The car was purchased with equity in it and a 2% loan, which was great. A few years later, Tesla’s value dropped, and I was in a no-fault accident. I am now upside down $8-10k. I drive it very little because I am holding onto the warranty for dear life. The warranty will expire at 3k (89k) miles or in August. It was recently sitting for nearly 3 months waiting at Tesla for a remanufactured HV battery ($15k) that was covered by the warranty. The car battery warranty is up in December. It was also in the shop last year for 5 months for accident repair. Also Tesla customer service is horrible nearly zero communication.
The car is great; however, I want out! I would just keep the car and suffer through the out-of-warranty repairs. However, my insurance is going up nearly $1,460 every 6 months. I am now at $400 a month. At this rate, it is a guarantee I will be at nearly $500 per month next renewal. I’ve checked with other insurances, and they want more. Every new car (Mercedes, Lucid, Audi, Nissan) I have received a quote for has been $200 or less per month. Where is the line drawn with the insurance company?
I am paying $1k a month with insurance on a 2016 Tesla Model S. I’ve tried to sell it privately. I’m now thinking about paying it down a little bit and refinancing it. I will park it and suspend the insurance, bringing my total cost down to $500 per month. Then get a low-cost lease totaling with insurance around $5/600. I will then have the freedom to drive while figuring it out and paying the car down. The extra cash I have is not to pay off that Tesla. I would like to use it for home repairs to rent my house out. Sorry for the long post. I appreciate the advice provided.
Thank you
Edit- Tesla quoted me a $2400 repair for F&B brakes and rotors. A regular brakes shop will still be $1500. Yes I also thought Tesla brakes lasted forever or at least a 120/150k miles.
Instead of grounding your model s, if it’s because insurance costs, have you considered simply not adding collision coverage and only have 3rd party liability insurance on it so that you can still drive it?
While my parent’s 2021 tesla Y has been troublefree so far, they definitely pissed with the insurance fee they’re paying right now. They’re paying $2k for 2021 tesla Y, while my brother (same zip) pays 1/3 for 2021 Lexus RX and I’m paying $1800 for new EQB (with 1 teen on my policy).
This is true because it has been sitting since last year. The value is tanking so fast I am no closer today than I was last year to the market value. Are you suggesting I should post it for sale in the wiki category? Or post a question on how to sale it for the most?
Suggestion is to look at the list of business purchasing used vehicles that is outlined in the Wiki thread. Reach out to all of them. Sell to the highest offer. Basically, get rid of the car as quickly as possible.
If you think your insurance is expensive now, wait until you suspend it and the lienholder takes out their own policy on it to cover your contractual obligation and then bills you for it.
Your contractual obligations are with the bank your loan is through and it stipulates minimum insurance requirements. Until you have from the bank, in writing, that what youre talking about is ok, you should expect a giant bill to arrive.
