Cold feet

[JohnTDoe]

Hey all, got my VIN, getting insurance quotes now, loan etc. I also have to get the gateway installed. Realizing this is A LOT of money.
I know, I know... You signed up for this.
I did, but what's the market like?
Those that have it, I know you're getting stares but are people asking to buy it? Rent it?
I am hoping to offset some if not all the monthly until I can sell but want to know your thoughts on if you think it's doable.
Any info would be helpful. Thanks.

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[MajorVictory]

If you are stretched and unsure with the thought of selling went first possible then DON'T stretch.

 

[Makeodds101]

Yeah I wouldn't depend on selling it at all. If you're stretching money banking on renting it or selling it you might set your self up. Especially as they ramp up. I plan on having it for the next 5-6 years or more. I also have my VIN, Congrats.

 

[AnthonyJ]

Value is going to sink like the titanic. Don’t do it.

 

[mark555055c]

It sounds like you are trying to do the old:

Buy limited production exotic car (Ford GT, Dodge Viper, etc)
Use it for a year
Sell in year two for a profit or break even.

The problem is that the CT is not a limited production exotic vehicle. It will depreciate quickly, particuarlly when the regular units go up for sale. Expect to be able to sell a FS AWD for around 75k in 2025, maybe a bit more if it's a pristine ultra low mileage unit.

 

[Tumbleweed]

No one has asked to buy ours or rent it-we wouldn’t even consider renting it out if someone asked.

If it doesn’t make sense for you to do it, don’t do it. It’s a cool toy but not worth financial stress.

 

[Mini2nut]

My motto has always been to live within your means.

My father taught me well. He was a wise man who never incurred debt or stretched himself financially.

 

[HyperReality]

I definitely think you can Rent it and get a kick back from it, but keep in mind early rentals will abuse it.

Outside of that, everyone thinks it will tank in price which will happen, but when it does remains to be seen.

When the base model is available, the resale of foundation might drop a bit, but if you consider 100k vehicle normally lose a lot of value right away... It certainly will be on par with that. 80k base price will make demand spike. And I think the price will hold quite steady on the CT afterwards.

I really don't see CTs dropping prices until there is real competition on the market which may take 3+ years.

 

[Synchronicity786]

Hey all, got my VIN, getting insurance quotes now, loan etc. I also have to get the gateway installed. Realizing this is A LOT of money.
I know, I know... You signed up for this.
I did, but what's the market like?
Those that have it, I know you're getting stares but are people asking to buy it? Rent it?
I am hoping to offset some if not all the monthly until I can sell but want to know your thoughts on if you think it's doable.
Any info would be helpful. Thanks.

Progressive gave me a quote of $108 monthly. I’ve read some outrageous rates so check with them for that aspect.

 

[Nobell32]

Agree if it’s a stretch don’t do it. The few that I see listed online don’t seem to be moving. It will depreciate.

 

[DFWBrad]

Progressive gave me a quote of $108 monthly. I’ve read some outrageous rates so check with them for that aspect.

In DFW area (Texas) Progressive was my cheapest option ($197/m) but went all the way up to $745/m.....

To OP, if you're banking on renting it to be able to afford it.....10/10 would not recommend this path.
If something happens and you can't rent it (people DO get in wrecks) you will be SOL.

Save up money, change order to NON FS, and purchase it when it's cheaper imho.

I'm guessing we have until the end of the year to sell for profit, then early/mid next year to sell at around BE. After that you will probably be at a loss of some sort.

 

[Art138]

If you rent out the truck, the insurance will be very expensive and not cost constructive for a depreciating asset. Unless you pay cash,your monthly payments coupled with insurance costs may be challenging. Why not pass the Vin to the next person in line and eat the 1k.? I agree with others that you need to weight the risk of taking delivery and then the hassle of selling with the no sell precepts in place.

 

[Amuma]

Hey all, got my VIN, getting insurance quotes now, loan etc. I also have to get the gateway installed. Realizing this is A LOT of money.
I know, I know... You signed up for this.
I did, but what's the market like?
Those that have it, I know you're getting stares but are people asking to buy it? Rent it?
I am hoping to offset some if not all the monthly until I can sell but want to know your thoughts on if you think it's doable.
Any info would be helpful. Thanks.

It's easy to get it rented. But I wouldn't trust it

 

[Bob-offroader]

Progressive gave me a quote of $108 monthly. I’ve read some outrageous rates so check with them for that aspect.

but progressive declined to give quote. Aftera

Progressive gave me a quote of $108 monthly. I’ve read some outrageous rates so check with them for that aspect.

$108 for full coverage or just liability? While progressive simply refused to give me a quote, saying “ The vehicle make that is causing your quote to be blocked is the Tesla. This is due to Progressive being unable to adequately price for this vehicle, which makes it difficult to accurately rate your quote and offer you one at this time”

 

[Balthezor]

Lots of people getting cold feet here. Its a lot of money. That one thread whos trying to sell it. The coolness wore off and the 120k with taxes aint doing it no more.

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