First post, been lurking for a while. Trying to make the numbers work to pull the trigger on a P85d!
Anyway, been looking at TCO for a P85d over four years and eight years (I keep cars for a good while, but also not sure I'd keep a Tesla for eight years - would probably need to upgrade!) Then I started crunching numbers on the guaranteed value.
First let's start with our fixed variables -
P85d with the options I want comes in at $120,670. Federal rebate is $7500. Sales tax is 6%. I drive approximately 9000 miles a year (Biz and pleasure). Electric rate is $.14kwh. For our purposes today, assume no down payment.
Now let's calculate a four year purchase. Let's ASSUME I can get the good credit union rate of .6% (I have outstanding credit, which apparently doesn't mean a lot with the credit union, but anyway. . .) Loan will be 60 months.
4 years of payments with interest ($2122.73) and include our $2500 deposit: $104,391
4 years of electric: $1,693
Tires: $1,100
Business mileage reimbursement: $6195
Fed tax credit: $7500
Trade/sell (Here's the big variable - I would HOPE to sell privately): $60,000 (This might be high, play with it if you like.)
Total cost of ownership over four years is $33,489; annualized it comes to $8,372; monthly is $697.
Now let's calculate a three year "purchase" with our guaranteed resale value from Tesla. I saw someone had a good rate of 2.8% over five years.
3 years of payments with interest ($2242.32) and include our $2500 deposit: $83,223.52
3 years of electric: $1,270
Tires: None?
Business mileage reimbursement: $4464
Fed tax credit: $7500
Guaranteed value: $56,880
Total cost of ownership over three years is $15,649; annualized it comes to $5216; monthly is $434.
Here's the thing - I don't think you'd get BETTER than 50% value selling privately in four years. Maybe you would, but I'd be surprised. Based on my situation and numbers, the better way to go is to turn the car in based on the guaranteed value and that's that. Where I do get burned is if I want to keep the car. I'll pay an additional $7200 in interest over five years between the 2.8% and .6%.
Last monkey wrench is if I keep three years a fixed variable, but stick with the credit union and sell the car privately after three years. Again - take a guess on the value, but. . .
3 years of payments with interest ($2122.20) and include our $2500 deposit: $78,899.20
3 years of electric: $1,270
Tires: None?
Business mileage reimbursement: $4464
Fed tax credit: $7500
Trade/sell value: $70,000
Total cost of ownership over three years is $-1794; annualized it comes to $-598; monthly is $-50.
So with all that said - my math HAS to be off. There's NO WAY I can make money on this car in the last scenario. I think $70k is a VERY fair private party number (If not low?) for a $120k sticker car with 30,000 miles on it. No?
Anyway, been looking at TCO for a P85d over four years and eight years (I keep cars for a good while, but also not sure I'd keep a Tesla for eight years - would probably need to upgrade!) Then I started crunching numbers on the guaranteed value.
First let's start with our fixed variables -
P85d with the options I want comes in at $120,670. Federal rebate is $7500. Sales tax is 6%. I drive approximately 9000 miles a year (Biz and pleasure). Electric rate is $.14kwh. For our purposes today, assume no down payment.
Now let's calculate a four year purchase. Let's ASSUME I can get the good credit union rate of .6% (I have outstanding credit, which apparently doesn't mean a lot with the credit union, but anyway. . .) Loan will be 60 months.
4 years of payments with interest ($2122.73) and include our $2500 deposit: $104,391
4 years of electric: $1,693
Tires: $1,100
Business mileage reimbursement: $6195
Fed tax credit: $7500
Trade/sell (Here's the big variable - I would HOPE to sell privately): $60,000 (This might be high, play with it if you like.)
Total cost of ownership over four years is $33,489; annualized it comes to $8,372; monthly is $697.
Now let's calculate a three year "purchase" with our guaranteed resale value from Tesla. I saw someone had a good rate of 2.8% over five years.
3 years of payments with interest ($2242.32) and include our $2500 deposit: $83,223.52
3 years of electric: $1,270
Tires: None?
Business mileage reimbursement: $4464
Fed tax credit: $7500
Guaranteed value: $56,880
Total cost of ownership over three years is $15,649; annualized it comes to $5216; monthly is $434.
Here's the thing - I don't think you'd get BETTER than 50% value selling privately in four years. Maybe you would, but I'd be surprised. Based on my situation and numbers, the better way to go is to turn the car in based on the guaranteed value and that's that. Where I do get burned is if I want to keep the car. I'll pay an additional $7200 in interest over five years between the 2.8% and .6%.
Last monkey wrench is if I keep three years a fixed variable, but stick with the credit union and sell the car privately after three years. Again - take a guess on the value, but. . .
3 years of payments with interest ($2122.20) and include our $2500 deposit: $78,899.20
3 years of electric: $1,270
Tires: None?
Business mileage reimbursement: $4464
Fed tax credit: $7500
Trade/sell value: $70,000
Total cost of ownership over three years is $-1794; annualized it comes to $-598; monthly is $-50.
So with all that said - my math HAS to be off. There's NO WAY I can make money on this car in the last scenario. I think $70k is a VERY fair private party number (If not low?) for a $120k sticker car with 30,000 miles on it. No?