Exploring Negatives, and Financing Question

Exploring Negatives, and Financing Question

Hi all,

Been reading this forum for several days since I got the Tesla bug. I got to test drive a performance model yesterday.
Needless to say I want one :)

Background I currently have a 2011 Toyota Corlla S, never had an exotic or fancy car.

I know the car is very new, but I really see only positve reviews, other than the delivery mishaps on occasion, are there any negatives that have been experienced? I find the interior to be a bit "plasticy" and seems kind of cheap. Am I the only one?

I have also read that Tesla is very good at addressing any issues that arise.

Side question is on financing. I am still paying on my current car loan, now I can afford to pay it and a new payment at same time, but wondering if attempting to finance a new Tesla with an open car loan would be a no-go? Any thoughts?

Thank you for your time and help!


J.T. | 7 July 2013

Read the last page of the folding mirrors thread for a concise recap of everything everyone has found subpar. (But they wouldn't drive anything else.)

As for your financing question it's going to depend on the lender. I used Alliant credit union and got 1.49% for 72 months. PennFed is good, too. They're both very easy to work with.

AmpedRealtor | 7 July 2013

Okay I wrote that in the other thread and was trying to be funny, but seriously… a lot of those things were just culled from trouble reports in various online forums and are not representative of the vast majority of Model S owners. Please visit these threads to get some feedback from real owners:

thatryan | 7 July 2013

Sweet, thank you for the input.

Man Alliant sounds good, may be worth checking out joining. I have never heard of PennFed...

AlMc | 7 July 2013

About taking on extra car loan: Really all comes down to your credit score and ability to pay the two loans. As other people mentioned many people have used Alliant of PenFed.

Your other option...If you want the buy back to finance with one of Tesla's partner banks through their loan program. The interest rates might be slightly higher, but that is the cost of the getting the 'buy back'.

thatryan | 7 July 2013

What exactly is the "buy back" guarantee? I am not sure I fully understand that option.

mikefa | 7 July 2013

You are correct about the plain jane interior - the Model S is a $25,000 car with a $60,000 battery and related technology. Tesla owners don't miss the plushy and fluffy luxury cars they've gave up except for the cup holders.

Captain_Zap | 7 July 2013

I don't even miss the cup holders.

AlMc | 7 July 2013

Buy back guarantee: IF you finance thru Tesla they will guarantee to buy back the car in three years at a set depreciation value. This value is based on a percentage of the cost of the '60' and a different percentage of any additional 'features'. Basically about 48% of original cost and comparable to other luxury sedans.

It is backed by both Tesla and personally by Musk. It was intended to alleviate any fear that the car would somehow depreciate very quickly...or at least quicker than a luxury 'ice' car.

thatryan | 7 July 2013

So I could sell back a $110k car for around $50k after 3 years. Is a 50% drop "normal" for these type of luxury cars?

cfOH | 7 July 2013

@thatryan: "these types of luxury cars"

You mean all-electric, world-class sports luxury sedans? Nobody knows...they only became available last year. ;-)

lvaneveld | 7 July 2013

The primary negative seems to be it ruins the driving experience in every other car forever.

Seriously the most common real complaint seems to be rapid rear tire wear with the 21" wheels and primarily, I am guessing with the performance. Too much power and temptation.

There have been a few smallish bugs, mostly software and all fairly easily correctible from what I gather. I think of them as giving the car character at this point.

thatryan | 7 July 2013

@cfOH: Heh, yeah that is true. Guess by "these types" I meant really expensive awesome cars ;) All I have ever owned are, well, not those lol

I am wondering if the 21" wheel size is necessary also, though I do want the Performance S... Anyone running the 19" wheels on the P85?

Captain_Zap | 8 July 2013

I'll be switching to 19" this fall on my Performance. Once I put them on I'll probably stay with them. I hit some shallow divots in the road in the city and the sound I heard made me cringe. I'm ready to make the swap.

The 21" performance tires are for motorsport situations and play in my opinion. The 21" tires will need to be replaced more frequently than 19". There is a significant difference in tire life. You have to pay to play.

There is plenty of folks who got 19" wheels on their Performance cars.

phat78boy | 8 July 2013

I'm another advocate of Alliant. I have another car loan and they made the process very easy so far.

I ordered a P85 with 19" wheels. Plan on swapping them for 20" wheels pretty quick though. I just couldn't get over 4500 for wheels and tires.