Buying out Tesla Y (Financed) for a Lease / Math Check?

Ask the Hackrs Buy/Finance
, ,
1

Hi Everyone,

I’m trying to figure out whether it would make sense to me to buyout my tesla / use something like Carvana to buyout my tesla and move to a lease. The reality is that when I financed my tesla the price made sense, but since then Tesla slashed the prices 3 times getting me to a point i’m way over paying considering the value of the car nowadays.

Here are the data points:

  • 2023 Tesla with 14K miles / picked up the car December 2022
  • Put $20K down, and took a loan for another $50,000 (roughly)
  • All in working shape, no accidents / scratches etc.
  • Currently paying my credit using $927 per month, still have $35,536 to pay to finish off the loan and outright own the car
  • Carvana are offering me $34,600 for the car

I recognize it will be a major loss / pain in any case (at least $30K down the drain), and there is no question about that part, however, today for much less monthly fees I can get a good lease on a same or better car. I recognize that the car won’t continue to depreciate at the same rate moving forward, but not sure I want to continue paid $927 a month so that in 35 months i’ll own a $25K car at most.

Any thoughts / recommendations? Also any math logic that will sway me either way would be helpful.

Thanks!
Naor

2

If its worth 35k today and you think it will be worth 25k in 35 months your monthly cost is ~$300 month to keep it the rest is already lost\ sunk cost. How does it compare with what you can get for $300?

1 Like
3

my 21 MY has 33k miles and carvana offers 30k for it, just for reference.
if you enjoys the car just keep it, otherwise get out of it.

1 Like