Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Thinking of buying a Tesla Model S. Someone talk me out of it!
Old 07-25-2017, 08:24 AM   #1
Dryer sheet wannabe
 
Join Date: Jun 2017
Posts: 16
Thinking of buying a Tesla Model S. Someone talk me out of it!

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?
NJ_Native is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 07-25-2017, 08:32 AM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2005
Location: Northern IL
Posts: 23,297
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
ERD50 is online now   Reply With Quote
Thinking of buying a Tesla Model S. Someone talk me out of it!
Old 07-25-2017, 08:37 AM   #3
Thinks s/he gets paid by the post
 
Join Date: Oct 2009
Posts: 1,154
Thinking of buying a Tesla Model S. Someone talk me out of it!

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...
LARS is offline   Reply With Quote
Old 07-25-2017, 08:41 AM   #4
Full time employment: Posting here.
 
Join Date: Oct 2006
Posts: 682
"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.
__________________
***********
My motto is.... "a dollar saved is better than a dollar earned. I don't pay tax on the dollar I saved."
Tom52 is offline   Reply With Quote
Old 07-25-2017, 09:12 AM   #5
Thinks s/he gets paid by the post
 
Join Date: Mar 2017
Location: New York City
Posts: 2,838
If you do buy it, Ill throw in some good luck change.
__________________
Withdrawal Rate currently zero, Pension 137 % of our spending, Wasted 5 years of my prime working extra for a safe withdrawal rate. I can live like a King for a year, or a Prince for the rest of my life. I will stay on topic, I will stay on topic, I will stay on topic
Blue Collar Guy is offline   Reply With Quote
Old 07-25-2017, 09:21 AM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Nemo2's Avatar
 
Join Date: May 2011
Posts: 8,368
Quote:
Originally Posted by Blue Collar Guy View Post
If you do buy it, Ill throw in some good luck change.
And a few extra coins for his DeLorean?
__________________
"Exit, pursued by a bear."

The Winter's Tale, William Shakespeare
Nemo2 is offline   Reply With Quote
Old 07-25-2017, 09:24 AM   #7
Moderator Emeritus
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 45,112
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.
__________________
Happily retired since 2009, at age 61.
W2R is online now   Reply With Quote
Old 07-25-2017, 09:35 AM   #8
Thinks s/he gets paid by the post
 
Join Date: Jun 2017
Location: Western NC
Posts: 2,717
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.
ncbill is online now   Reply With Quote
Old 07-25-2017, 09:40 AM   #9
Moderator
Aerides's Avatar
 
Join Date: Nov 2015
Posts: 8,533
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.
Aerides is offline   Reply With Quote
Old 07-25-2017, 09:53 AM   #10
Full time employment: Posting here.
Whisper66's Avatar
 
Join Date: Apr 2014
Location: Houston
Posts: 874
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/foru...a-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.
Whisper66 is online now   Reply With Quote
Old 07-25-2017, 10:39 AM   #11
Recycles dryer sheets
 
Join Date: May 2017
Posts: 85
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.
ndnguy822000 is offline   Reply With Quote
Old 07-25-2017, 10:52 AM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Chuckanut's Avatar
 
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 12,422
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

Quote:
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.
__________________
The worst decisions are usually made in times of anger and impatience.
Chuckanut is offline   Reply With Quote
Old 07-26-2017, 01:04 PM   #13
gone traveling
 
Join Date: Nov 2011
Location: The Deep South Bay
Posts: 744
Buy a sweet 60k car and use the 40k saved for gas
97guns is offline   Reply With Quote
Old 07-26-2017, 06:00 PM   #14
Recycles dryer sheets
 
Join Date: Nov 2013
Posts: 453
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.
jabbahop is online now   Reply With Quote
Old 07-26-2017, 06:23 PM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
OldShooter's Avatar
 
Join Date: Mar 2017
Location: City
Posts: 6,814
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.
OldShooter is offline   Reply With Quote
Old 07-26-2017, 07:31 PM   #16
Recycles dryer sheets
 
Join Date: Feb 2017
Location: California
Posts: 62
Go for it, DH ordered a new one yesterday. Now the wait...
Sunnymar is offline   Reply With Quote
Old 07-26-2017, 08:14 PM   #17
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 29,535
Quote:
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.
__________________
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
NW-Bound is online now   Reply With Quote
Old 07-27-2017, 08:51 AM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
ls99's Avatar
 
Join Date: May 2008
Posts: 5,704
I'd say go buy it.

The fewer people buying gas should make it cheaper for the rest of us with gas guzzlers.
__________________
There must be moderation in everything, including moderation.
ls99 is offline   Reply With Quote
Old 07-27-2017, 09:07 AM   #19
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: NC
Posts: 16,973
Quote:
Originally Posted by NJ_Native View Post
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?

Quote:
Originally Posted by wiki
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?
__________________
Life is a banquet at which most people starve.
Retired Jun 2011 at age 57

Target AA: 50% equity funds / 30% bond funds / 20% cash
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is online now   Reply With Quote
Old 07-27-2017, 09:32 AM   #20
Thinks s/he gets paid by the post
Sojourner's Avatar
 
Join Date: Jan 2012
Posts: 1,527
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.
Sojourner is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Tesla Model 3 Ready Life after FIRE 31 04-03-2016 07:32 PM
Someone talk me out of buying a Nexus 7 2013 modhatter Other topics 53 11-08-2013 04:19 PM
Please talk me out of buying a new car! Meadbh FIRE and Money 65 10-03-2008 10:09 AM
Talk me out of buying another 'fun' car!!! thefed Other topics 30 09-15-2007 04:47 PM

» Quick Links

 
All times are GMT -6. The time now is 12:12 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.