Upgraded My Model 3 to Model Y!

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GDN

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Well, looks like I’m now doing the opposite of upgrading. Selling the car to Carmax and not replacing it with anything. I work from home now and my wife is able to work from home any time I need the car so... might as well pay off some debt. Super bummed, but it’s the sensible thing to do.

Thank you for the help guys, it’s appreciated. Looking forward to re-joining the Tesla family soon!
Not a bad thing at all. We should have done this 10 months ago. It is actually kind of sad how few miles we've put on the two cars. The 10 months of payments would have saved nicely toward the next car. I checked around a little, but didn't want to take the hit back then. In the long run 10 months without that second payment would have put me ahead of the depreciation on the car.
 
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IPv6Freely

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Not a bad thing at all. We should have done this 10 months ago. It is actually kind of sad how few miles we've put on the two cars. The 10 months of payments would have saved nicely toward the next car. I checked around a little, but didn't want to take the hit back then. In the long run 10 months without that second payment would have put me ahead of the depreciation on the car.
Yeah for sure, if only I'd known! My wife has been driving the Tesla to work to save gas and miles on her leased Volvo, but yeah at least one of the two cars has been sitting in the garage pretty much every single day since the initial shutdowns. Still, being a responsible adult sucks sometimes!
 
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FRC

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Well, looks like I’m now doing the opposite of upgrading. Selling the car to Carmax and not replacing it with anything. I work from home now and my wife is able to work from home any time I need the car so... might as well pay off some debt. Super bummed, but it’s the sensible thing to do.

Thank you for the help guys, it’s appreciated. Looking forward to re-joining the Tesla family soon!
So now you have to drag your goalie gear behind you to the rink, like you did when you were a kid?
 
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IPv6Freely

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So now you have to drag your goalie gear behind you to the rink, like you did when you were a kid?
Haha nahh... just gotta stuff it in the back of the wife's Volvo V60 which is what I've been doing the entire time. I've actually never had a car that the bag fit in so I've always had to use hers!
 

JasonF

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The minimum amount due at signing is $5149.57, which includes my negative equity on the trade-in, and works out to $879.15/mo for 36mo/12k mile lease... so I'll save about $10/mo compared to what I pay now on my financed Model 3.

I looked into trading my 3 in on a lease once, and that's the one thing that turned me off from it - the somewhere over $3000 due at signing. You never get that back. At least with a financed car, the same rules apply (the more you put in, the lower the payment is) but you get something back at the end. Yes, I know in the long run it costs more because of interest. I'm talking purely about what you have toward a trade-in at the end.
 

JCE

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I have never leased anything before-what is the advantage of this other that monthly cost? Just wondering.
 

JasonF

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I have never leased anything before-what is the advantage of this other that monthly cost? Just wondering.

If you're someone who always wants a newer car, or doesn't want to deal with long term maintenance, leases are great for that. You can essentially "rent" the car for 3 years, and then get a new one, and basically only pay for depreciation.
 

FRC

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I have never leased anything before-what is the advantage of this other that monthly cost? Just wondering.
To me it's very similar to renting vs, owning your home. Cheaper on the front end, but no benefit at end of lease. Leases are well suited for those that don't keep a car for long, and those who can deduct 100% of their lease payments.
 
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Bigriver

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I have never leased anything before-what is the advantage of this other that monthly cost? Just wondering.
A very fiscally conservative friend of mine always leases one of his cars and buys the other. There were 2 prongs to the main reasons to lease: to always be rotating one of the household cars to having the latest technology. The second item is a little harder for me to find the right words, but it basically removes the risk of perhaps getting a lemon of a car, or if the car is in an accident, you don’t have the liability of a lower resale value as the residual value is already predetermined. (Yes, the car has to get fixed, but “previously repaired” is never a good label on a used car.)

Three years ago I did my first lease, largely driven by the latter point, as the car was going to be one that younger family members and friends used. I also didn’t feel like I could see beyond 3 years to know what would be needed. Weirdly, here I am at 3 years and still can’t see the future well. Anyway, I just bought it out because it has insanely low mileage on it and I could turn around and sell it to Carmax for more than the buy out costs (and I’m still waiting on a Tesla quote because I’m just curious what it would be.) And then there could always be a private car sale that should net even more. Or maybe we will keep it as it still has an occasional purpose.

It is probably my one and only experience with leasing. I estimate it cost me about $2k more than if I had just bought it in the first place (not comparing it to financing and not factoring in the time value of how I might have had that money invested the past 3 years). It did give me some mental flexibility for awhile, although fundamentally I develop an attachment to my cars and it was weird having this “visitor” in my garage.
 

IPv6Freely

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I think of it more as a side-step then an upgrade...
Its definitely an upgrade for me, for many reasons.

Anyway, it’s done... car is sold. I think this is the saddest car turn-in I’ve had in a LONG time. Talk about a whirlwind roller coaster ride over the last seven days...
 
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TrevP

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The sad part here is that Tesla leases on the 3/Y aren’t even open. To can’t buy them out ans you must return them. For some people that’s a turn off.

Also, I always hated that sinking feeling in the pit of my stomach when I had negative equity in a car when I went to trade in. I make sure I have lots of equity these days by putting down as much as I can when I buy so I never have to get that feeling again ugh.
 
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