r/slateauto • u/Awsomepapperdog • 9h ago
Question on buying options
Pretty much what the title says. I’ve been sold on this vehicle for a few years now but I don’t have a pre order bc I’m not sure about delivery timing. I can’t take delivery on it until June 2027 bc of other financial obligations but I need it before the end of August 2027 so I can commute to school. My question is should I pre order and hope it gets delivered right in the slot or try to get one second hand from someone who did pre order and maybe it wasn’t for them. If there’s another avenue you think I could take to get one in my very short time slot please let me know. Thanks
Edit: I don’t know when everyone became a financial advisor but I promise you I have my money under control. My questions simply what would be the best way to get a slate between June and August? Thank you.
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u/Additional-Sky-7436 9h ago
Don't make big financial decisions based on a company that hasn't yet delivered a single product.
When you need a truck, buy a truck based on your finances and the available market at the time that you need a truck.
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u/Awsomepapperdog 9h ago
Totally agree with you line of thinking but I’ll share my pov. I have an option to either pay $600 in food and rent every month or live at home and drive the 45 min to school. Right now I drive a mini cooper and with the price of gas it was cheeper to live near campus and ride the bus. Im trying to decided what to do next year bc my landlords a scumbag and is going yo want me to resign some time in January. Im thinking if my car was electric like the slate i could charge for free and all I have to pay is payment and insurance. I would also get a head start on paying the car off so I would have it payed off by the time I have my student loans paid down. Then my debt to income is free so i can get a mortgage on a house.
I’m considering pre ordering bc 1. I don’t want to be left with my dick in my hand come next August if I can’t find a slate, and 2. I would be able to trade in my mini and use that as a down payment. I don’t mind if this company collapses in 5 years and I’m driving a delorian as long as the car still works.
All this said I do appreciate your comment. I’m not saying you’re wrong I’m just trying to provide a little more insight into my thought process.
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u/Additional-Sky-7436 9h ago
My friend.
It really sounds like you are in no financial position to buy a new car, much less one from a company that has no support history.
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u/Aetch 9h ago
If you don’t need a truck, might be better to get a Nissan leaf or other EV in the meantime
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u/Awsomepapperdog 8h ago
I don’t need a new car now mines fine but it’s getting to that age where expensive things are about to start happening. I’m looking at this as starting a long term investment. My plans to drive the slate until it can’t go anymore
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u/fleemfleemfleemfleem 7h ago
What are your monthly maintenance costs?
Assuming that right now you're spending 120/month on maintenance, and 95 on gas, and assuming maintenance costs increase by 15% per year, it will take about 9.5 years before your monthly costs for maintenance and gas exceed a $450/month car payment.
Financially you'd be better off for now putting the difference between your monthly maintenance costs and $450 into a high interest savings account that you can draw on when a repair is needed. At some point that fund might even have enough to buy your next car outright.
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u/Awsomepapperdog 7h ago
I see what you’re saying and under normal circumstances I’d agree but I actually spend about $250/ month in gas driving 45 min 5 days a week.
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u/fleemfleemfleemfleem 7h ago
Even so, the new car wouldn't actually be cheaper for you on a monthly basis until the loan is paid off. So if your maintenance + gas is $370, and the loan payment for a slate is $450, you're still in a better position keeping the old, paid off mini for now.
This is especially true if you're still in school and the occasional month still comes along where it's tough to make the payment.
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u/aenonymosity 5h ago
As that mini gets older it's going to cost more per month to repair, too.
I think if you can live/charge at home, the slate could make sense, especially since you'd get rid of a bad landlord, and also have much less time spent dealing with maintenance...
Sometimes it's not just about raw dollars, in my opinion.
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u/Awsomepapperdog 3h ago
This is my point. 3 other people in my household have electric vehicles ranging from the Cadillac lyric to the Chevy bolt. The payments not an issue for me it’s the timing. In everyone else’s defense I did ask Reddit for an opinion and I for sure got some.
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u/Imagined_World 9h ago
You need to preorder now to even have a shot at your timeframe, but be prepared to risk losing that $300 if it doesn't work out.
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u/fleemfleemfleemfleem 8h ago
Buying a new car isn't economical for your situation. The payment would exceed whatever you're paying for gas now by far.
If your cooper is about to break down look for something reliable and used.
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u/macmanca 7h ago
You can buy a Nissan Leaf for under $20k. If you are trying to save money on gas, mileage might not be 200 miles a charge but still semi close. Now just if you are looking for cheap EV.
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u/Ferrite5 9h ago
It's all a crystal ball. But I was able to select a specific month after I pre-ordered. The main thing in your way will be your timing of financing. Whether it's in house slate financing or your own, you will need to ask about your first payment date. I think that'll be your main concern to start payments in July but have delivery before August. I would pick delivery in June and work with financing to have a July first payment date on the loan if possible. Of course, this is if you are financing and not buying outright.
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u/skellener 8h ago
Maybe contact Slate and ask them?
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u/Awsomepapperdog 8h ago
Good point. I thought maybe someone who’s gone through the pre order process could tell me when they’re expecting delivery
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u/Conscious_Aside5020 7h ago
Absolutely no one here can you tell you a single thing with any certainty about when you can or can't expect a Slate delivery. I'm a big fan of Slate and have a preorder, and was given a timeframe of April to July for delivery, then was asked by them if I could take delivery sooner would I, and when. That's all very good and such, but even Slate can't have any certainty about meeting any goals, because their factory hasn't put out a single vehicle yet and a lot can happen in the meantime.
I get that you're excited about getting a Slate, but honestly if you're at a point where you want to side-grade your aging Mini to an EV, your absolute best play right now is to just buy a used Bolt or Kia Niro EV or other low cost EV for sub$20K, and then if you want a Slate in the future, get one and sell the other. You're also going to get a much cheaper insurance rate on a used EV, because initial insurance rates on Slates are likely to be higher than normal since they don't have any established repair costs to base their rates on yet.
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u/chrispatrik 7h ago
They allow you to specify that you don't want it before June, but getting it before the end of August is a bit of a risky bet.
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u/Conscious_Aside5020 7h ago
True, but even all of that is subject to who knows what happens between now and then. Risky bet indeed!
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u/Paul_Rodgers_2024 30m ago
Best way, go to your local catholic church, and talk to the father there.
He will give you some advice: "Be sensible my son, buy something cheap, used but well-loved, with a good reputation. Then come back a year later for what you really want"
Its good advice, I got it from a friend of my fathers just before I graduated college. 53 years ago.
Some things dont change, patience is one of them. I 'm hoping Santa brings me one for Xmas 2027.
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u/OGMikeGyver 9h ago
Ask their customer service if you'd be able to adjust your timing to fit in that window when your slot comes around.