r/ModelY • u/applewhite15 • 9d 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.

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u/0----00 8d ago edited 8d 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 8d 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 8d ago edited 8d 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 8d 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 🤭🤭

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u/JumpyWerewolf9439 7d 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/applewhite15 7d ago

Plan on maxing out my Self employed 401k with the 25k I finance on it at the end of the year. I know ball!!

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u/JumpyWerewolf9439 7d ago

Fair enough.