Folks who stretched: Will you do it again given another chance or regret buying Tesla

I am one of those people who would have really be stretching to get a Model S. I was on the reservation list, but canceled my reservation and leased a Volt when I eventually decided that the stretch was to much. I love my Volt, but every single time I hope into it I wish it was a Tesla. If I had to do it all over again, I would have purchased a stripped down 40 kWh Model S instead of the Volt, even if it would have been a major stretch. The Volt is a great car, but the transition from electric to gas on the ride home from work is a daily reminder that I should have made the stretch for a Tesla.

On the bright side. there are only 21 months left until I turn in the Volt and find a way to put a Model S in my garage.

Amit, some answers:

Then there are folks who typically don't spend more than 30K on a car.

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My previous max was $42k for an Acura TL. Not in Porsche, S Class etc. territory at all.

Some may have stretched to buy the car. Some may afford it but still would not have paid so much for a car which is a depreciating asset as it makes little financial sense.

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I fall somewhere in between.

Now that you have owned the car and have spent so much, how are you feeling? Is it worth it? Does financial reality (montly premium or getting behind by 100K) cause you to rethink your decision? Given a chance again, will you re-buy Tesla?

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Without a doubt, this is the best purchase that I've ever made in terms of discretionary spending of any kind. I'll do it all over again. In fact, I'm working on my wife to stretch (again) to swap her then-9-year-old Mini for a Tesla Gen III in 2017!

I have been struggling with this same question for a couple of months now. I stretched a lot when I got my car in January I absolutely love it, but have wondered if buying it was really a good idea.

Mostly because of 4 things:

1. My wife is no longer working
2. My wife is now in graduate school
3. I want a Nokia Lumia 1020
4. I want an XBox One

Basically I am down on income, up on expenses. And I had some unexpected expenses on top of that. So I went from stretched but fine. To stretched and concerned (but managing). And I still think my decision was acceptable.

I still come up on the 'glad I did it' side. But wonder, every now and then, what I could have done with all that money I am throwing into my loan every month.

You really need to think about if you are the person who would give up something for a car. I do that a few times a month. And I generally weigh on the side of the car. You also need to think how hard are you stretching yourself. When I bought the car I had no problems with the amount I was stretching. Now with more expenses, and less income I am very close (but not quite there) to the tipping point, where I would have rather waited. If I had to cut my cable, and couldn't eat lunch out. And had to cut back other places I wouldn't have done it. But giving up a fancy new phone, and an XBox; that I can handle.


tl;dr: I think about it. I am more squeezed than I anticipated. And I still am glad I bought the car.

Very rarely have I ever regretted doing something (and in those cases I was usually drinking at the time :biggrin: ) but many times I have regretted NOT doing something.

I definitely don't regret getting my S. Yes, the budget is tight but the shear joy I get from having my car makes it worth it.

For full disclosure, my last car was a Subaru Baja $20,000. And the Model S I bought was almost equal to my yearly income, but we are a two income family. We also, have cut costs in other areas. No cable/dish, changed mobile phone plans, eat out less, etc).

A stretch for me, would do it all over again.
Its math, nothing more nothing less. You either can or you can't imo.

If you can, you should.

No regrets... for now. My family is on the frugal end with respect to car spending. $27K Honda Odyssey is highest we've spent on a single car before Model S. Got our S85 used so didn't have to stretch our car spending comfort zone as far as brand new. But obviously well above $27K

I say for now because the car is under warranty and warranty repairs are free... Some bugs are getting worked out for a new car design by a new car company as well... again... all for free for now.

Curious what the repair cost will be once past warranty. There are plenty of electrical actuators and electronic subsystems... What would be the out of pocket repair cost? As a data point, our Model S was purchased used and didn't come with tech package. Tesla quoted $6500 for turn by turn NAV and require swapping out the display unit above the steering column for one that supports NAV. So I'd imagine that is the display unit replacement price if it ever fails.

If post warranty repair failure rates and costs are high... then either one accept the premium maintenance cost typical of a premium car (like most Euro cars) or may have regrets due to mounting repair bills. I've maintained a few Euro cars at around 100k miles... Very expensive unless you can DIY and is the reason the Euro cars depreciate so much at higher miles.

So for me, definitely no regret on the front end... Car is fun to drive, luxurious, makes the ECO statement, and economical to operate in terms of energy cost. Whether there are regrets on the backend for me will depend on reliability and repair costs. Might not be too much DIY resources (repair manuals, diag+special tools, parts etc...) to do lower DIY maintaining this car... we'll see.

Its wife's daily driver... her only regret is wishing it had tech package for the following

1) integrated turn by turn NAV. Used one in a P85 loaner... integrated really really well with google maps capability (google maps search -> call via bluetooth or turn by turn NAV)
2) automatic rear hatch for loading/unloading kids back packs while shuttling them around. She won't let the backpacks in the backseat to avoid scratching up the leather. Kids pack packs have some sharp metal stuff on it these days such as carabiners. So the rear hatch gets opened/closed a lot.

I was one who mentally stretched for this. My car before this was a $7.5k rebuilder (that I rebuilt myself). I had A BUNCH of regrets the first and second month of ownership. Frankly, I don't like buying things new. I like to buy used and do DIY auto repair. But 5.5 months of ownership and 13.5k miles later, I'm happy as a peach with no regrets. I made such a large downpayment, that I don't even notice the monthly payment after gas savings. I would completely do it over again and most likely plan to when Model X comes out (although I may wait for a used market to pop up for that). I am DEFINITELY not rich, so it's just about saving and planning. It's one of the only high end cars that gets CHEAPER the more you drive it. There is a point that the car can completely pay for itself in gas savings. Boo yah!!

I still pinch myself every time I drive the Tesla, does it ever make financial sense to buy a car, NO. Like in a previous thread your financial advisor will tell you not to spend that kind of money unless you are set for life or just have tons of money. My wife and I are retired, so our age is a big factor in what we spend our money on. We both are car people and have has some nice cars, mostly used until the last 15 years. We will not cut back on our life style because we purchased a $100,000 car, but we are in the stage of our lives that waiting is not a choice. I retired early because to many people I know worked to retire then died shortly there after. I do not have anyone that I wish to leave our estate to, so I'm going to spend it. I was in the automotive field and love cars, and given the environmental part of the decision the Model S makes sense. Having said that, it is an amazing vehicle and would buy another in a heart beat. Waiting for the pick-up. I worked very hard since I was 15 and now want to enjoy the rest of my time on the planet.

Merrill said:

many people I know worked to retire then died shortly there after.

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Yes. I know several that fit in that category. I think once they retire they just shut down because they are no longer busy eight plus hours per day.

On topic: I stretched to get the Model S. Don't regret it for an instant. However, I'm sure glad I got it before all the price increases. Had I waited I probably wouldn't have gotten it as I would have had to get a stripped down version (I like my toys).

jerry33 said:

On topic: I stretched to get the Model S. Don't regret it for an instant. However, I'm sure glad I got it before all the price increases. Had I waited I probably wouldn't have gotten it as I would have had to get a stripped down version (I like my toys).

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Good point. I wonder how many folks riding the thin line are opting out now because of the price increases.

At the time I made my reservation back in April of 2010 the car was a big stretch for me. Most I had ever spent on a car was $33,000 for a Prius. Have absolutely zero regrets about stretching for the Model S. My wife is the primary driver of our S and she absolutely loves it! Knowing what I know now about the car and the company, I would have even less angst and anxiety about the decision than I did when making it way back when. I even stretched and put more money down for a Sig reservation than I had ever paid for anything, other than the down payment for my house!

Also I had zero regrets or hesitation about putting money down on a Model X and that will probably end up being even more than than our Model S.

I might be an anomaly...

Our previous, and most expensive car by a factor of 2x, was bought five years earlier for $17k. I could not then, and almost not now, fathom spending six figures on a car...
I'm not rich, not a millionaire, but I suppose you could call me wealthy. I was able to buy it without financing. If I would have had to finance, I probably wouldn't have bought it.
I got in early, before price increases, and didn't have to leave any option on the table that I really wanted.

No regrets. I don't miss the stock that paid for the car as much as we enjoy the car today. It's been just over a year, 17k miles and a couple of very enjoyable roadtrips. I intend to drive it every day and get every last dime's worth out it.

The enjoyment factor of the Model S has not dwindled at all in 13 months and 9,000+ miles ....

Ask me in 20 years when I want to retire and am missing that $100k plus interest in my account!

I love my car. I emptied my savings to buy it cash, because I don't believe in financing luxuries. My practical side does regret it sometimes, but I am still happy I got it.

I'm not wealthy, but I make a decent salary and live just below my means (I still live in the tiny house we bought when my salary was less than a fifth of what it is today). We also eat nearly all meals at home. This is how I afford my car habit! But up until now, $42k was the most I had spent on a car. This was a definite stretch, at least mentally. And of course that money could have gone into my retirement savings. But, I do not regret my purchase at all. Total cost of ownership isn't as high as that purchase price, and deduct that tax credit, and my employer's $3k reimbursement and for me it is becoming no worse than any of my other new car purchases. Just way more awesome.

Next month I will pay off the portion I financed, thanks to finally selling my former ICE. I can't see driving anything but my Model S for a very long time now. No regrets at all.

I feel like the Fit is gonna hit the Shan in a few years and the dollar will collapse. The money you worked hard to save in the bank will either rapidly dwindle in buying power, be swallowed up by the systemic collapse of "too big to fail institutions" backed by a joke of the FDIC, or be physically (or better yet virtually because most of your wealth is just a number on a computer screen) RAIDED by despicable politicians perpetrating class warfare propaganda.

As a silver lining those of you (and hopefully me soon) who spend the money and get solar panels to charge the car will be elated once the price of energy and oil skyrockets. Losing the luxury of having the world's reserve reserve currency means no more OPEC manipulated special USSA police state prices for crude.
I have opted to SPEND all my savings on stuff that either will make me happy, or keep me alive. The Telsa makes me happy. The End.

Gold, Silver, Brass, and Lead... and you better have the roof over head paid for- or you'll be starving in the street. Start the garden. Food=Money after the corporate world bankers are done with their raid. Buying power of the dollar has lost 95+% since the inception of the most vile institution of the face of the planet, the Federal Reserve.

/end rant. :wink:

Thread tip of the day:

Doomsday Preppers?

SwedishAdvocate said:

Thread tip of the day:

Doomsday Preppers?

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Thanks. Haven't seen that thread yet- but yes Doomsday Preppers is one of the few shows I watch on the idiot box. I sometimes get some good ideas from there.. other times a good laugh

amitb00 said:

My order will finalize this week and I am staring at 96K car

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Amit, it's worth remembering that your monthly cash flow could improve with the Model S, depending on what sort of car it's replacing. In my case, it was a 2002 Audi S6—a car worth only about $12K but costing $300/month in fuel. The Model S is saving me $225/month.

I would never have spent this much for a gas powered sedan, but the Model S could save me $20,000 in fuel cost during its lifetime. That's real money.