Why my next car will be a Tesla

I recently decided to make the move from leasing to buying, as a result of the large amount of miles I put on annually. As I began the journey of research and pricing, the following 3 things are the most important to my buying decision: Comfort, upkeep and resale value.I definitely plan on reselling my car within the next 4 years which is why I would generally recommend buying slightly used, but that's another conversation.

So thus the process began. I personally like the higher-up-feel, so an SUV is my go to vehicle of choice. I rented a GMC Yukon for a month (thank you Amex / Hertz promotion). After about one week I realized I was getting around 12 miles a gallon. I quickly calculated and realized I would be paying roughly $700 a month minimum in gasoline. The comfort was okay, but the gas was really hurting me. Additionally I ran some research, upkeep can be quite costly.

That brings me to last Thursday. I randomly passed a Tesla dealership and was intrigued, especially being fed up with the cost of gas. I eagerly test drove the Tesla Model X and instantly fell in love with it. According to my projections I will be paying a mere $15 monthly for electricity. Furthermore, although there is no real data on resale value, predictions are showing that there should be a tremendous return considering that it is a battery operated car. After running both prices next to each other I would be saving $200 month by buying the much more expensive car. Sounds like a no-brainer to me.

Will I end up buying it though? I don't know. It's expensive and a lot more than I ever thought I can afford. However I'm betting I can recoup a large portion down the line, which is why I would consider it in the first place.

Would love to hear your thoughts below!

23 Responses to Why my next car will be a Tesla

  • Dave Samson

    thats your problem !!!

  • Lynn

    I haven't researched Tesla, I'm sorry to say, despite having lived in Portland, OR for a considerable time. But I think that it is an investment car on several levels.
    1. Environmental Policy
    2. Manufacturing paradym shift
    3. Leadership
    4. Retooling

  • Lynn

    I haven't researched Tesla, I'm sorry to say, despite having lived in Portland, OR for a considerable time. But I think that early Tesla ownership is an investment that carries a responsibility on several levels to which an owner's voice could have influence at various policy tables.
    1. Environmental Policy
    2. Manufacturing paradym shift
    3. End user retooling
    4. Leadership
    5. Safety
    6. Other

  • Steve

    I agree with you that the electric car is the way of the future and like the idea of being free from the rise and fall of fuel prices. The two things that concerns me at this, still infant stage of electric vehicles, are the expected life cycle of the battery and the expense of replacing it. Obviously, resale as a used car will have some kind of valuation or devaluation as per the age of the battery.

  • Karen
    Karen on March 28, 2017 at 3:39 pm said:

    Hi Jacki - I thought Tesla was supposed to be coming out with more reasonably priced cars towards the end of 2017. I thought starting in the $35,000 range and up. Right now I am leasing a CLA250 and get pretty good gas mileage with AWD (although it is only a 4 cylinder but I love it).

  • Edward L Newhous
    Edward L Newhous on March 29, 2017 at 1:39 pm said:

    I was leasing a Kia Optima. I liked it, but the lease was over. Before the lease was over I put down $1k on a Tesla Model 3. Sure it will get to me by the end of 2018. So what was I going to do in the interim? Including myself we are a 3 car family. I typically buy used cars with ~30K miles on them. The car has been through 3 years of rigor so you know the models track record, not to mention about 40% off the original sticker price and with tools like CarFax you can reasonably get the individual car's history to know if it was in a major accident and it has gotten scheduled maintenance. So what did i do until my Model 3 shows up? I went for the middle! I bought a Chev certified 2014 Chev Volt for 17K and put in a 220V charging station in my house. It is perfect for my needs and trips everyday, the daily train, the gym the supermarket. Since the Volt is a plug in hybrid, when fully charged it starts with 34 miles of electric then switches over to the gas engine. So far I'm getting 130 MPG driving about 1000 a month and only using 34 gallons of gas. Then when thy Tesla comes in, I'll be ready to plug into my house and the US charging network will be more fully developed. It costs me $1.50 in electric costs to get that 34 miles charge, then when using gas the gas engine gets about 34 mpg. So basically 3 out of every 4 miles is electric. I even get a nice discount on tolls and my registration in NY.

  • Edward
    Edward on March 29, 2017 at 3:52 pm said:

    I put a lengthy comment here and I'm seeing no comments including the one I posted. Do you not post comments? Like these are for you?

  • Phil
    Phil on April 5, 2017 at 4:36 pm said:

    I can't believe the number of people who buy these large SUV's and don't consider the mileage costs. I switched to a Ford CMAX energi, which gets about 19 miles all electric and then becomes a hybrid getting around 30mpg. It has tons of pickup under full electric, and sits higher more like an SUV. You also have tax incentives for electric cars as well. You really need to determine how long it will take you to recoup the higher cost of the Tesla after the tax and fuel savings-that's what I did and it becomes obvious.

  • Alan
    Alan on April 7, 2017 at 9:07 am said:

    I think your math is off on Electric vs Gas. 1) Your not factoring in the cost of a 220v wall unit + installation. 2) The assumptions on most gas to electric is biased to electric but the assumptions are wrong -- "Charge cost assumes national average of $0.12 per kilowatt hour. Gasoline savings assumes 21 mpg at $2.70 per gallon." -- Ok who gets electric at .12 (with delivery fees, taxes, etc?) -- 21 mpg is pretty bad.

    Do more research...

  • Ron Rossnick

    You drive over 100 miles a day! ug! I would like to see your ROI spreadsheet (Google doc share) or some URL for cost logic analysis.

  • Robert McCarty
    Robert McCarty on April 10, 2017 at 1:33 pm said:

    It would be better to buy a car with a proven track record for resale purposes. While the Tesla may be the flavor of the month many things can happen in four years and the number one is competition. More and more automakers are going electric and this may erode Teslas minuscule market share driving resale down or even putting Tesla out of business (i.e. Delorian). Buy something you really like and fits your personality and needs and don't focus too much on resale, focus more on gas mileage and reliability.

  • Greg

    It sounds like the Chevrolet Volt would be perfect for you. Chevrolet Volt offers unique plug-in hybrid functionality in a sleek, high-tech package. You can go more than 50 miles on all-electric power before switching to gas. If you want real EV functionality without the usual range-based limitations, it's a home run. The Volt was redesigned in 2016. Under the surface, a revised plug-in hybrid powertrain delivers a remarkable boost in all-electric range (the original Volt could only go about 38 miles). Moreover, the 2017 Volt's quieter 1.5-liter gasoline engine/generator no longer requires premium fuel, and it achieves an EPA rating of 42 mpg combined once the battery pack is depleted. The best part is that it's 1/3 to 1/4 the cost of a Tesla, and you can drive from sea to shining sea without ever having to spend hours waiting for the vehicle to recharge. Or, if you do most of your driving locally, you never have to fill up at a gas station.

  • Kelly
    Kelly on May 1, 2017 at 6:42 pm said:

    I recently upgraded from my 2nd Prius to a Tesla S. Cannot say enough about the shear joy of driving my Tesla! Grinning while passing gas stations, no more oil changes, tune ups, & so peacefully & guiet.
    Plus damn is she fast! Buy the X, you will not regret it!

  • Jacki
    Jacki on May 2, 2017 at 11:52 pm said:

    Edward, we must've missed the "approve commeents" email. Your comments are approved!

  • Zoby

    I have tesla x omg. It's Asam , driving almost more then a 7monts now. ,, safest car rating in a world & very powerful, driving beatiful ,,,, 8 cameras around I love it ,,,, easy charging 220 valts if use outside supercharged "). Free ). I could say love driving ,,,,, rating 2017. (5 stars ) ,,,,,,, safest car ,,, lot off features in it ,, self Parallel parking ",,,,,what could I say. ,,, model x is beautiful I love it ,,,,,

  • Jim Britt
    Jim Britt on June 25, 2017 at 4:19 pm said:

    This man is a total idiot!

    Only a FOOL would pay over $100,000 for a car just to get 94 MPG; you would have to drive this cracker-box car for 70 years to break even with the price!

    Why should rich fools get reduced registration costs and fat tax rebates (both government handouts) for being stupid enough to spend 5 times what this thing is worth?

  • Stephen Russell
    Stephen Russell on August 21, 2017 at 7:56 pm said:

    PluginAmerica.org site shows Map with recharging stations nationwide.
    Knowing that Im a lot easier about an EV
    Next challenge is Home charger cost Install, daily use rate,
    Insurance for car.
    Then Im In , again Used Tesla Model S.
    anyone know anyone who has a Used Tesla Model S??

  • Joe

    I was one of the early buyers of a Tesla - May 2013, one of the 1st 9500 cars. It has been the best car I have ever owned. ( I have owned Mercedes, Jaguars, Audi, Land Rover, Ferrari, Pontiacs & Chevys. Extremely reliable and GREAT customer service. Very little maintenance. The vehicle do not become obsolete, every time Tesla comes up with an improvement or an addition you get a software update and you get the new features. It is like getting a new car every couple of months. If you want you can use my referral code and get $1000 off and free supercharging for life. http://ts.la/joseph4994 . Good luck you will love the car.

  • Alan Robert Diehl

    Just a heads up I'd check how the Tesla will affect your insurance in an accident Tesla's are extremely costly to repair you may find that the savings you're anticipating wii go to added insurance costs.

  • BigDawg
    BigDawg on February 27, 2018 at 6:54 pm said:

    Buy a pedal assist e-bicycle and save yourself mega bucks

  • Jim Holliday
    Jim Holliday on April 17, 2018 at 2:51 pm said:

    Congrats great choice and diminishing your carbon foot print. Considering all the down side like maintenance and insurance I am envious I really love the look and they are becoming more common every day. If you are in California I am wondering if you looked into the Toyota Mirai, a hydrogen fueled car. Lease only $399 and free fuel and maintenance for 3 years. Downside fueling sites only in California, so driving out of state unless within 350 mile round trip is no go.

  • Jack
    Jack on July 4, 2018 at 7:27 pm said:

    The resale of electric cars is horrible. No one wants a used electric car that may require thousands for battery replacement.
    Gas savings are real...although offset by the above in most cases.
    Toll lanes can be free depending on where you live. Big bonus.
    Tesla autodrive capabilities are both amazing and overhyped by Tesla. If you stay in one lane and no one merges in, it's great. But if the sun is low in the sky or if two lanes are merging, watch out.
    (I've owned a Leaf, Volt, and Model X.)

  • Alvin
    Alvin on July 13, 2018 at 3:02 pm said:

    You might want to consider a Prius Prime. We do mostly in town driving and average over 100 miles to the gallon. The vehicles range is well over 600 miles for those long trips. It charges over night on 110 v but will charge faster if connected to 220v. A fully loaded top of the line Prime is about $32k out the door. Cheers!