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When do we actually "buy" our Model 3's?

Discussion in 'Reserving, Ordering, Production, Delivery' started by SwaggerWagon, Jul 11, 2017.

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  1. SwaggerWagon

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    Does anyone know when we actually pay for our Model 3's? Maybe someone with experience from Model S/X ordering has some insight on this? Is it after we configure our car? Or when we receive it? If we configure and want AWD and won't be getting the car for 6-9 months, does that mean we pay up front (using bank loan of course) and will have 6-9 months of loan payments with no car to show for it?

    Wondering because we still have loan payments on our current car that we'll be getting rid of once we get our 3? Timing is already going to be a little wonky since we're selling it back to VW (TDI), and it would be nice to have that money to use on the down payment... but if we sold it back then had no car for 6-9 months while waiting, it would kinda suck...

    Just wondering how the process works :)
     
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    • ModFather

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      My understanding is that when you configure your car, your $1000 "deposit" becomes non-refundable. You pay the balance (cash and/or loan) on your car when you take delivery.
       
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      • SoFlaModel3

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        You "buy" the car when you take delivery. All of the details will be in your MyTesla page. All of the numbers are figured out and known in advance. The buying process is very easy with S/X and I suspect will be even easier with Model 3.

        The only complexities you introduce are if Tesla is handling a trade-in.

        You can use Tesla for financing or find your own as well.
         
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        • Jakesthree

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          I've been wondering how the process works with a trade-in. I would think I'd have to go into a store to configure so that they could appraise my trade, but I just don't know. Anyone familiar with the procedure?
           
        • SoFlaModel3

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          With my dad's S they had a trade in. They said to get a quote from CarMax and they simply matched the quote.

          I assume they flatbedded the car over to CarMax.
           
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          • Thebigbobowski

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            Along these lines, I know we've got some added costs like delivery fees and such coming our way. Do any previous Tesla purchasers know how much these final-sale costs add up to be? And do these costs get rolled into the loan or are they something that has to come out of pocket? Just wondering if I need to have extra money on hand beyond my down payment at the time of purchase (it's been a while since I purchased a new car).
             
          • SoFlaModel3

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            This is the same as any other car purchase you have ever made. The price due is the price of the car, taxes, registration, "fees", and it's all due when you take possession of the car.

            It's your call if it's rolled into your loan or not.

            Here are the "fees" from my dad's Model S...

            • Florida battery fee $1.50
            • Florida tire fee $4.00
            • Registration/Transfer/Title $500.00 (this is always overcharged and the excess returned later)
            • Registration Service Fee $29.50
            • Destination and Document Fee $1,200.00
            • Sales Tax -- don't forget this
             
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            • SoFlaModel3

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              Here rather than tell you why not show you. This is the exact invoice off of my dad's car. The only thing is they paid cash for the balance due when taking delivery so there was no financing.

              Screen Shot 2017-07-11 at 4.34.48 PM.pngScreen Shot 2017-07-11 at 4.35.02 PM.png
               
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              • Stevo

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                Nice, Thank you. What was the "Showroom Discount"?
                 
              • ModFather

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                What is "showroom discount"? Was the car a demo or something like that?

                From the other thread, it appears he has AP1.
                 
              • SoFlaModel3

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                My mom was surprising my dad for his birthday with the car and when she went to custom order it was going to take too long. She ended up finding the exact car she was going to order in inventory. Someone else configured the car and then didn't take delivery. The only differences were the 21" inch turbines. You'll see the invoice says 19" slipstreams. They swapped them at the dealership and billed her separately. Also my dad wouldn't have wanted autopilot. In fact he's had the car 7 months now and I've used it twice, he's never used it.

                Great deal on a brand new car!

                Glad you saw that, I was looking for the thread to tell you :)
                 
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                • Tuon

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                  Hello everyone, I tried looking but I was unable to locate the answer, so forgive me if it was already been asked. I'm currently leasing my car and the lease isn't up till march 2019. Does Tesla help you end a lease early like other car dealers? Or should I just defer till the end of my lease?
                   
                • SoFlaModel3

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                  You don't need "help" necessarily. Depending upon the terms of your lease you may be able to early terminate at any time. Also if the numbers work in your favor you can buy the car out and then sell it. Finally, you could potentially find someone to takeover your lease.

                  Lots of options.

                  You still have time though...
                   
                • Tuon

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                  Thank you for the information, it's the first time I leased and I was unsure. I just happened to test drive a Bolt, and the dealer kept asking me, we can get you into this car today, don't worry about the lease. I will defiantly take a look at my terms. I'm truly hoping to ditch this car asap, but I didn't reserve till October, so I'll likely be waiting till the near end of the lease anyway.
                   
                • MelindaV

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                  Dealerships do this as an incentive for you to buy from them by buying you out of your current lease. same as the dealer rebates or other discounted specials they offer. Tesla has more customers than they have cars, so they have zero need to entice (bribe) buyers with additional deals.
                   
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                  • SoFlaModel3

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                    The dealer can always help you get out of the car asap. Say your car is worth $10,000 and they offer you $5,000. They helped you by processing paperwork, but now you owe $5,000 to get rid of that old car. It's merely a convenience factor. I suggest exploring all options. Also, if you have a local CarMax, bring your car in for an estimate. There are a lot of factors to weigh in on, but they mostly center around what is the payoff on your current car and what is it worth.

                    Not necessarily a bribe... another opportunity for the dealership to make money by ripping you off (at your convenience) on your outgoing car. The only help this provides is a seamless transaction, but you're probably getting hosed on the deal.
                     
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                    • Huey52

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                      Re: trade-in, Tesla must be more sophisticated than instructing you to take your car to Carmax for an estimate. Anyone with any better insight?
                       
                    • garsh

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                      You can find several trade-in stories at teslamotorsclub.com.

                      The consensus is that Tesla is generally not in the used-car business. They accept trade-ins mainly as a courtesy for those who simply don't want to deal with the hassle of selling their used car. You'll get a better price for your trade-in from just about anywhere else.

                      If you're trading in a Tesla, then you'll probably have room to negotiate, since Tesla does sell used Teslas via their CPO program.
                       
                    • SoFlaModel3

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                      #19 SoFlaModel3, Jul 15, 2017
                      Last edited: Jul 15, 2017
                      In reality it's actually very good when you think about. Today when you go to buy your traditional ICE car off the lot. You show up with your trade in. They know they have you. You're leaving with a new car "today". Now think about this. You have all of your paperwork on the Tesla before it arrives. Tesla has you go to CarMax the week of the transaction to get your estimate which is then good for the week. They process your trade in at a fair and already know price and then you benefit from the sales tax savings on the trade in. After the trade in they simply head over to CarMax and get rid of the car.

                      At the end of the day it's actually very clean.

                      I'm sure there are other options, but this did allow for the easiest transaction and most known information up front.

                      The only other way I can think of would be you heading into Tesla early for an appraisal, which is then the same thing as going into a CarMax prepurchase.

                      EDIT: I should add, since I speculated a bit above when I said the only other way I can think of. As you near, you'll be given a delivery specialist who will work on you and I am 100% positive they will review all options available to you.
                       
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                      • Huey52

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                        Bingo, a Delivery Specialist who will know the trade-in ropes. That's all I need. Thanks!
                         

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