Best Route for Young Driver looking to Buy Tesla Model 3 (UK)

Merl

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Jun 20, 2019
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Newcastle
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#1
Hey!

I'm 18 and have always been a big electric car enthusiest, I've only just passed my Test in April 2019 and am Currently just driving a Little Renault Clio 1.2 Extreme as a run around. Now, of course right now It's very unlikely I can insure a Tesla Model 3 if I bought one, however I plan to within the next few years. I'm just trying to see other peoples experiences with Buying Teslas (Model 3 in particular) and How they insure them, etc.

Any advice would be fab too, Maybe like when you'd recommend buying one? Who I should go for insurance with? Monthly or Out-right pay for the car, fitting the power charger in my home etc.

Best,
Tom
 

Lovesword

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Sep 12, 2017
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Iowa
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#3
Congrats on the April drivers license! I think that as younger people like yourself start getting to the "I want to buy a car" age, more and more are going to go with EVs and that is exciting to me! It's a seemingly impossible task to try and convince people my age that an EV is the way to go... I still get stupid questions like "can you drive that in the rain without getting electrocuted?" I tell them "no, I die every time. It sucks."
The younger generation around the world are all going to want EVs! And what better EV than a Tesla? Ok, so I'm admittedly a bit biased ... but aside from all the "fanboy-ing" I do, they really are great cars!

When the Model 3 was announced in March 2016, I put down the deposit ($1000 at that time) and begun to put some money away each paycheck to build up a good down payment. It was a little difficult because I didn't know how many months I would have to wait. The car could have been delayed, for example. For you, I would suggest picking a target date in the future, and an amount you feel you can comfortably save aside each month or paycheck for a down payment*, then doing some math and seeing how the figures look. It might be that you'll need to adjust this a bit through trial and error... maybe you start too low and realize you can do a little more saving... maybe you do too much at first and find yourself not going out to dinner with friends just to save a few bucks.
Find a balance there so that you are saving and also still enjoying your life! Trust me, we only get older... so enjoy your youth! Also trust me, Tesla will be there and ready to take your hard earned money in order to give you the car of your dreams!

*this amount you're saving for a down payment should be aside from any other saving you're doing already for your future/rainy day/education/etc.

Also, since you mentioned "next few years" and I've kind of talked about that too, you never know what will happen in that time. It's entirely possible there will be a good deal of used Tesla vehicles at a decent price range that catch your eye. Or, heck, even a competitors EV (still waiting to see even one that lives up to Tesla in every way but you never know). Shoot, I play the lotto when it gets stupid high, just a few bucks... and though my odds of actually getting electrocuted in my car as it rains are likely better than me winning the lotto, it could happen! So maybe you win the lotto... buy yourself a 2020 Roadster!!!! :)

Hope this is helpful.

EDIT: Also, welcome to the forum! Missed that this was your first post at first.
 

FRC

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Aug 3, 2018
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Athens, Ga
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#4
Just a little input about used Teslas in a few years. My wife's 7 year old, $40,000 US, Lexus now has 180K miles and is worth about $3,500US. Imagine 5 or 6 years from now how many used Model3's will be on the market with 100-150K miles at very reasonable prices. Elon says these motors and batteries should last 300-500K miles and most of the world is still going to believe that 150K miles is a used up vehicle. I think if you follow the sage advice of @Lovesword above, and save a bit, you'll be able to pick up a steal of a car in just a few years!
 

Ed Woodrick

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May 25, 2018
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Atlanta, GA
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#5
Now is not the time in life to buy an expensive car. There are many other EVs that are significantly cheaper. You are about to approach a time when your net worth is going to go negative. Stay cheap until you have finished education, got a job, and are contributing to retirement fund.

The additional debt burden isn't worth it.
 

Frully

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Aug 30, 2018
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771
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Calgary, AB. Canada
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Model 3
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#6
Now is not the time in life to buy an expensive car. There are many other EVs that are significantly cheaper. You are about to approach a time when your net worth is going to go negative. Stay cheap until you have finished education, got a job, and are contributing to retirement fund.

The additional debt burden isn't worth it.
As much as I hate to agree, delaying the sale of a tesla...I agree. An affordable new car is a terrible investment at any age. A new, expensive car for a young person is asking for financial ruin unless it's paid for the bank-of-dad(tm)...or you're a drug dealer ;)

Also...welcome to the forum. If we can fix you up with some advice we will certainly try.