New vs Used Tesla Model Y: Cost Comparison

Подписаться 268 тыс.

Просмотров 228 тыс.

50% 1

Kick those bad habits with Füm - tryfum.com/BENSULLINS and use promo code: BENSULLINS
Check out my new podcast! / @dailychargeup
Find your used Tesla at tesla.com/used
Join us in this informative video where we analyze the cost implications of choosing between a brand new or a pre-owned Tesla Model Y. Uncover whether the current promotional interest rate on a new model is more advantageous than the potential savings from purchasing a used one. Make sure to hit the subscribe button to stay updated with more insightful content like this!
// Start here
Bulletproof Living Newsletter - bensullins.ck.page/profile
What I'm about - • The Next Chapter is he...
Getting Started - • NEW? START HERE!
Home Energy Tech - • Protect Against Power ...
EV Reviews - • Driving on Sunshine
?
// Recommendations
Find the best Solar installers - bensullins.com/energysage
Find an EV - evdecide.com
Outfit your EV - shop.evdecide.com
Get your health on track with AG1 - fbuy.io/ag/ex53qzc8
// Ethics Disclaimer
My approach to sponsorships bensullins.com/ethics/
// Music by Epidemic Sound
// Affiliate Disclaimer
I may earn a small commission for my endorsement, recommendation, testimonial, and/or link to any products or services linked above. Your purchase helps support my work in bringing you the data and analytics behind the world.

Авто/Мото

Опубликовано:

29 май 2024

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист

Посмотреть позже

Комментарии : 94

@Irecklessturtle 2 месяца назад

Apr was set to .099% on your calculator not .99%

@BenSullinsOfficial 2 месяца назад

Good catch! Even better case for the used option then

@RemieCremers 2 месяца назад

No, the other way around. The interest in the 0.99% would be closer to 1161 dollars. It’s still cheap, but not 116.12 like you said.

@The_Flamekeepers 2 месяца назад

I saw that too. This was one of those "Um, Actually" moments in real life lol

@BenSullinsOfficial 2 месяца назад

Right, making the savings on the used car even greater

@JoshuaSantos04 2 месяца назад

Yes, but if you qualify for the $7,500 fed rebate (which most people will I think), that has to be factored in as well. You're really looking at a $10k difference, might be worth it for tens of thousands of fewer miles, more warranty, less maintenance, HW4, the light interior refresh, etc.

@Brandon_letsgo 2 месяца назад

Buying a brand new car nowadays makes no sense at all. They're insanely expensive.

@Gadgetpimp 2 месяца назад

Tesla is a tech car. Used have old tech it’s like buy an old computer

@Brandon_letsgo 2 месяца назад

@@Gadgetpimp Tesla is a battery car. Old battery is crap. Look how much money EV's owners are losing to depreciation.

@EdwinRodriguez-zt5fx 2 месяца назад

Well put together, and that's not even considering paying off the loan quicker on the used model.

@ericgreer85 2 месяца назад

Thank you, this is the video I’ve been waiting for.

@Gadgetpimp 2 месяца назад

Would you buy a iPhone 10 today?

@LeninFernandez-zm1yu 2 месяца назад

Thank you so much!

@anonymouse5826 Месяц назад

Is tax savings the same for both?

@richardcoughlin8931 2 месяца назад

A year from now your new model will be worth about what you paid for the used model. Model Y depreciation is fierce.

@BenSullinsOfficial 2 месяца назад

50% when you drive it off the lot they say

@richardcoughlin8931 2 месяца назад

@@BenSullinsOfficial I say that’s an exaggeration. But 40% wouldn’t be too far off. Interestingly, Tesla gives less on trade ins than others, such as Carmax etc.

@HORTOJM Месяц назад

What I have always considered when deciding new over used, is what would be an estimate for the vehicle at the end of the loan period. Its just a thought.

@BenSullinsOfficial Месяц назад

Right, depreciation is usually the biggest real cost. Which of course is far better in used vehicles vs new since the bulk of that is in the first couple years.

@brembodream 2 месяца назад

What about the value of car in the two different?

@Malcolm61 2 месяца назад

Ignores resale value of car after loan term

@BenSullinsOfficial 2 месяца назад

I wanted to give the new option the best case here considering it will have significantly greater depreciation cost than the used. Gotta keep it simple for folks!

@EdwinRodriguez-zt5fx 2 месяца назад

If you think your resale value is going to be greater than 16k you're up for a rude awakening. Most model y owners are under water 16k right now...

@steevegauthier2759 2 месяца назад

@@EdwinRodriguez-zt5fx In 5 years the "new" one will become a free "used" one, compared to buying a used one that will be a 9 years old car then. You can view this as a different concept of resale value...

@LoCoNights 2 месяца назад

I gotta completely disagree with you on this one. New one comes with a ryzen cpu and hardware 4. This are a big upgrade over the used one you picked. Also the new one has the full warranty. Used one only has 1 year. I don’t think they saving justify this with the current apr deal. In yhe promo is done that is a different story

@RodCine 12 дней назад

It sounds incorect why is the interest so high on used. Did you make a calculation error?

@Melchirobin 2 месяца назад

You missed somethings. The down payment would be 7,500 because of the federal tax credit if you want to put 0 down. A lot of states also have state rebates that make it even cheaper if you want to do 0 down. For example in mass we put 11,000 down but 0 out of pocket because of the tax credits. The other thing is the value of the car. You don’t know how hard other people have driven their car, if you get brand new you know that and the value of a car at 0 miles is greater than a car with 50,000 miles. Especially with the promotional interest rate currently of .99% it came out to an extra $100 a month and in my opinion that is worth having a car with 0 miles since the resale value will be higher my 6k more for 50k less miles over the length of the loan. If you cannot afford the extra $100 a month you should not be buying a Tesla model Y imo cause the long term financial situation would be better for most people to do the .99% at this time.

@BenSullinsOfficial 2 месяца назад

Check Edmunds TCO or KBB for how big the depreciation hit is for new cars versus used. Hope this helps!

@Melchirobin 2 месяца назад

@@BenSullinsOfficial That is a good point but you need to take into account the battery life of a used EV. With your numbers it makes no sense to buy a new vehicle but for most people who will qualify for federal incentives the extra few thousand to get new wheels, new brakes, new everything where they do not need to worry about anything since if anything breaks u have lemon law protection and what not is worth it. Also Tesla have depreciated more than other vehicles since Tesla has cut prices drastically which I don’t think they can afford to do anymore of since this is the first time they have played around with interest rate instead of cutting prices. Again just my opinion but this video seems very misleading most buyers who would qualify for Federal and state incentives. I appreciate that you read all your comments though.

@johnbastow6137 2 месяца назад

Your conclusion is correct but by luck...as it's incomplete. Crucially, you've left residual value out and forgot to include the fact that the lower monthly payments on the used model can either be invested, or used to pay down other debt. These factors make the used car even more compelling.

@sungminkim6970 2 месяца назад

Ben, I really like your videos. Someone may have pointed out already... The total interest of the Loan1 should be about 10x. Instead of 116.12, shouldn't it be 1161.20? May be a typo? 1 decimal point typo?

@BenSullinsOfficial 2 месяца назад

Yep! Happens when I rush to get a video out unfortunately

@1sawbe Месяц назад

What about battery degradation on a used one? You dont know how the previous owner used the car, and how bad they beat up the battery.

@BenSullinsOfficial Месяц назад

Warranty

@3borijess 2 месяца назад

I agree with you. When the APR of .99 was introduced I almost did an impulse buy. Once I looked at the depreciation and did the numbers. I will be going used with a performance model Y or 3. Good video!

@bigcajun1973 2 месяца назад

You failed to include the $7500 IRA discount, for qualified buyers.😢

@BenSullinsOfficial 2 месяца назад

Yep, impossible to personalize the math without someone being excluded

@jessehayward8662 10 дней назад

@@BenSullinsOfficial You're correct. I don't qualify for the $7,500 for a new Tesla due to my joint income with my wife. Which is another factor I have to take into account. I'm considering leasing or a Tesla that's 2 years old.

@MikeGerz 2 месяца назад

And the value of the vehicle after 5 years.

@nonchalantd 2 месяца назад

♥

@The_Flamekeepers 2 месяца назад

After you factor in expected depreciation over the next 3-5 years, the used car becomes WAAAAY cheaper to own than even what you showed. If you want to want to boil this down to one number, most car buyers are payment buyers, sadly. The monthly cost matters most.

@BenSullinsOfficial 2 месяца назад

Agreed on the depreciation, wanted to keep it simple and focus on the monthly payment and total cost since that's what I am hearing most people focus on. Great feedback!

@CodyCotterman 2 месяца назад

Thumbnail is a m3 not model y lol

@BenSullinsOfficial 2 месяца назад

Good catch! lol

@Jaimequin 2 месяца назад

Why buy from Tesla? It's way cheaper to by used from a seller or dealer.

@BenSullinsOfficial 2 месяца назад

They add another year warranty and do inspections etc. I prefer it personally.

@Gadgetpimp 2 месяца назад

Tesla is a computer on wheels. Would you by an old computer???

@Melchirobin 2 месяца назад

I usually appreciate it when you run the numbers and make a video like this but I would consider taking the video down. For the new vehicle the interest rate is wrong (which is to its favor) and you did not take into account the federal tax credit since it’s at point of sale now. There is also no disclaimer for any state tax credits which only applies for new vehicles. Running the numbers is good but in this case it’s just very off.

@BenSullinsOfficial 2 месяца назад

Thanks for the feedback and I agree, these are general cost outlines, not personalized. For example, many people do not qualify for the tax credit. Glad you were able to take advantage tho!

@Melchirobin 2 месяца назад

@@BenSullinsOfficial I see your point but if your making over 150k by yourself or over 225k in a household do you think they want to get a used car? I felt like it was at least worth mentioning the federal tax credit since the new vehicle would qualify at point of sale but the used one would not since it’s over the limit. Just my opinion, love the content you make but for most people if they run their own numbers I feel they should get a new vehicle at .99 if they qualify for the tax credits.

@BenSullinsOfficial 2 месяца назад

Check out Dave Ramsey on car purchases. Yes, most people good with money buy used. New is for ultra rich or people confused by marketing maths. Thanks for your comment!

@Melchirobin 2 месяца назад

@@BenSullinsOfficial If you are using Dave Ramsey and paying cash for the vehicle I 100% agree with buying a used car. The interest rate for used cars that are only a few years old makes no sense at the moment right now when new vehicles are at 1% in my opinion.

@l31007 2 месяца назад

@@Melchirobin Navy Federal Credit Union had 4.5% last I checked.

@pingnick 2 месяца назад

Yeah obviously used almost always going to save you even with financial whatever promotions-is 4k used tax credit included in spreadsheet!? Only big safety innovations mean buy new!?!

@BenSullinsOfficial 2 месяца назад

The $4,000 credit for used has a price cap of $25,000 so it wouldn't apply here

@pingnick 2 месяца назад

@@BenSullinsOfficial 💯

@l31007 2 месяца назад

@@BenSullinsOfficial You're right. I don't know why they put a price cap on a used car. Hard to buy a decent EV for under $25k.

@BenSullinsOfficial Месяц назад

Follow up, Hertz has loads of them for sale now!

@l31007 Месяц назад

@@BenSullinsOfficial Just checked. None within 250 miles for under 25k. At least foe Teslas.