Great episode! As a Tesla owner, I love leaving the house every morning with a full charge and never pulling into a gas station, no maintenance. I save $235 a month charging at home (off peak at night) compared to gas. I also love that 99% of all Tesla Recalls as seen in mainstream media are over the air software updates I do in my garage in 20 minutes, lol. Keep up the great work guys, love the show.
bought a Model S in 2017 when Tesla was in "production hell" just hit 90K miles and haven't spent a penny on the car other than tires. As a matter of fact its a BETTER car than when I bought it with all the over the air updates/improvements you get.
I got pulled in the same as Brian. Free FSD transfer got me to upgrade from a Model 3 to Model Y. Model 3 was paid off - my Money Guy Mutant soul was telling me not to get another car (Inner thought - "financial napalm") - but it was the car I wish I would've bought from the beginning... so I did it and I'm ultimately happy with the decision.
Have a Model X Plaid on order right now. Probably not the MOST prudent financial decision, but it’s for the family and we’re in a position after following your show (and others) to pay cash for the vehicle.
For me living in Anchorage, Alaska some of the upsides are. 1) Safest car you can buy. 2) You never have to go to a gas station (especially during snow storms in sub zero temperatures). 3) Always fully charged every morning (no range anxiety like the gas car owners have when that light comes on every week). 3) Fun to drive. 4) Pre cool or heat the vehicle at any time at any place.
Do you have solar or something? Also do you ever lose power during a winter storm? Interested in how it might work up there in Alaska if there aren’t many DCFC to fall back on.
I have solar but that is just for adding power to the grid in the summer. I loose power once a year but only for a few hours, so not worried about that. Then I live in Anchorage.
@@therealist5648 I have driven to Fairbanks in an RV and never in a car, the drive is boring and useless. I have driven to Valdez and Homer/Seward and that works fine. Living in Anchorage (or anywhere in Alaska) is being a prisoner independently of what vehicle you own. That is being a realist.
The tax credit hurts the used market as well. Anytime you consider a used EV, you immediately compare how little extra it will cost for brand new with the credit.
We picked up a model Y recently and the most underrated part of this would be the at-home charging. Plugging it in at night and always just getting into the car without thinking about timing the Costco gas stop has been such a great experience. Also, because both my wife and I drive the car, we have our individual seat and mirror profiles set to our phones. We are different sized people and just by the car auto adjusting to us is so useful.
@@avengement89 Nice! My 2022 Lexus RX 350 does not have this. Every time my wife drives the Lexus, which honestly we only use for road trips, I end up spending the first 5 minutes of my drive tweaking the seat until it's right. Also, it's not just the seat settings but the side mirror settings as well!
@@ynie1 oh wow! It’s definitely a great add on, I would be in your situation otherwise too and really value having the seat/mirror memory on our CRV (granted this feature is only on certain trim levels!)
Brian, don’t you have a home charger? Why didn’t you mention that detail? For daily driving you never need to stop at a supercharger or any charger, you can create a charging schedule for off-peak hours. Saving you even more money.
@@OldFrameryou do know gas golf carts also exist right? I never understood how this “slight” at EVs makes sense or would even be a negative. It’s a car. It gets you from A to B
I first found the Money Guy Show years ago when the algorithm recommended Brian's Tesla model 3 review back in the day when I was researching Tesla to purchase myself. I got the X back then and ended up paying it off early because that is also when I became a money guy show subscriber. I was already a financial mutant but my FOO needed reorganization lol
@@DAcheekO Maybe. Is a Ford Expedition a luxury SUV? The Max Platinum Trim is about $90K, and those vehicles can cost over $100+ per fill up assuming around $3.75/gallon (my neighbor just got one). What about the Chevy Tahoe? Those SUV's can easily be optioned to $85K, and they have gas+maintenance costs whereas at-home charging is fairly cheap.
Really enjoyed this episode. I can't really justify what I did financially but I pulled the trigger on a Model X Plaid myself in November. Stealth grey on black with a yoke. Love the car. It is crazy fast.
Congrats. I'm a tesla customer to, best vehicle I've ever had. Was seriously a step change improvement in every way. Had it since 2018, never needed service other than a new set of tires.
You guys should consider doing a breakdown on the cost of charging with supercharging and roadtrips compared to city driving and commuting against gas cars. Would love the accountant version of this with the current high price of supercharging getting close to gas prices. Wondering if a Tesla is a good road trip vehicle
No need to to try to justify the purchase Brian. You scrimped and saved early in life so now the 40% loss of depreciation doesn’t matter much anymore. It’s apparently not causing any financial hardship so congrats!
Im a 32 year old with a dad who bought a new Tesla model Y about a year ago. I bought a used 2016 Chevy volt instead about 8 months ago. I feel like that’s the best of both worlds for a used car for someone like me who wants a lot of the pros of the tesla without a lot of the cons. I don’t regularly drive very far and like to be able to drive those distances on all electric. I can do that. Especially given that I can charge at work for free. But I do take a few long vacations road trips every year and don’t have another car that’s mine which I can take instead. And I’d prefer to not have to wait and pay to charge the vehicle at superchargers along those trips. So on those occasions I just use the hybrid gas mode on my volt once the battery is nearly depleted and fill up at a gas station which takes so much less time. The car on average over its lifetime travels 162 miles per gallon burned. And I never have to worry about range anxiety. The one thing I would change about the vehicle is I’d provide an option to adjust battery charge level like what a lot of full EVs can do. I guess they figure with an all electric range of about 50 miles that anyone would rather have the entire 50 miles if they bother to charge it. But the range goes down much faster when the vehicle is charged to 100% vs 80%. So I lose the max range faster by not allowing me to easily charge it to 80%. Incan fool my car sometimes by setting it to charge for a departure time later than when I’m actually departing so that it doesn’t fill the battery too much. But it’d be so much easier if you could just select a preferred charge level when charging. It is true that you still have to worry about the engine maintenance for a PHEV vs an EV. But there is no transmission, and it takes a much longer time to put 5,000 miles on the engine given that the engine often isn’t running while the car is driving. I also like not having the go through tesla for all car maintenance needs. My uncle paid $3,800 to replace two tires and one rim on his Tesla. So expensive. If I were to get an EV, I’d prefer to get one from another manufacturer than tesla.
I have a Tesla and love it. Charging is mostly done at home in my garage. I also have TSLA as my only nonindex stock. Next car will be another Tesla with upgraded battery tech which can and should always charge to 100% and gets better range. I won’t upgrade until that is the case.
I’m on step 6 of the FOO myself, and it feels a bit discouraging in trying to max out retirement accounts before saving for those prepaid expenses. It’ll likely be several years before I get there.
We were in Franklin over thanksgiving and saw *tons* of new cars (Teslas and others) sitting in the mall parking lot…did Brian get a deal on one of those?
"Range anxiety" is really infrastructure anxiety, its about being concerned that you wont be able to charge the car when you need to. EVs are bleeding edge and when you adopt things that are on the bleeding edge there is a cost and part of that cost is that the charging infrastructure isnt where it needs to be (there isnt enough, problems with the chargers not or not working with every car, no agreed charging standard). As far as Teslas stated ranges its been widely documented that they grossly overstated the ranges that their vehicles can get.
Just a clarification. You CAN charge to 100% and utilize the full range of lithium battery Tesla's, but it's not optimal for the long term health of the battery (more degradation). For the iron phosphate batteries (RWD variants), however, you NEED to charge to 100% and can utilize the full range, as it's healthy for that battery chemistry.
It’s not that it’s healthy to charge LFP batteries to 100%; it’s that it lasts longer and has a higher top charge voltage (relative to 90%), so the degradation by charging it to full is less relevant in the great scheme of things. The real reason to charge LFP to 100% every week or two is that the inner (10-90%) voltage/SoC plot is very flat, so the software can’t tell the SoC very accurately by voltage, and simply keeping track of Ah in and out drifts after a while, so the way to reset the SoC to a known state is to top off the battery. Well, you _could_ do the same thing on the bottom end… but you might not make it home.
@@altosacktotally agree. I set my LFP model 3 to max 70-80 daily and maybe charge to 100% just once a week. I definitely won't leave it at 100% for multiple days
Yeah, there are definitely pros and cons to EVs... Don't have a Tesla but have a 2017 Chevy Bolt. It has been a great commuter car... I have a 120 mile round trip commute, so I can make it to work and back on a single charge no prob. In fact I limit my max charge to around 90% and still have plenty of charge even in the winter and I use heat... But, I have an L2 EVSE installed at home. Not everyone can do that... Also, the Bolt is probably the slowest fast charging car there is. ;-) It's not for road trips... ;-) Now, we do visit family down south. That is about 300 miles away. That means I charge once on the way down, and we do that while we eat lunch. Yeah, the Bolt is slow FAST charging and that takes 45+ minutes, but it's while we eat lunch. Then we stay at hotels that have charging. And do the same thing on the way back. It works great for that trip. But when we do longer trips, we take my wife's Jeep. It's been great for me, but it wouldn't be the right car for everyone... As for battery life, that is a consideration... Yes, the warranty is 8 years/100k. But I burned thru 100k in 4 years. So the warranty was out. Luckily (which is funny) for me, there was the LG battery problem. So just after 100k I got a new battery pack with a new warranty. I'm now 2 years and 35k+ on that warranty. A battery just going out is going to be very rare. So someone out of warranty shouldn't be too worried. The latest studies are showing that batteries (at least Bolt/Tesla) are lasting even better than predicted... But there's still risk... I'm kind of surprised no one is selling extended EV battery warranties yet. Low risk but high cost if it happens, I can see a market there... (Probably not me, but I'm chea... er.. frugal... ;-)
Financially absolutely not. But you made the right moves when you were young and are making a bunch of money now so you can live a little at this point in your life.
Love the show. As a Tesla investor, 20+ year automotive captive finance leader, and Non-Tesla EV driver there are a few things to consider. Tesla is not a luxury vehicle, but an auto company trying to scale itself into a mass market brand. Before the price drops, Tesla margins per unit were some of the highest in the world. Tesla 8k and 10k statements have signaled price drops to scale for years. As far as batteries, battery degradation is far better than expected. The resale problem is the increase in battery range over time.
I've been downing 30% of our monthly investments into TSLA, but there is ZERO CHANCE i am relying on Teslas right now for road trips through the desert, southwest, and our preferred areas. In 2024, hybrid had potential for long drives. Maybe in 2044, the world will be different. For now, I rely on fuel and the reliability of fuel stops. Tyvm
Great timing with this video! Was just doing some research this weekend since my 20 year old audi is on its last leg. 😅 With the 7500 credit and cost savings on gas, I'm definitely thinking about getting a model 3: performance (My dream car is a fast, but cheap-ish car) so seems pretty perfect to splurge a bit on
I believe that the 7500 ends 12/31 due to some politics from the Biden administration, you might want to look into it and make the move in the next few days.
You mention credit score. If following the Money Guy Show car buying rules, then that shouldn't matter. They consider Tesla a luxury brand and should be bought and paid in one year same as cash.
@@BradenIrwin I think he was referring to the tax credit, not a credit score. Though that is a good reminder. Don't go into debt for a high performance luxury car.
@@TangoFoxtrotWhiskey FYI, it's not politics from the biden administration. It's literally how the bill was written. The parts + assembly arent in the US enough to meet the minimum qualifications anymore. Elon made the choice to move away from what would fit under the tax credit.
@@TangoFoxtrotWhiskeyit’s losing the tax credit because the legislation passed includes battery sourcing requirements that get more stringent every year
I don’t know what this guy is talking about no maintenance. I have a buddy that has one and he tells me, he is going through tires almost every year and they are not cheap. And the vehicle has been in the shop a few times.
Old car batteries that are no longer useful as a car battery can be used as stationary energy storage. What’s more, a former executive from Tesla is now the CEO of Redwood Materials which recycles the rare earth metals from car batteries.
My wife has been looking into buying a Tesla for a few years now. She doesn’t want to finance it at all though. So she is waiting to save up $60K on top of her 1 year emergency fund. She is much more patient than I am. Lol. I would have put $40k down and financed the rest, but she hates debt
Good strategy, imo. Tesla is aiming to drive down prices as time goes on, so it'll def work in her favor. I'd personally wait for end of year delivery push incentives as well.
@@nielsvandenkieboom5034 she doesn’t want a stripped down base model. The one she wants is $61,000. That’s why I used that figure. She doesn’t want it just to own one. She wants a certain one. If she wanted a base model. She would have bought one already
@@ryanra44 No problem, many people just assume they’re much more expensive to begin with. I can’t wait to see what they’re doing to the new Model 3 performance so I can get one.
I don't know if it adds to the "luxury feel", but it does remove the distraction. I never realized how distracting the "luxury" features were until I rented a BMW X5.
"Worth it" regarding EV comes down to a combination of understanding what gas engine car you would have purchased if you weren't buying your EV, and how long would it take you to make up the money delta between the two vehicles. You math out how long it would take to make up the price and opportunity cost based on your driving habits and fuel cost estimates along with the cost of installing a lv 2 charger vs the EV fuel/maintenance savings benefits. For me, the math isn't there. It would take over 20 years to make back the greater upfront costs associated with any EV..
I like physical buttons. Not all screen. It does cost like 20k for a battery. Some people have already done it. Is all the USB ports working on it? You may not need to change oil, like on regular cars. But you still have gear oil and grease. You may not need to change it often. But it does have it.
Nope, no need to do any kind of oil change. But you do need to rotate tires, car alignment, 12V batteries changed too. But that’s about it. No oil changes, transmission fluid flushes, brakes really need changing too due to regenerative braking, gaskets blowing, spark plugs, etc. also you get 150k miles or 8 year warranty on the batteries. If you outlast this then most likely your batteries will last at least up to 450-500k miles anyway.
@@eplugplay8409 Regenerative braking does not mean you never need to change breaks. Everything that have gears, either uses gear oil, or grease. I mean not graining it. Just topping it off. Tesla does have wheel bearings, wheel bearings takes grease. Even on EV, aliments does have to get done, if you aren't driving straight. EV"s are not as maintenance free as people think. There's less maintenance. But not maintenance free.
@@saulgoodman2018 That's where you have 0 experiences with a Tesla. Brakes are rarely needed to be changed because if you've ever driven one you would know that you barely use the brakes. Tesla's drive differently meaning the electric motor will slow down and even to a stop when you let go of the accelerator. I drive it in "hold" mode where when you let go of the accelerator completely, it will stop the car without needing to ever touch the brakes. I rarely use the brakes on my Model Y and this is how majority of people drive it. That is why even after 10 years, there are people who never change out their brakes as there is almost no wear and tear on that part as the electric motor just slows down the wheels rather than relying on the brake pads and rotor in the old ancient ice vehicles. Tesla's only have 25 moving parts as to an ice vehicle's 2500+ moving parts that can go wrong. An electric motor is 97%+ efficiency rating where there is almost no wear and tear that is why you'll almost never need maintenance done on it ever for the life of the car. Compared to an ice vehicle's motor which has an efficiency rating of 42% which has far greater wear and tear, thus "combustible" engine as it combust inside which is highly inefficient. Tesla's can easily go up to 450k miles before any battery issues which is the only real problem you'll have but by then I'll just get a new tesla anyway. There are people with older Model S 10+ year old ones that went to 1M miles before batteries needed replacing and those were MUCH older inefficient batteries and battery management software systems compared to today. Also the 4680 cells from research showed that from experts they say it can go easily 1M+ miles or even 2M miles before any issues but time will tell the real world results. Even if half a million miles on average is more than good enough for most people. Please research before giving your own opinions about things as these are FACTS.
@@eplugplay8409new Teslas no longer use 12V lead acid batteries. They replaced them with 16V li-on which should last at least 10-15 years. No one in the car industry is thinking ahead like Tesla.
@@eplugplay8409 So how to you think a car will stop without brakes? You can come to a rolling stop with an ICE car too. You cannot come to a rolling stop at highway speeds within 5 seconds. Brake pads still needs to be changed. Go and Google EV maintenance.
This is a bit deceptive. You can definitely charge to 100% before going on a long road trip. A super charger will charge to 100%, it will take longer, but not hours. So you can go over 80% if you decide to spend more than 20 min charging (eating lunch etc). Many hotels are also starting to offer EV charging, another opportunity to charge to 100% overnight.
@@albertog.5433 He has mentioned multiple times that he has the cash to pay off his house sitting in a high yield savings account because it is earning more in interest there than paying down his 2.5% mortgage. He is literally making risk-free money by NOT paying off his house.
I still want to know how much of his wealth (roughly) is from saving/investing vs his personal business taking off and having a super high income. This gets blurred in my opinion. I have no doubt he saves and lives below his means but not sure how much of his wealth is really from that piece of it vs owning a super successful business. (When they imply “you can do it by saving”)
@@LBrisk01agreed 100% the fundamentals are the same. But sometimes the line gets blurred that those levels of wealth are mostly from saving and living below your means. You need a giant shovel to have the $2+ million house and many other toys that he has.
Short and sweet answer: "Hell No!!!" The fast 0-60 trick gets old quick. People that aren't car people always equate fast 0-60 to sports car, and that isn't remotly true.
@@LBrisk01 Really? Is that what I do? And I don't cover my cameras? Apparently we don't know each other. You may want to also put an EMF meter next to a cell phone and then inside a Tesla 😴
The huge disconnect with Tesla is this: It's consistently rated as the most unreliable and not built well cars on the market, YET, Tesla owners say they love them. You have to ask yourself what is happening here. And they rattle like crazy after 6 months.
What is your source for this statement? The 2023 USNews least reliable report does not include any Tesla models. 2023 Consumer Reports lists the Tesla brand as #6 on their least reliable.
@@todd2456 Yeah that’s why I was asking where you got the info. I am curious what they are judging to get that reliability score. I bought a new 2022 Model 3 last March. I have had zero issues (other than a flat tire) in 18 mos and couldn’t be happier with the car. There have been a number of “recalls”, which were all addressed by over the air software fixes, so was wondering if that drove the poor score. I would like to see the phone companies start calling their periodic software updates recalls. ;-)
I think I know about 15 people with Tesla's including myself and to be honest the only maintenance I have heard was on the older ones which could have issues were the control arms having to be fixed. So far all of them have been fixed under warranty or goodwill as Tesla knows it's an issue on the older vehicles. If you get one and you want the most reliable ones you should get one from after the 2021 facelift and preferably a Model 3 or Model Y.
With widespread QA problems and a massive recall with questionable ability to even fix the problem, and many more competitors now, why do people still focus on Tesla as some kind of “unique vehicle”
Oh man, you haven't seen the disaster that is all the "competitors" EVs or you wouldn't make such a statement. Have you even looked at the reliability of the CCS network? Tesla has no legit competition today.
So disappointed ☹️ Supporting Musk? Nope. Paying over $60 for a depreciating asset? Nope? Must pay for all features, whether you want them or not? Nope. Expected better advice from the Money Guy.
If he's got the money to spare (and he does) what's wrong with spending extra on a depreciating asset? He never claimed it was a good deal, he said he liked the car and doesn't regret the purchase.
What’s the CEO of your favorite car brand up to? It’s insane anyone cares about that. I went from being called a tree hugger in 2020 to a conservative fascist in 2023 with the same car lol. Couldn’t care less what the CEO of a car company is tweeting
All of my friends who work at Tesla have their own opinions and views of the world. Elon is just one human in a company with 130.000+ employees. Don’t let one guy’s opinion steer you away from the best EV experience in the market.
For me EV's are just to expensive especially on a depreciating asset and i didn't agree on the lies that were told with marketing and the push to get EV's sold through the removal of gas powered cars . If im going to drive one thats my choice not the government. So you can have them .
I am not sure why you made this video to "review" your purchase (not that I have any issue with anyone at your financial net worth purchasing a brand-new Model X Plaid) ... most of your audience are nowhere close to your net worth and will be unable to relate to anything you said about your additional reasons for the purchase (so that your younger one can play netflix/video games the back seat? to embarrass your daughter at college?) ... when you purchase your new yacht/airplane , please do us all a favor and refrain from another video giving us the advantages/disadvantages of the new yacht/airplane ... instead, for a financial show, maybe you should have also pointed out that as of now, TSLA has underperformed the S&P 500 ever since it got included in that index ... or you could go over why a 4 year old used Model X Plaid would have been a better value and given you the same ride and saved you money too
This comment is funny as there’s about 50 other commenters before it saying how much they love their Model X’s/Teslas as well. Just because you can’t afford it doesn’t mean all the content they produce needs to be for people who don’t have disposable income. It’s refreshing to get a financial video on buying more expensive things and not just hearing about how we should eat beans and rice and save every penny we have into a 401k. Maybe Dave Ramsey would be a better channel for you to watch if you get this offended over the financials of buying a car.
We bought a Model Y and still have our gas CX-5. Safe to say our CX-5 is literally collecting dust. I do regret selling my WRX for the occasional manual shifting joy rides, however 😢
I bought my long range 3 new in 2021... wife loved it and we bought her a performance 3 in 2022. No other modes of transportation in our household and we've taken multiple cross country roadtrips. When we originally bought my car we lived in rural Minnesota... and she had a Chevrolet Bolt. If we could make all-electric work out in the land of rocks and cows, anyone can.
I took Brian’s advice and sold all my index fund shares and went all on on TSLA.
Got a good deal at 14% interest as well
I sold my house just now and put it all in Tesla thank you money guys
Brian is current spinning on a top.
Great episode! As a Tesla owner, I love leaving the house every morning with a full charge and never pulling into a gas station, no maintenance. I save $235 a month charging at home (off peak at night) compared to gas. I also love that 99% of all Tesla Recalls as seen in mainstream media are over the air software updates I do in my garage in 20 minutes, lol. Keep up the great work guys, love the show.
bought a Model S in 2017 when Tesla was in "production hell" just hit 90K miles and haven't spent a penny on the car other than tires. As a matter of fact its a BETTER car than when I bought it with all the over the air updates/improvements you get.
Love this format- would love to hear more product reviews through the lense of financial value.
I got pulled in the same as Brian. Free FSD transfer got me to upgrade from a Model 3 to Model Y. Model 3 was paid off - my Money Guy Mutant soul was telling me not to get another car (Inner thought - "financial napalm") - but it was the car I wish I would've bought from the beginning... so I did it and I'm ultimately happy with the decision.
Have a Model X Plaid on order right now. Probably not the MOST prudent financial decision, but it’s for the family and we’re in a position after following your show (and others) to pay cash for the vehicle.
For me living in Anchorage, Alaska some of the upsides are. 1) Safest car you can buy. 2) You never have to go to a gas station (especially during snow storms in sub zero temperatures). 3) Always fully charged every morning (no range anxiety like the gas car owners have when that light comes on every week). 3) Fun to drive. 4) Pre cool or heat the vehicle at any time at any place.
Do you have solar or something? Also do you ever lose power during a winter storm? Interested in how it might work up there in Alaska if there aren’t many DCFC to fall back on.
If you only plan to drive around Anchorage. Go north past talkeetna in that lol. You are a prisoner to Anchorage/Eagle River in one of those 😂.
I have solar but that is just for adding power to the grid in the summer. I loose power once a year but only for a few hours, so not worried about that. Then I live in Anchorage.
@@therealist5648 I have driven to Fairbanks in an RV and never in a car, the drive is boring and useless. I have driven to Valdez and Homer/Seward and that works fine. Living in Anchorage (or anywhere in Alaska) is being a prisoner independently of what vehicle you own. That is being a realist.
Congrats! Got my first Tesla in 2021. Getting a second next year and upgrading the first one we got in 2025. Best car decision of my life.
The tax credit hurts the used market as well. Anytime you consider a used EV, you immediately compare how little extra it will cost for brand new with the credit.
We picked up a model Y recently and the most underrated part of this would be the at-home charging. Plugging it in at night and always just getting into the car without thinking about timing the Costco gas stop has been such a great experience. Also, because both my wife and I drive the car, we have our individual seat and mirror profiles set to our phones. We are different sized people and just by the car auto adjusting to us is so useful.
To be fair, most newer vehicles have the multiple seat settings whether it’s tied to a phone or key. Hondas have this, it rocks!
@@avengement89 Nice! My 2022 Lexus RX 350 does not have this. Every time my wife drives the Lexus, which honestly we only use for road trips, I end up spending the first 5 minutes of my drive tweaking the seat until it's right. Also, it's not just the seat settings but the side mirror settings as well!
@@ynie1 oh wow! It’s definitely a great add on, I would be in your situation otherwise too and really value having the seat/mirror memory on our CRV (granted this feature is only on certain trim levels!)
Brian, don’t you have a home charger? Why didn’t you mention that detail? For daily driving you never need to stop at a supercharger or any charger, you can create a charging schedule for off-peak hours. Saving you even more money.
Brian says he’s not a car guy… 😂
Is he really a car guy if he buys a Tesla? Or is he a tech guy? 😂
That's not a car it's a fancy golfcart.
Tech guy for sure.
@@OldFrameryou do know gas golf carts also exist right? I never understood how this “slight” at EVs makes sense or would even be a negative. It’s a car. It gets you from A to B
@@LBrisk01 you completely missed the point. It didn't have crap to do with the battery pack!!!
I first found the Money Guy Show years ago when the algorithm recommended Brian's Tesla model 3 review back in the day when I was researching Tesla to purchase myself. I got the X back then and ended up paying it off early because that is also when I became a money guy show subscriber. I was already a financial mutant but my FOO needed reorganization lol
This is a great example that money is as much about personal desire and behavior as it is about the math. 🤩
I get hate for saying Teslas aren’t luxury cars. Glad an owner finally agrees.
A 100k car is a luxury car, no matter the brand. That’s what he bought
Base model 3 is like $32k after credits. Hardly luxury
@@thedopplereffect00yet an Audi A3 or Benz A class is considered luxury at the same prices?
the car loses the credits jan 1st in the USA, so when it goes up to 40k Jan 1st is it still not a luxury?@@thedopplereffect00
@@DAcheekO Maybe. Is a Ford Expedition a luxury SUV? The Max Platinum Trim is about $90K, and those vehicles can cost over $100+ per fill up assuming around $3.75/gallon (my neighbor just got one). What about the Chevy Tahoe? Those SUV's can easily be optioned to $85K, and they have gas+maintenance costs whereas at-home charging is fairly cheap.
Really enjoyed this episode. I can't really justify what I did financially but I pulled the trigger on a Model X Plaid myself in November. Stealth grey on black with a yoke. Love the car. It is crazy fast.
Congrats. I'm a tesla customer to, best vehicle I've ever had. Was seriously a step change improvement in every way. Had it since 2018, never needed service other than a new set of tires.
You should probably get all your overdue maintenance done.
@@justthebrttrk You should still change out your air filters, brake fluid, wipers, etc.
You guys should consider doing a breakdown on the cost of charging with supercharging and roadtrips compared to city driving and commuting against gas cars. Would love the accountant version of this with the current high price of supercharging getting close to gas prices. Wondering if a Tesla is a good road trip vehicle
No need to to try to justify the purchase Brian. You scrimped and saved early in life so now the 40% loss of depreciation doesn’t matter much anymore. It’s apparently not causing any financial hardship so congrats!
Im a 32 year old with a dad who bought a new Tesla model Y about a year ago. I bought a used 2016 Chevy volt instead about 8 months ago.
I feel like that’s the best of both worlds for a used car for someone like me who wants a lot of the pros of the tesla without a lot of the cons.
I don’t regularly drive very far and like to be able to drive those distances on all electric. I can do that. Especially given that I can charge at work for free. But I do take a few long vacations road trips every year and don’t have another car that’s mine which I can take instead. And I’d prefer to not have to wait and pay to charge the vehicle at superchargers along those trips. So on those occasions I just use the hybrid gas mode on my volt once the battery is nearly depleted and fill up at a gas station which takes so much less time.
The car on average over its lifetime travels 162 miles per gallon burned. And I never have to worry about range anxiety. The one thing I would change about the vehicle is I’d provide an option to adjust battery charge level like what a lot of full EVs can do. I guess they figure with an all electric range of about 50 miles that anyone would rather have the entire 50 miles if they bother to charge it. But the range goes down much faster when the vehicle is charged to 100% vs 80%. So I lose the max range faster by not allowing me to easily charge it to 80%.
Incan fool my car sometimes by setting it to charge for a departure time later than when I’m actually departing so that it doesn’t fill the battery too much. But it’d be so much easier if you could just select a preferred charge level when charging.
It is true that you still have to worry about the engine maintenance for a PHEV vs an EV. But there is no transmission, and it takes a much longer time to put 5,000 miles on the engine given that the engine often isn’t running while the car is driving. I also like not having the go through tesla for all car maintenance needs. My uncle paid $3,800 to replace two tires and one rim on his Tesla. So expensive. If I were to get an EV, I’d prefer to get one from another manufacturer than tesla.
I have a Tesla and love it. Charging is mostly done at home in my garage. I also have TSLA as my only nonindex stock. Next car will be another Tesla with upgraded battery tech which can and should always charge to 100% and gets better range. I won’t upgrade until that is the case.
I’m on step 6 of the FOO myself, and it feels a bit discouraging in trying to max out retirement accounts before saving for those prepaid expenses. It’ll likely be several years before I get there.
We were in Franklin over thanksgiving and saw *tons* of new cars (Teslas and others) sitting in the mall parking lot…did Brian get a deal on one of those?
After dropping 100k plus on a model x plaid buying individual shares of Tesla? I’d say you’re all in!
You can buy a used one for $80k with low miles
"Range anxiety" is really infrastructure anxiety, its about being concerned that you wont be able to charge the car when you need to. EVs are bleeding edge and when you adopt things that are on the bleeding edge there is a cost and part of that cost is that the charging infrastructure isnt where it needs to be (there isnt enough, problems with the chargers not or not working with every car, no agreed charging standard).
As far as Teslas stated ranges its been widely documented that they grossly overstated the ranges that their vehicles can get.
I think people get worse range on Tesla because it's just too much fun to slam on the accelerator :)
Just a clarification. You CAN charge to 100% and utilize the full range of lithium battery Tesla's, but it's not optimal for the long term health of the battery (more degradation). For the iron phosphate batteries (RWD variants), however, you NEED to charge to 100% and can utilize the full range, as it's healthy for that battery chemistry.
It’s not that it’s healthy to charge LFP batteries to 100%; it’s that it lasts longer and has a higher top charge voltage (relative to 90%), so the degradation by charging it to full is less relevant in the great scheme of things.
The real reason to charge LFP to 100% every week or two is that the inner (10-90%) voltage/SoC plot is very flat, so the software can’t tell the SoC very accurately by voltage, and simply keeping track of Ah in and out drifts after a while, so the way to reset the SoC to a known state is to top off the battery.
Well, you _could_ do the same thing on the bottom end… but you might not make it home.
@@altosacktotally agree. I set my LFP model 3 to max 70-80 daily and maybe charge to 100% just once a week. I definitely won't leave it at 100% for multiple days
I think his point was more that real world use scenarios rarely have the battery at 100%, not that they can't charge to 100%
Bo starts every video with "I am so excited . . ." If I had time I'd do a compilation but, you know, I have a life.
An X Plaid, that's awesome. Congratulations. I drove one a few years ago, it's a great ride.
Need to get a last minute video about the car out so it can be used for a tax write off 😜
Yeah, there are definitely pros and cons to EVs... Don't have a Tesla but have a 2017 Chevy Bolt.
It has been a great commuter car... I have a 120 mile round trip commute, so I can make it to work and back on a single charge no prob. In fact I limit my max charge to around 90% and still have plenty of charge even in the winter and I use heat...
But, I have an L2 EVSE installed at home. Not everyone can do that...
Also, the Bolt is probably the slowest fast charging car there is. ;-) It's not for road trips... ;-)
Now, we do visit family down south. That is about 300 miles away. That means I charge once on the way down, and we do that while we eat lunch. Yeah, the Bolt is slow FAST charging and that takes 45+ minutes, but it's while we eat lunch.
Then we stay at hotels that have charging. And do the same thing on the way back.
It works great for that trip.
But when we do longer trips, we take my wife's Jeep.
It's been great for me, but it wouldn't be the right car for everyone...
As for battery life, that is a consideration... Yes, the warranty is 8 years/100k. But I burned thru 100k in 4 years. So the warranty was out. Luckily (which is funny) for me, there was the LG battery problem. So just after 100k I got a new battery pack with a new warranty.
I'm now 2 years and 35k+ on that warranty.
A battery just going out is going to be very rare. So someone out of warranty shouldn't be too worried. The latest studies are showing that batteries (at least Bolt/Tesla) are lasting even better than predicted...
But there's still risk...
I'm kind of surprised no one is selling extended EV battery warranties yet. Low risk but high cost if it happens, I can see a market there...
(Probably not me, but I'm chea... er.. frugal... ;-)
Financially absolutely not. But you made the right moves when you were young and are making a bunch of money now so you can live a little at this point in your life.
I like the change up of content! Thanks for the video
Love the show. As a Tesla investor, 20+ year automotive captive finance leader, and Non-Tesla EV driver there are a few things to consider. Tesla is not a luxury vehicle, but an auto company trying to scale itself into a mass market brand. Before the price drops, Tesla margins per unit were some of the highest in the world. Tesla 8k and 10k statements have signaled price drops to scale for years. As far as batteries, battery degradation is far better than expected. The resale problem is the increase in battery range over time.
I've been downing 30% of our monthly investments into TSLA, but there is ZERO CHANCE i am relying on Teslas right now for road trips through the desert, southwest, and our preferred areas. In 2024, hybrid had potential for long drives. Maybe in 2044, the world will be different. For now, I rely on fuel and the reliability of fuel stops. Tyvm
Own TSLA shares...but don't own a Tesla...yet.
Great timing with this video!
Was just doing some research this weekend since my 20 year old audi is on its last leg. 😅
With the 7500 credit and cost savings on gas, I'm definitely thinking about getting a model 3: performance
(My dream car is a fast, but cheap-ish car) so seems pretty perfect to splurge a bit on
I believe that the 7500 ends 12/31 due to some politics from the Biden administration, you might want to look into it and make the move in the next few days.
You mention credit score. If following the Money Guy Show car buying rules, then that shouldn't matter. They consider Tesla a luxury brand and should be bought and paid in one year same as cash.
@@BradenIrwin I think he was referring to the tax credit, not a credit score. Though that is a good reminder.
Don't go into debt for a high performance luxury car.
@@TangoFoxtrotWhiskey FYI, it's not politics from the biden administration. It's literally how the bill was written. The parts + assembly arent in the US enough to meet the minimum qualifications anymore. Elon made the choice to move away from what would fit under the tax credit.
@@TangoFoxtrotWhiskeyit’s losing the tax credit because the legislation passed includes battery sourcing requirements that get more stringent every year
Great show! Perfect timing with the upload and hope you guys had a great Christmas!
Thanks for the show guys! God bless you all.
I don’t know what this guy is talking about no maintenance. I have a buddy that has one and he tells me, he is going through tires almost every year and they are not cheap. And the vehicle has been in the shop a few times.
What a relatable episode
Old car batteries that are no longer useful as a car battery can be used as stationary energy storage. What’s more, a former executive from Tesla is now the CEO of Redwood Materials which recycles the rare earth metals from car batteries.
The Tesla charging network is real slim in the upper Midwest, so Tesla's off the table for me until they get that fixed especially with winters.
My wife has been looking into buying a Tesla for a few years now. She doesn’t want to finance it at all though. So she is waiting to save up $60K on top of her 1 year emergency fund. She is much more patient than I am. Lol. I would have put $40k down and financed the rest, but she hates debt
Tesla can be bought for less than $30k in the US if you want to go for the Model 3. Under $40k for the Model Y.
Good strategy, imo. Tesla is aiming to drive down prices as time goes on, so it'll def work in her favor. I'd personally wait for end of year delivery push incentives as well.
@@nielsvandenkieboom5034 she doesn’t want a stripped down base model. The one she wants is $61,000. That’s why I used that figure. She doesn’t want it just to own one. She wants a certain one. If she wanted a base model. She would have bought one already
@@ryanra44 No problem, many people just assume they’re much more expensive to begin with. I can’t wait to see what they’re doing to the new Model 3 performance so I can get one.
“Not a car guy” = buys a 100k car????
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And traditional car dealers don't play pricing games? I think 100x more than Tesla.
No worries about those complicated articulated rear gull wing doors failing and leaving your car unsecured and exposed to the weather?
When isn't Bo excited?
I think the minimalist look adds to the luxury feel to the car. Great review!
I don't know if it adds to the "luxury feel", but it does remove the distraction. I never realized how distracting the "luxury" features were until I rented a BMW X5.
"Worth it" regarding EV comes down to a combination of understanding what gas engine car you would have purchased if you weren't buying your EV, and how long would it take you to make up the money delta between the two vehicles. You math out how long it would take to make up the price and opportunity cost based on your driving habits and fuel cost estimates along with the cost of installing a lv 2 charger vs the EV fuel/maintenance savings benefits.
For me, the math isn't there. It would take over 20 years to make back the greater upfront costs associated with any EV..
My tesla wall charger was under 1k. Purchase plus electrician install.
The model 3 can charge 5 miles/hour just in the $250, 120V charger. That's 50 miles a night, way more than most people drive in an average day.
Lmao do you drive 20 miles a year? I’ve driven 16k miles in 2.5 years but I’ve already saved over $4k alone in charging vs gas
I just can’t buy a car priced that high. For it to be worth it to me, it would need to clean, do laundry and cook dinner. 😆
No thanks
I like physical buttons. Not all screen. It does cost like 20k for a battery. Some people have already done it.
Is all the USB ports working on it?
You may not need to change oil, like on regular cars.
But you still have gear oil and grease. You may not need to change it often. But it does have it.
Nope, no need to do any kind of oil change. But you do need to rotate tires, car alignment, 12V batteries changed too. But that’s about it. No oil changes, transmission fluid flushes, brakes really need changing too due to regenerative braking, gaskets blowing, spark plugs, etc. also you get 150k miles or 8 year warranty on the batteries. If you outlast this then most likely your batteries will last at least up to 450-500k miles anyway.
@@eplugplay8409 Regenerative braking does not mean you never need to change breaks.
Everything that have gears, either uses gear oil, or grease. I mean not graining it. Just topping it off.
Tesla does have wheel bearings, wheel bearings takes grease.
Even on EV, aliments does have to get done, if you aren't driving straight.
EV"s are not as maintenance free as people think. There's less maintenance. But not maintenance free.
@@saulgoodman2018 That's where you have 0 experiences with a Tesla. Brakes are rarely needed to be changed because if you've ever driven one you would know that you barely use the brakes. Tesla's drive differently meaning the electric motor will slow down and even to a stop when you let go of the accelerator. I drive it in "hold" mode where when you let go of the accelerator completely, it will stop the car without needing to ever touch the brakes. I rarely use the brakes on my Model Y and this is how majority of people drive it. That is why even after 10 years, there are people who never change out their brakes as there is almost no wear and tear on that part as the electric motor just slows down the wheels rather than relying on the brake pads and rotor in the old ancient ice vehicles. Tesla's only have 25 moving parts as to an ice vehicle's 2500+ moving parts that can go wrong.
An electric motor is 97%+ efficiency rating where there is almost no wear and tear that is why you'll almost never need maintenance done on it ever for the life of the car. Compared to an ice vehicle's motor which has an efficiency rating of 42% which has far greater wear and tear, thus "combustible" engine as it combust inside which is highly inefficient. Tesla's can easily go up to 450k miles before any battery issues which is the only real problem you'll have but by then I'll just get a new tesla anyway. There are people with older Model S 10+ year old ones that went to 1M miles before batteries needed replacing and those were MUCH older inefficient batteries and battery management software systems compared to today. Also the 4680 cells from research showed that from experts they say it can go easily 1M+ miles or even 2M miles before any issues but time will tell the real world results. Even if half a million miles on average is more than good enough for most people. Please research before giving your own opinions about things as these are FACTS.
@@eplugplay8409new Teslas no longer use 12V lead acid batteries. They replaced them with 16V li-on which should last at least 10-15 years. No one in the car industry is thinking ahead like Tesla.
@@eplugplay8409 So how to you think a car will stop without brakes?
You can come to a rolling stop with an ICE car too. You cannot come to a rolling stop at highway speeds within 5 seconds.
Brake pads still needs to be changed.
Go and Google EV maintenance.
This is a bit deceptive. You can definitely charge to 100% before going on a long road trip. A super charger will charge to 100%, it will take longer, but not hours. So you can go over 80% if you decide to spend more than 20 min charging (eating lunch etc). Many hotels are also starting to offer EV charging, another opportunity to charge to 100% overnight.
You should have paid your house off instead
I can do both 😉
But u didn't
@@albertog.5433 He has mentioned multiple times that he has the cash to pay off his house sitting in a high yield savings account because it is earning more in interest there than paying down his 2.5% mortgage. He is literally making risk-free money by NOT paying off his house.
Should have paid off the house instead of purchasing an expensive liability.
I'm pretty sure he's capable of very easily doing both.
I missed the part where he talked about his mortgage
I still want to know how much of his wealth (roughly) is from saving/investing vs his personal business taking off and having a super high income. This gets blurred in my opinion. I have no doubt he saves and lives below his means but not sure how much of his wealth is really from that piece of it vs owning a super successful business. (When they imply “you can do it by saving”)
I mean, you *can* do it by saving, but you're not getting a model X by saving. You're getting a model 3 by saving.
@@dominat0r3600touché
I mean you still need to save to pay cash for a $92k car. The fundamentals are the same, But the numbers are just bigger
@@LBrisk01agreed 100% the fundamentals are the same. But sometimes the line gets blurred that those levels of wealth are mostly from saving and living below your means. You need a giant shovel to have the $2+ million house and many other toys that he has.
You tell us how to be frugal and use money wisely, and you think Teslas are part of that equation. No thanks. You lost my interest.
Short and sweet answer: "Hell No!!!" The fast 0-60 trick gets old quick. People that aren't car people always equate fast 0-60 to sports car, and that isn't remotly true.
2.5 years in and my 3 second 0-60 has not gotten old at all
You are inside an EMF-emitting coffin that has active microphones listening to you inside the car. Great buy.
I've heard tinfoil hats can protect you from all that stuff. Though something tells me you're already a fan of tinfoil hats.
Im loling imagining you typing this on your cell phone, a device you have on you all day with microphones and cameras pointed at your face
@@LBrisk01 Really? Is that what I do? And I don't cover my cameras? Apparently we don't know each other. You may want to also put an EMF meter next to a cell phone and then inside a Tesla 😴
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The huge disconnect with Tesla is this: It's consistently rated as the most unreliable and not built well cars on the market, YET, Tesla owners say they love them. You have to ask yourself what is happening here. And they rattle like crazy after 6 months.
What is your source for this statement? The 2023 USNews least reliable report does not include any Tesla models. 2023 Consumer Reports lists the Tesla brand as #6 on their least reliable.
@@EvenOlderThanBrian 19th out of 24 is pretty abysmal at CR. Also, Tesla owners have a satisfaction rating of 96 at CR. IMO, that's a huge disconnect.
@@todd2456 Yeah that’s why I was asking where you got the info. I am curious what they are judging to get that reliability score. I bought a new 2022 Model 3 last March. I have had zero issues (other than a flat tire) in 18 mos and couldn’t be happier with the car. There have been a number of “recalls”, which were all addressed by over the air software fixes, so was wondering if that drove the poor score. I would like to see the phone companies start calling their periodic software updates recalls. ;-)
I think I know about 15 people with Tesla's including myself and to be honest the only maintenance I have heard was on the older ones which could have issues were the control arms having to be fixed. So far all of them have been fixed under warranty or goodwill as Tesla knows it's an issue on the older vehicles. If you get one and you want the most reliable ones you should get one from after the 2021 facelift and preferably a Model 3 or Model Y.
lol, I will never buy a tesla
You didn't discuss the insurance cost and high repair cost on TSLAs. Wouldn't own one right now.
My insurance is the same as the car I traded in. I haven’t had any maintenance issues. Then again I’m only at like 5k miles
My model 3 long range insurance is cheaper when my ford Taurus insurance
My insurance only went up and $30/month when I got a new model 3. Most of that is because the car is new. I expect it to go down as it depreciates
Have you found the behavior of the CEO has affected the stock price? Does CEO or leadership affect the decisions you make while investing?
Wow. Short.
With widespread QA problems and a massive recall with questionable ability to even fix the problem, and many more competitors now, why do people still focus on Tesla as some kind of “unique vehicle”
What is the recall you are talking about?
By “recall” he means over the air update 😂
Oh man, you haven't seen the disaster that is all the "competitors" EVs or you wouldn't make such a statement. Have you even looked at the reliability of the CCS network? Tesla has no legit competition today.
You’ve never been to an Electrify America station and it shows
So disappointed ☹️ Supporting Musk? Nope. Paying over $60 for a depreciating asset? Nope? Must pay for all features, whether you want them or not? Nope. Expected better advice from the Money Guy.
Have you ever tried to buy a base model car at a stealership? Good luck.
If he's got the money to spare (and he does) what's wrong with spending extra on a depreciating asset? He never claimed it was a good deal, he said he liked the car and doesn't regret the purchase.
What’s the CEO of your favorite car brand up to? It’s insane anyone cares about that. I went from being called a tree hugger in 2020 to a conservative fascist in 2023 with the same car lol. Couldn’t care less what the CEO of a car company is tweeting
I don't know how people can buy anything Elon is associated with? The guy is just icky.
You can hate his politics (I do as well), but still enjoy the car his company made.
All of my friends who work at Tesla have their own opinions and views of the world. Elon is just one human in a company with 130.000+ employees. Don’t let one guy’s opinion steer you away from the best EV experience in the market.
Because he tried to fix Twitter?
The Tesla cache has been gone for some time, inextricably linked to the asinine Musk.
Did he hurt your feelings when he bought Twitter?
@@thedopplereffect00 The only thing he hurt when he bought Twitter was Twitter.
For me EV's are just to expensive especially on a depreciating asset and i didn't agree on the lies that were told with marketing and the push to get EV's sold through the removal of gas powered cars . If im going to drive one thats my choice not the government. So you can have them .
I am not sure why you made this video to "review" your purchase (not that I have any issue with anyone at your financial net worth purchasing a brand-new Model X Plaid) ... most of your audience are nowhere close to your net worth and will be unable to relate to anything you said about your additional reasons for the purchase (so that your younger one can play netflix/video games the back seat? to embarrass your daughter at college?) ... when you purchase your new yacht/airplane , please do us all a favor and refrain from another video giving us the advantages/disadvantages of the new yacht/airplane ... instead, for a financial show, maybe you should have also pointed out that as of now, TSLA has underperformed the S&P 500 ever since it got included in that index ... or you could go over why a 4 year old used Model X Plaid would have been a better value and given you the same ride and saved you money too
This comment is funny as there’s about 50 other commenters before it saying how much they love their Model X’s/Teslas as well. Just because you can’t afford it doesn’t mean all the content they produce needs to be for people who don’t have disposable income. It’s refreshing to get a financial video on buying more expensive things and not just hearing about how we should eat beans and rice and save every penny we have into a 401k. Maybe Dave Ramsey would be a better channel for you to watch if you get this offended over the financials of buying a car.
Why does anybody want these cars?
First
Looks like melinda beat you
@@Austin-fc5gs nooooooooo
@@losgatoscreek1 youll get it next time, good luck
@@Austin-fc5gs thanks;!
How much did Elmo pay you for this commercial?
Now tell us what your other car is. I know no TSLA owner who has the car as their only vehicle.
I do! Swapping the gas vehicle for another Tesla in 2024. We don’t drive the gas car anymore and take the Tesla on all long road trips.
We bought a Model Y and still have our gas CX-5. Safe to say our CX-5 is literally collecting dust. I do regret selling my WRX for the occasional manual shifting joy rides, however 😢
My 2018 Model 3 is my only vehicle and has been for five years. It's great.
I bought my long range 3 new in 2021... wife loved it and we bought her a performance 3 in 2022. No other modes of transportation in our household and we've taken multiple cross country roadtrips. When we originally bought my car we lived in rural Minnesota... and she had a Chevrolet Bolt. If we could make all-electric work out in the land of rocks and cows, anyone can.
I have a model Y, wife has a model 3. Perfect combo
Driving a microwave around 🤷♀️
This makes absolutely no sense
Referring to the EMF ‘s that are radiated from the vehicle !