I have a Tesla reserved and can't wait to put my order in...however, I've been having a very difficult time trying to figure out how Tesla financing is a good deal vs. financing through my credit union. I am buying the car to use 100% for business and may have figured out a way to lease the car for the least expensive way possible--and it's not through Tesla. If I am missing something, I am all ears--hopefully someone can explain it to me. Here is my example...
The Model S I want is $78,820 (base $71,070, $7,750 in options).
Through Telsa financing I would have to put down 15% ($11,823) and would finance $66,997 at 2.95% which would make my monthly payment $1,016.43.
Comparing apples to apples, if I put the same 15% down with my credit union, their rate is 1.99% which would make my monthly payment $987.94.
After 36 months with Tesla financing, I would owe $32,018.97 to pay the car off.
After 36 months with my credit union, I would owe $32,499,69. Almost the same, except that my monthly payment would have been $28.49 less each month AND I would have paid $1,506.42 less in interest!
Now, I understand that the real selling point of Tesla financing is the buyback. I get it. However, they are going to value my car at $38,867.50 based on their 50% base/43% option formula. If I sold it back to them at 36 months, I would net $6,848.53.
With all of the hype and scarcity around this car you would have to be an idiot to think a $79k car is going to be worth $39k in 3 years. Conservatively, if I sold it for $45,000 on my own after financing it through my credit union, I would pay off my balance and net $12,500.31 which more than covers the original $11,823 down payment. So, all I paid over 3 years to lease the car is $35,565.84 ($987.94x 36 months). This $36,565.84 can come right off my taxes as a business loss. If I fall in a 33% tax bracket, that means I only paid $24,133.45 to lease the car for 36 months through my credit union = $670/month.
Does anyone have another example or a better way to afford a Model S?
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