will "run." Hoping for battery upgrades and feature upgrades as Tesla matures. It's a good looking car that has a lot of practical features, and time likely won't change that much. I wouldn't mind supporting Tesla with service and upgrades (120 battery, sensors, new computer, etc) to continue to support their overall vision. I am sure I am not alone in thinking this way.

Zextraterrestrial · Dec 30, 2012

walla2 said:
I own a Sig Performance and plan on keeping it for as long as it will "run." Hoping for battery upgrades and feature upgrades as Tesla matures. It's a good looking car that has a lot of practical features, and time likely won't change that much. I wouldn't mind supporting Tesla with service and upgrades (120 battery, sensors, new computer, etc) to continue to support their overall vision. I am sure I am not alone in thinking this way.

That's my Idea. My wife might (does) want a Tesla in the future and I plan on Keeping mine > 20 years and hopefully much longer (I've only had a car for 5 years but I could have kept my Rav4 for a pretty long time if I didn't sell it for the S)

dhrivnak · Dec 30, 2012

Ceilidh said:
To briefly answer your thread title question:

No, I never considered it for a second.

I believe in supporting this fledgling company attempting to change the world. Buying used would defeat that purpose.

Cheers.

Not sure I agree as if there were NO secondary market for the cars, that would definately hurt sales. While I agree when possible we should support Tesla and what they are trying to achieve, a robust secondary market is supporting Tesla. By buying used you show owners there is a secondary market if life changes and many new owners buy upgrades for their new to them car directly supporting Tesla.

montgom626 · Dec 30, 2012

Sparky said:
I don't know if I'll be able to borrow $50K for 1.5% again. When I consider how much I spent servicing my last car loan(4.5%), plus gasoline, that's $10K over 3 yrs.
.

Money will be cheap for decades.

Brian H · Dec 30, 2012

dhrivnak said:
Not sure I agree as if there were NO secondary market for the cars, that would definately hurt sales. While I agree when possible we should support Tesla and what they are trying to achieve, a robust secondary market is supporting Tesla. By buying used you show owners there is a secondary market if life changes and many new owners buy upgrades for their new to them car directly supporting Tesla.

Interesting point! Any market expression of buying interest benefits the company and the "movement", IOW.

Jaff · Dec 30, 2012

Remember though the market for the Roadster is far, far smaller than the market for a Model S...and remember that both the Roadster, and to a larger extent, the Model S are "highly upgradable"...once the "glut of Roadsters" created by those who are selling their Roadsters in favour of getting a Model S has cleared, and, once a significant performance upgrade for the Roadster becomes available, these factors coupled with the scarcity of the Roadster will restore the retail value of the Roadster and then some.

The Model S is more upgradable than the Roadster so it too will see a market renaissance when future upgrades become available ( i. e. Battery / inverter / motor / AWD / etc).

dhrivnak said:
I am not so sure of that. When I started to look at Roadster 2 years ago I was pleasantly surprised to find several for sale. People's circumstances change, and it was more trouble and took me about 4 months, but I did find a very nice used Roadster when they were still making them. I now see a LOT of Roadsters for sale and the prices have taken another drop down. Hopefully the market will appreciate but only time will tell. But I will say it has been fun to drive that Roadster around.

jvonbokel · Dec 30, 2012

madeleine said:
I've never bought a new car before. The one and only car I've ever paid for was $20K, so getting the Model S is a huge difference and step up. I never thought I could get myself to buy a brand new automobile until the Model S came to life.

I'm right there with you. I've never paid more than $8k for a car, and that was 10 years ago. Right now I drive a '97 S-10 Pickup that I paid $4k for. Admittedly, I had been saving up for my first new car when an unexpected pay raise (I was recruited for a new job) made the Model S a possibility. The thought of waiting around and buying used never occurred to me. As others have said, part of the appeal of the Model S is in being an early adopter, and "voting with our dollars for a vision of the future".

FWIW, to me, skipping the performance option seems like a good way to go if the price tag is making you uncomfortable. From what I've experienced in my two test drives, any configuration of the Model S will provide performance far greater than anything I've ever driven, let alone owned. Maybe if you really regret the decision, you can sell yours in a couple years and buy a used P85.

Ceilidh · Dec 31, 2012

I agree that eventually used car sales benefit in addition to new car sales, but I am not sure that Tesla has reached that stage of ongoing viability yet. At this point, they are still trying to reach an ongoing equilibrium of production and purchasing that stabilizes at some point down the road and adds up to an ongoing profit that will sustain the company. If everyone who wants a Tesla now waits until they are used, then there will not be a company around anymore when that time comes. So at this stage of the game, if you are in for the concept and not just the product, buying new is the only way to go, IMHO.

Cheers.

Kauai · Jan 1, 2013

Ceilidh said:
To briefly answer your thread title question:

No, I never considered it for a second.

I believe in supporting this fledgling company attempting to change the world. Buying used would defeat that purpose.

Cheers.

Ditto

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