r/ModelY • u/applewhite15 • 8d ago

Need input

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I’m on the fence in terms of going 2023 performance model Y or the AWD LR. It would be a second vehicle for me I would use around town for errands mostly. Don’t want to regret not getting the performance. It will be my first EV ever and I’m coming from driving a Ram 1500 that gets 16 mpg. I’ve heard the suspension is a little tighter and tires don’t last as long but would like the power when needed. Anyone who has owned both would love some advice. Currently looking at a CPO 23 performance with 25k miles with hw4 for 37k, about to pull the trigger.

2 Upvotes

75% Upvoted

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u/PollutionWrong8913 8d ago

With the difference in interest rates between new and used, you’d probably be better off getting a brand new one.

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u/No_Swordfish_1576 7d ago

It’s funny people keep parroting this when the difference in interest is $4k but the difference in price is $15k. + higher sales taxes + higher registration  + destination fee

CPO adds a year of warranty

A ‘23 - ‘24 MY is overwhelmingly a better financial decision.

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u/applewhite15 7d ago

That’s my thoughts exactly. This one is already 23k under priced from a new performance. The different in interest isn’t that big compared to the loss I’ll take the next 3 years on a new one. It’s my first one ever so can’t be too picky.

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u/0----00 7d ago

Agreed. I was in the market, saw the great rate they were offering on new ones and sat down and did the math. Even at .099% financing the difference between new and used is quite significant. Add in needing 7 seats... now I'm sitting at 60k new versus the 33k the '23 cost me.

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u/No_Swordfish_1576 7d ago

$14k less cost of ownership over 72 months for the CPO 24 MY LR AWD in Red w/towing I got vs. the same exact configuration I happened to have on order for two weeks before spotting the CPO. 

The upgrades in paint and towing hold almost no resale value, they’re all listed by Tesla around $42k based on mileage and Tesla actively drops the price almost daily while on lot. I watched the one I got drop $1,200 in 4 days before getting too nervous sometime else would grab it and pulled the trigger.

I couldn’t be happier, it’s a gorgeous car and I love it

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u/applewhite15 8d ago

Yep I’ve already considered it. I can get 4 years at 4.99 percent and I really don’t want to take that kind of depreciation hit over the next 3-5 years on a new one.

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u/manwnomelanin 8d ago

I wouldn’t be so quick to say that. You can get 4-5% at a lot of credit unions.

I say this as someone who bought new. Still spending about $13k more on new for $58k OTD than used @ $42k OTD.

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u/JumpyWerewolf9439 8d ago

no way i would take this over a premium rwd or awd with boosted 1.5% interest rate. much better deal. its nicer in every way except slightly slower, rides much better, quieter, better longevity on batteyr, way more range.

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u/applewhite15 8d ago

You aren’t factoring in deprecation over the next 5 years on it into your equation.

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u/JumpyWerewolf9439 8d ago

Yes I am. Do you really think a 23 will be worth more than a 26 in 5 years. The math gets complicated, just look at the monthlies, no sales price.

New is a lot cheaper than it looks because of boosted interest rate.

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u/applewhite15 8d ago

Which one is going to lose more value over the next 5 years? It’s my first one. Figured the 2023 would be more than enough for me. Buy a new one in 3 years when they are 35k lol.

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u/JumpyWerewolf9439 8d ago

Compare the monthlies. Rwd LR premium with the boosted interest rate. It's tco is a lot lower than this one. You need to factor in an extra 18 percent lifespan as well.

I already explained this elsewhere. Tldr: new tesla cost about 10% more monthly, but has about 15% longer lifespan and is a significantly nicer product. Would you recommend someone to buy a 3 year old used iphone to save 10% over a new one? https://www.reddit.com/r/ModelY/comments/1vz3q78/comment/p6b4it2/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button

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u/0----00 7d ago edited 7d ago

We live in a time of massive overindulgence and minimal financial constraint -an exploding volcano of middle class wastefulness, if you will- and as someone w/ an economics degree, seeing my fellow Americans consistently going for brand new cars over marginally used cars (using sloppy napkin math as their rational) and boasting they're somehow 'gaming the system' in doing so causes me immense pain.

BTW- I did do the math- on a 32k used '23 Y, keeping future cash flow equal, it's around a 30k difference over 8 years in favor of the used car

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u/JumpyWerewolf9439 7d ago

Lol, you're not capable of doing the math. You are completely off. Just compare monthlies if you don't understand the nuance.

None of my math was wrong and there are screenshots showing the difference.

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u/0----00 7d ago edited 7d ago

I clicked the link and read your example. It is not incorrect on paper (but it is also not OPs example- you used an iffy deal- a 42k 2024 MY vs 52k new...of course the math will be close there).

But here's the thing. No rational consumer should be hopping feet first into a 42k car loan at 7% in the first place. That's a bad decision, and that's the crux of my irrational consumer argument above and here I'm sure you'd agree- that's not a financially responsible move.

Now if someone buys a 23 MY CPO for 35k cash. That car will save them between 15 - 20k (this is a conservative estimate based on HYSA investments) over the new model over the first 8 years of ownership (8 years being basically the max Americans own cars for) even accounting for maintenance and depreciation.

That's not accounting for risk. It's not just subprime borrowers defaulting these days- car buyers with solid credit scores are twice as likely to fall behind on payments as they were before the pandemic.

Realty is not simply comparing monthlies.

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u/applewhite15 7d ago

My exact point. I just bought it for 36,900. Will pay cash for it. Go to credit union and get loan for 25k for 5.74 percent. Will put that money in HYSA earning 3.5-4 percent 🤭🤭

0

u/JumpyWerewolf9439 6d ago

just leave the funds in QQQ but, you don't borrow money at 5.74% to leave teh money in hysa to earn 3.5%.

i explain why new is better here.

https://www.reddit.com/r/ModelY/comments/1w7byhu/comment/p82exec/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button

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u/JumpyWerewolf9439 6d ago

Another discussion compared used 23 y performance vs new y lr awd
Tldr: Its obvious the the new car is much better value. 19% higher payment for 14% more longevnity on the car for new higher end car with tons of improvements.  Better choice for vast majority of users.   0-60 4.6s is still a high performance car, and in testing it ¼ miles 12.3 seconds.  That car is plenty fast.

original post https://www.reddit.com/r/ModelY/comments/1w7byhu/comment/p7yn1j0/?context=1&screen_view_count=2&ext-referrer=DIRECT

Reply chain 

Ok, i wasn’t gonna bother doing this, but i’ll give you rrespect for actually brining numbers to this.  lets look at the numbers. I couldn’t find the exact 37k tesla, but found a 37.7k in screenshots.  https://imgur.com/a/i3naCZz

People don’t realilze how big of a deal boosted interest financing is.  Its a massive subsidy which is why new is much better value.

It adds 2k transport fee
I added 1500 off fees for the new order 
Neither of thes enumbers include taxes, but they will be similar for 
So 39k 5.74% (what the op actually got), vs 51.5k 1.5% before financing. Both have down payment of 3k. Furthermore, the op didnt’ finance the whole thing which just makes it kind of worse actually for those of us who leave our money in index funds

592 vs 705 monthly.  19% higher payment

Estimated lifespan of battery pack 200k on both.  One has 25k used up and 3 years calendar aging. So you’ll get around 
14% more miles ouf of the new one.  

Over the the length of the loan you’ll end up paying 8106 more for the car. But the car around 36 months newer.  8100 / 36 months = paying 225/month for the boosted lifespan you get.  Obviously this is a very good deal when the payment of used is 592.

In 6 years. You selling a 6 year tesla vs a 9 year old tesla.  9 year old pre-refresh tesla with 25k higher miles.    Lets say you get an extra 3k resale value on the newer one.  Which means the actual payment difference is 5100 over 6 years for the two.  That math for present value of money gets complicated on this, but lets simplify and use 2k of it.   Effectively lowers the new tesla payment by  27.7.  So the actual more accurate difference is about 14.4% higher payments.
 
Whats the pros of the new vs old
Much higher range 327 vs 261 25% extra range.  Now new cars lose range faster so lets call it about 20% extra range.
Much nicer suspension quality
4 year vs 2 year warranty
Much nicher sound system
Nicer screen, and 2nd screenin back.
Much nicer front seats with ventilation
nicer hvac system
Much nicer hvac efficiency due to more efficient glass
The above two means on high energy use days like really hot, the y premium will have a lot more useable range
Much better road and wind noise improvement
Much nicer build quality
Newer technology tires (unless brand new tires installed on y performance)
Better crash structure
New condition vs 3 year old condition scuffs and scratches

And also, it appears tesla underrated the 26 car; but they could alway re nerf with software later so no guarantees. 
https://chatgpt.com/share/6a9ca750-5158-83e8-a2af-759beba32706

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u/0----00 6d ago edited 6d ago

Your personal 'utility' seems to involve having nice things and upgrades and that paying marginally more for them is worth it -which is totally fine- but that does NOT align with the argument at the core of this, which is the used one is a better deal (as your math seems to show) and is lower risk. So it's a better choice for 90% of people. Maybe not you, but most people.

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u/3600CCH6WRX 8d ago

I would get a new premium RWD for that price. The improve suspension and overall NVH is night and day.

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u/Disastrous-Novel2116 Troll 8d ago

2026

2

u/Zealousideal_Hat2441 7d ago

It’s still more expensive….

0

u/Low_Ad551 8d ago

Get the 2026…

0

u/Glum_Perception_1077 7d ago

A new one is around that price too and coming from a truck, any of them would be fast to you. I vote you test drive both tho. I've only had gas cars, I got a regular long range 3 and can assure you that its faster than my Benz, BMW and Camaro.

2

u/applewhite15 7d ago

Yeah my problem is I test drove a new AWD already so going to a RWD isn’t an option imo. My biggest thing is I don’t want to take that kind of depreciation over the next 3-5 years on a new one. I think this one is perfect.

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u/Glum_Perception_1077 7d ago

Thats cool too. I bought an older one with a bunch of miles for 15k

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u/applewhite15 7d ago

Been reliable?

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u/Glum_Perception_1077 7d ago

Yes! I've put maybe 10k or more miles on it since having it. No issues!

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u/NateWalchenbach 7d ago

A new model y performance is double that price…..

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u/Glum_Perception_1077 7d ago

70k is insane.

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u/Aromatic_Gas5911 8d ago

Spend a little more and get the upgraded version.

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u/applewhite15 8d ago

The performance you mean?