Thinking of buying a Tesla Model S. Someone talk me out of it!

[NJ_Native]

I have been looking at the Model S, for years. I will be FIRE at the end of this year. I was thinking of buying a used / demo Model S. My logic was travelling in the car (essentially cost free) would be appealing. Driving across country on the supercharger network... Seeing US tourist sites... Visiting friends/families in other states... Etc.

Also, buying soon gets you free supercharging for life vs cost per charge.

The biggest turn-off would be having upwards of $75-100K tied into a depreciating asset. However, I also am thinking, "can't take it with me" (only live once).

The unknown would be my overseas travel schedule. Hate to buy a $100K car and ultimately spend majority of my retirement years overseas.

Any thoughts? Anyone else buy one?

 

[ERD50]

If you can restrict your travel and time to the range and/or supercharger networks, and can afford it, why not buy it?

If you need to let it sit, make sure the battery can be kept with some charge on it. There were some stories (extreme cases, but...) of the car/battery getting 'bricked' when the owner allowed the battery to get below a certain point (he shares a lot of the blame for ignoring or not being set up to receive warnings, but it is something to consider).

-ERD50

 

[LARS]

Before I bought a Tesla, especially one I was thinking of touring the back roads of the beautiful US landscape with, I would do an awful lot of homework on "range" and real world in remote location charging time.

Having driven all over this great Nation, I can think of nothing more nerve wracking than being halfway through the Beartooth Highway or Million Dollar Highway and wondering if I can coast down the backside of a mountain to get a charge!

EDIT: I should add we have a BMW X5d (diesel), which on the highway has a range of 700 miles! That allows for a whole lot of wandering between refills...

 

[Tom52]

"Someone talk me out of it!" O.K., since you asked, Don't buy it! There are just as many reasons not to buy it as there are to buy it, so I say go with your gut.

 

[Blue Collar Guy]

If you do buy it, Ill throw in some good luck change.

 

[Nemo2]

If you do buy it, Ill throw in some good luck change.

And a few extra coins for his DeLorean?

 

[W2R]

Part of my retirement plan was to start out with a new car (not a Tesla), and I set money aside for it. I didn't want to buy it before retirement, because I was afraid it would get "dinged" in the parking lot where I worked. Then after I retired, I waited about 2-3 months until I started getting regular pension payments and had adjusted to retired life. It was fun to buy a new car in a leisurely way at that time.

So, I'd say "get it!". But I'd also suggest waiting until you have had time to adjust to retirement, first.

 

[ncbill]

Just think of it as another luxury item..like a German-engineered luxury sedan/SUV, RV, etc.

With the above it's normally better to rent than buy.

 

[Aerides]

Have you driven it yet? If you have, and still think you can be talked out of it, then don't.

If you have, and love it, and the $$$ doesn't dent your ER, go for it.

 

[Whisper66]

If you are really looking for someone to talk you out of it.... see recent discussion on "Why Not Drive a Tesla?"
http://www.early-retirement.org/forums/f27/why-not-drive-a-tesla-87278-5.html

If on the other hand, buying one really excites you and you can afford it, I'd say go for it. Just make sure you have an authorized maintenance shop near you to handle the quality issues owners are reporting (search for youtube videos on these if really concerned with them). And get comfortable with having to plan your travel differently than with a gas fueled car. Then have fun and enjoy it.

 

[ndnguy822000]

Don't buy it , there are other cars you could get that are hybrid especially since you want to travel. Range anxiety is a real issue, also batteries only get older and range will go down significantly whereas a hybrid can compensate for that with the engine/generator.

 

[Chuckanut]

Alas, Consumer Reports just boosted their rating of the Model S now that the automatic emergency braking works up to 90 mph.

I know of a fellow who bought a used Model S drove it cross country several times paying nothing for fuel and finally sold it for close to what he paid for it. He had a great time fulfilling a fantasy of he and his wife motoring about the country. Of course, he had to stick to routes that had Superchargers, but they loved it!

OTOH, if you like traveling long distances on smaller roads with no SuperChargers in sight, then I would consider a hybrid instead. My Hybrid has a range of about 600 miles under 'normal' driving conditions.

Tesla Model S Tops Consumer Reports' Ratings After Getting Key Safety Feature - Consumer Reports

The Tesla Model S is again Consumer Reports' top-rated ultra-luxury sedan after the automaker updated its software to include automatic emergency braking at highway speeds.

 

[97guns]

Buy a sweet 60k car and use the 40k saved for gas

 

[jabbahop]

We have had our used model s for a month. Love it but we have had two other EV's since 2012 so we have already drunk the koolaid. Lots of cheaper used car ways to move around but we like it.

 

[OldShooter]

It makes no economic or net environmental sense, but as long as you aren't relying on those arguments then is it no different than any other "want but don't need" purchase. We are presently planning a January trip to Indochina that will cost north of $15k. Want but not need.

 

[Sunnymar]

Go for it, DH ordered a new one yesterday. Now the wait...

 

[NW-Bound]

Thinking of buying a Tesla Model S. Someone talk me out of it!

I have been looking at the Model S, for years...

I don't care about any stinkin' car, Tesla or Maserati or Ferrari. But seeing that you have been oglin' one for that long, I say "go for it".

If you were diagnosed with a terminal disease, would you regret not having taken the jump earlier to have more time doing what you liked? If it is that important to you, and it is not unethical, immoral, or illegal, and you can afford it, then do it.

Yes, life is short, and you cannot take it with you.

 

[ls99]

I'd say go buy it.

The fewer people buying gas should make it cheaper for the rest of us with gas guzzlers.

 

[Midpack]

I have been looking at the Model S, for years. I will be FIRE at the end of this year. I was thinking of buying a used / demo Model S. My logic was travelling in the car (essentially cost free) would be appealing. Driving across country on the supercharger network... Seeing US tourist sites... Visiting friends/families in other states... Etc.

Also, buying soon gets you free supercharging for life vs cost per charge.

I won't try to talk you in or out of it, but how would it be "free?" I assume you're talking "fuel" costs. At home you still have electric utility costs, so I also assume you're talking about using nearby superchargers exclusively for free? Seems like that would get old really fast? How long does it take to charge even with the newest/best superchargers?

Tesla supercharging stations charge with up to 145 kW of power distributed between two adjacent cars, with a maximum of 120 kW per car. That is up to 16 times as fast as public charging stations; they take about 20 minutes to charge to 50%, 40 minutes to charge to 80%, and 75 minutes to 100%. The charging stations provide high-power direct-current (DC) charging power directly to the battery, bypassing the internal charging power supply. The next version of Supercharging is expected to charge with more than 350 kW.

I take it the newer ones are faster, but still 30 minutes?

 

[Sojourner]

Looking back at some of your previous posts, I have to say I would advise you not to buy a nearly $100k car. You are very young (early 40s), have two small children, and have less than $2 million NW. I believe you mentioned in one of your posts that your WR will be (or is) something like 3.3%. Does this include the purchase of the Model S?

Before giving any more thought to such a large, extravagant purchase, I would suggest looking very carefully at your FIRE budget and making sure that it includes this $100k outlay and all related costs, and that FIRECalc still gives you a comfortable success rate for your potential 50+ year retirement horizon. Personally, I wouldn't be comfortable spending 5% of my NW on a depreciating luxury automobile.

 

[Senator]

An electric car has a lot of hidden expenses. Just to charge the battery is a bit expensive, unless you can use a charging station away from home.

It may cost ~$5 to charge the battery at home, for only 100 or less miles.

Be sure to figure total cost, not just the "no gas" price.

 

[ocean view]

An electric car has a lot of hidden expenses. Just to charge the battery is a bit expensive, unless you can use a charging station away from home.

It may cost ~$5 to charge the battery at home, for only 100 or less miles.

Be sure to figure total cost, not just the "no gas" price.

Can I ask where you get your data? $5 for an at home charge? I've driven a Nissan Leaf for 5 years. I have a home charger. If I need to charge the battery from "empty" it MIGHT cost 50 cents. I have time of use rates from my utility and charge overnight for cheap. Even if I have to charge at peak rates it would never approach $5.

As for other "hidden expenses" other than electricity...those would be tire rotation, windshield wipers, an occasional car wash and the annual battery check required to maintain the warranty ($50/year after yr 3). I'm not sure other 100% electric cars would be significantly different.

Edit: Upon further thought, 50 cents per full charge is understated, $1-2 is probably more reasonable, however compared to a gallon of gas, this is still a bargain. But putting the cost of fuel differences aside, I am still curious what the other hidden expenses are that Senator mentions in his post. My maintenance costs are really next to nothing.

 

[freedomatlast]

An electric car has a lot of hidden expenses. Just to charge the battery is a bit expensive, unless you can use a charging station away from home.

It may cost ~$5 to charge the battery at home, for only 100 or less miles.

Be sure to figure total cost, not just the "no gas" price.

An acquaintance bought a used Nissan Leaf and uses it 5 days a week to go to work with a round trip of 55 miles and on the weekends to run errands. His electric bill went from about $100/mo to $160/mo after the Leaf purchase. I'm not sure how this compares to what it will cost to charge the Tesla or what the Leaf owner's rate is for electricity.

 

[nash031]

An acquaintance bought a used Nissan Leaf and uses it 5 days a week to go to work with a round trip of 55 miles and on the weekends to run errands. His electric bill went from about $100/mo to $160/mo after the Leaf purchase. I'm not sure how this compares to what it will cost to charge the Tesla or what the Leaf owner's rate is for electricity.

$60/mo is still markedly cheaper than fuel, at least here in CA. That'd be a reduction of 75% fuel cost for me, probably more for a person with a 55mi round trip. Granted, it's a leaf vs a sedan with 25 mpg, but...

Teslas also manage charging power usage very efficiently. An older used Leaf would have an older battery, require more frequent and more lengthy (relatively speaking) charging than a new Model S, FWIW.

All that said, I agree that assuming fuel cost to be "essentially free" is an exercise in kidding yourself.

 

[Maenad]

I take it the newer ones are faster, but still 30 minutes?

I've been saying for years that the chargers need to be next door to restaurants. Plug the car in, go get dinner. If the chargers are at major rest stops this shouldn't be difficult.