Need help deciding which Tesla to sell

[Jazbo Jenkins]

Hello fellow Tesla Model Y owners, My wife and I are trying to get out of pickle of our own doing.

We have two Tesla I will call them Tesla 1 and Tesla 2 both are model Y's LR's, my wife and I are trying to figure out which one to sell. I need some advice. I will describe both and if someone could help us decide, we would really appreciate it.

Tesla 1 2022 Model Y Long Range white (free color at the time) with Black interior, 20" Induction wheels, tow package, 24,000 miles, we put PPF on the front and ceramic coated the whole car (5K in labor and products) APR 2.49% we owe 45,200 and have been paying on the car for 18 months KBB says value is between 35,700 and 41,100 (purchased for 68,000 in July 2022)

Tesla 2 2023 Model Y Long Range Grey (free color at the time) white interior, 20" Induction wheels, 8,000 miles, no ppf or ceramic. APR is 5.24% we've been paying on it for 5 months (it qualifies for the 7500 IRA tax rebate (which we have our tax appt on Feb 23) we owe 54, 200 and KBB says its value is between 40,500 and 45,500 (purchased for 56,399 in August 23)
The reason for the sale is that we just found a Rivian R1T at a price that we could not pass up (which is what we really wanted/needed for our lifestyle before buying Tesla #2) 5 months ago, and we purchased the rivian last week.

Please help, we really appreciate you all.

 

[mborkow]

Can you get out of the purchase or have you already taken possession of it? Even if that means losing some nominal deposit, that’s the option I’d elect. Then live with your current car situation (of which many people would be jealous).

 

[OrbiterTI4]

Instead of estimated KBB values, get an actual sale valuation from CarMax/Carvana/Vroom/etc. to understand the pricing floor you may be facing to help the decision process.

EDIT: Just learned Vroom went out of business yesterday.

 

[Unclepaul]

Rivian had a similar, but opposite pricing issue. When they first released it, they priced it far below their cost of production. Losing money on every vehicle sold, the quickly found it challenging to raise additional investor money. After they raised their prices, fewer people wanted to buy the trucks and sales growth suffered.

In the OP's case, perhaps the solution is for the person that most wants the Rivian to sell their car and take the financial loss.

When you purchase a vehicle, you take on the financial responsibility that comes along with it.

 

[ven7782]

we just found a Rivian R1T at a price that we could not pass up

How much did you get the Rivian for?

 

[mikez10288]

How much did you get the Rivian for?

More than what they have to spend, apparently.

 

[ven7782]

More than what they have to spend, apparently.

LOL, lets buy whatever we can and worry about the finances later.

 

[Mateo83]

LOL, lets buy whatever we can and worry about the finances later.

I was a big proponent for impulse buying and figuring it out when i was younger. But at some point you have learn from your mistakes right?

 

[Reid]

Free financial advice: don’t light your money on fire with PPF and ceramic on the Rivian.

 

[jay1122]

Hmm. $100K in car loan and the next decision is take a bloodbath in trade in and upgrade to a rivian. I just don't get it. I am not against spending money on things you want, but it just does not sound right to me. If you are wealthy enough to afford these things, you should be able to cash purchase and not be on $100K loan. But if you are not wealthy, why waste all those money on finances, early trade ins, useless PPF.

 

[mikez10288]

I was a big proponent for impulse buying and figuring it out when i was younger. But at some point you have learn from your mistakes right?

Impulse buying is one thing when you're talking about small electronics or some furniture but a 3rd vehicle while upside down on 2 others to the tune of 20 grand is another matter entirely.

 

[cbdream99]

If anything I invest makes 20% returns, then I will put most of my money on investment and borrow at low interest if needed, but unfortunately I am not that lucky and savvy ...

 

[jay1122]

If anything I invest makes 20% returns, then I will put most of my money on investment and borrow at low interest if needed, but unfortunately I am not that lucky and savvy ...

How do you guarantee 20% annual return. I heard only Ponzi scheme promise that return. Please tell me how. I really want to know.

 

[cbdream99]

How do you guarantee 20% annual return. I heard only Ponzi scheme promise that return. Please tell me how. I really want to know.

"If" answers it. It's rhetorical.