Why Tesla sales have tanked and why the price will keep dropping...
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- Опубліковано 27 чер 2024
- Tesla prices have tanked and there's still more to come. I walk you through why the prices have fallen so fast and so much and the experience I went through with a novated lease and how you can avoid losing money in the future if you decide to lease a Tesla.
Skip Ahead:
Intro: 00:00
Background: 00:45
What caused it?: 02:39
Value for money?: 04:17
Paul's experience: 05:02
Paul's advice: 09:17
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#tesla #leasing - Авто та транспорт
There are plenty of people on Carsales trying to sell 2 to 3 year old Teslas for more than new ones. Perfect time for a Darryl Kerrigan quote: “Tell him he’s dreaming”.
Yeah the used car market is still out of whack at the moment. It doesnt seem to be respoding to the changes in new car prices. Tesla being the extreme example why are people trying to sell thier year old 15,000km car for more than a new one that in stock !
And there are even more people selling Landcruiser's and Patrols for more than they are new.... Well done Albo!
Yeah, used car dealers (especially the ones selling a Tesla) are a bunch of failed comedians.
😂😂
I haven't found Tesla owners to be savvy. A lot are just lucky-wealthy off of TSLA stock gains and doing the FOMO thing.
Early tech adopters pay a premium. Lease buyers pay the highest premium. Look within your choices instead of blaming others or the market.
Yes. They bought to early in the product s curve. The industry was saying costs will come down in line with batteries. Catl suggested a 50% drop in price this year. But outright with value in use. Drive one into the ground. You'll be happy
@@hkdamo ^This. You don't HAVE to get rid of it. You also don't have to refinance at 15% (you can finance the balloon on a traditional car loan, you can extend your Novated Lease - which Paul missed to keep the benefit). Early adopter fee. Problem is, if no one is willing to be an early adopter no progress would be made. Someone has to buy them first.
They are called suckers
Novated lease on an EV is saving me 41k in tax I would have paid and still get discounts on top. No brainer EVs are awesome.
@@Thargelios agreed someone had to buy it. Don't buy it on a lease is my point. And flip it after 2 years for tax benefit. It's got value in use. My problem is people wanting their cake and eating it too. Then complaining they have a stomach ache
"When you are looking at what you are getting inside this car..."
Shows an image of an interior devoid of features. Brill.
Tech is not extra air vents or chrome trims.
Old people stay away from Teslas, they're too high tech.
🤣
@@sorinelpustiu5674 too high tech or too basic.... either opinion would work
They are also known to start falling apart after 50k+ miles, which is a little much for what could still be considered as early adoption, at least for those who care about such things.
Luckily, Tesla gave up their lead and now you have better quality options, which also depreciate like a rock, so u can get a sweet used deal on something of higher quality.
@@zhenya7992 Are you talking about the Teslas made in the USA? I've not heard of this issue on the units from Shanghai.
Remember when people bought plasma TVs for $10K. Many years later the TVs were selling for $1K. Tenth of the price of early adopters with much better panels. EVs will continue to drop in price and the tech/battery will be substantially better. Chinese cars are so much better than they used to. Expect them to dominate the market. Especially in an economy where cash is tight.
Yes and what people sometimes forget is those big plasma TVs were working perfectly well years later still fulfilling the purpose they bought them for. They haven't lost anything.
Phillip.
The new model outdoing the old model is a bane in the automotive world. Cars are not purchased like mobiles.
@@hotshotsunnyz Why is getting a better thing for less money a bad thing? A good mobile these days is over 1.5k which is more than I paid for my first car. I bought my first computer hard drive which was 1mb for around that price in todays terms. It was huge at the time.
Phillip.
Yeah, it's only a matter of time before the $7,500 tax credit becomes a $7,500 price cut.
Cars are not electronic gadgets. Kids.
Sorry but I have to chuckle at the description of cars being assets, except for some collectable classics all cars are liabilities that will always lose you money in the long run.
Any item that you buy is technically an asset. Whether it appreciates in value, or depreciates is immaterial. You are however correct that in most cases, cars are depreciating assets.
The word Asset can have many meanings, not just financial.
Whether a car is viewed more as an asset or a liability often depends on individual circumstances, including financial situation, how the car is used, and personal perspective on its value and costs.
Uhm, okay? Try looking at the price of any pristine condition European car from the 1990s. Any, pick one.
It's a depreciating asset. It only makes you money if you use it to do business or things like Uber Eats or Doordash.
I recall in the late 70's and 80's, ALL European cars would drop 35% in their first 1-2 years of ownership. This was the norm. Tesla is shaking up the market by being competitive with all other manufacturers. Dropping prices as cost of manufacturing drops, and dropping prices to destroy the margins of others. I'm hoping for further price drops too, until it becomes a no brainer to buy an EV.
So tell me why all EVs are dropping like stones world wide . Mac masters Porsche taycan is dropping 1000s every week
lol, cost nothing to run… but dropped in price by 15000 each year
Now why would a potential buyer consider a discounted $US25000 EV from Tesla when they can buy a hybrid BYD for $US15000 that won’t depreciate as fast as a Tesla. Then have much better range over 1000 kms. Won’t need to sitting around a charging station( that’s if he or she could find one that is available or works plus all of the other negatives that’s known.
Oh please sign me up and I will bring my own lube leftover from the fleet reduction by Hertz the CEO didn't need any by the time they had lost hundreds of millions
By Your Demise: a beautiful Chinese brand in keeping with the rest of the crap coming out of the country.
Paul you are regurgitating what we told you 7 years ago. Only difference is that we had the fortitude to say electric cards are shiiite.
How funny that it was false and you seem to be under the impression you had foreseen the future.
People paid hundreds of thousands of dollars for decades if not a hundred years now for cars just because they were "fast" but now that an EV that costs $50k is faster than a sports car that costs $250k or even more suddenly they are shiiiiite?
What a shiiiite comment 😂
@@Shakazuloeman A McKinsey Mobility Consumer Pulse presentation released in June 2024 by McKinsey & Company indicated that 46 percent of EV owners in the US are 'very' likely to switch back to gas-powered vehicles.
“It’s actually incredible value for the money when you look at what you’re getting inside this car”…. Then proceeds to show pic of a stark, empty interior with nothing but a steering wheel and one screen off to the side 😅
Crap cars.
It's got a TV screen and a steering wheel
My lounge room is better equipped, my 35 year old land rover is a far superior vehicle in terms of what you get, and where it will get you, and it has actually appreciated in value, paid 10k, can now sell for 30k.
The hipsters love the minimalist look!
You really got to love the convenience of eye-to-the-side instrument panels with no tactile feeling to let you know if you actually activated the function without looking at the screen.
I have a 80 series Landcruiser Sahara in great condition fitted with a Brunswick 6.5 Ltr Chev turbo Diesel Cobra engine ....
It's not going to make me money but it's not dropping value like a stone which is what these ridiculous EV's are doing !!
It's quite ironic how old ICE vehicles typically fitted with a naturally aspirated V8 or diesel inline 6 appreciate in value while these over hyped allegedly state of the art vehicles depreciate like a hot knife in butter.
It is all about availability and future scarcity.
It depends on the vehicle. If you think of something like a 70 series, there's a lot of stuff going on there.
* The waiting list is longer than the Nile river.
* Corporate fleets make up a big chunk of demand and regard them as a commodity. The design doesn't change. The whole model year thing just doesn't matter. Last years model is just as functional a tool as the current model.
* The vehicles themselves are extremely durable, easy to work on and have excellent parts availability, so as well as the above point about the model year not mattering in terms of function, it also doesn't really impact in terms of aging that much. A well maintained, cared for 15 year old 70-series is as good as a new one. The same doesn't apply to EVs as the battery degrades even if perfectly cared for (no rapid charging etc.), and in most cases is economically unrepairable (especially on Teslas with "structural" batteries). Batteries in hybrids can have this issue too but it's much less pronounced due to the way the battery operates being very different, and also Toyota hybrids in paticular are built very conservatively, whereas Tesla battery packs have much less redundancy and are much more highly stressed. I prefer electrics for ecological reasons, but I would *not* buy a Tesla, new or used.
Really, you have to be joking..what the he'll are you on, same as musk obviously..
Plus on road costs...so you think 60thou is cheap..obviously your living in a different world to a lot of people.. so how much are you happy with an average vehicle depreciation per year , 10 percent a year for 4 or5 years.
@@Syulang-nt4kjYepp, I love my V8 Land Cruiser 70 series and will keep it till the doctor says I’m too old to drive.😊
Thanks Paul. Your balanced take on both Tesla and EVs more broadly is appreciated. I admit that I am financially rather naive. I can appreciate that Tesla's fluctuating prices have caused some difficulties for existing owners in relation to leasing arrangements and depreciation, but in good faith it is difficult to see these issues as more than unfortunate side-effects of a more broadly positive trend. EVangelists have been telling us for years that ongoing technological development, manufacturing economies of scale, and increased competition would combine to drive EV prices down over time, closing and perhaps eventually eliminating the purchase price gap between EVs and comparable ICE vehicles. To a considerable extent, that narrative has been borne out, but even at the time it necessarily implied high levels of depreciation for EVs currently on the market going forward. That is to say, to a certain extent this was a foreseeable outcome that perhaps should've factored into purchasing considerations at the time.
It should also be recognised that ICE buyers aren't protected from these disruptive developments either. Toyotas have historically retained more of their value over time than many other marques, yet as the superannuation ads are forever reminding us, past performance does not guarantee future results. In the context of ongoing EV disruption, how confident can one be that the future depreciation curve of an ICE or even Hybrid Toyota purchased today will look anything like that of one purchased ten years ago? I think the answer is not very.
Agreed, ICE vehicles will also suffer significant depreciation as the new EVs get better at a much faster rate. They are after all substitute goods.
EVangelists? More line bolshEViks.
Very well said and true. Tesla said this back in 2006 in their Master Plan, that they would lower the prices of their vehicles over time. MSM acts like Tesla is getting desperate to move cars and that's why they did what they did, all the while the Model Y was the best selling CAR in the world for 2023. People that don't have Teslas and hate on the company just don't get it. They are good cars and compared to ICE vehicles. What you pay for to have a Tesla gives you way more than what you get from a comparably priced gas vehicle.
Tesla had enjoyed the time when no one competed with it in the market. Now is the time to go face the reality 😂
They also have a clown as CEO, who is alienating his customer base.
True But his sales are still Growing not as much but more than most
10% growth on 500.000 is a lot more than 50% on 5.000
@@HotPlates. you don't have to talk to him at parties do you?
No Tesla Sales arent growhing!
50-100k for a car whilst average joe is going broke 🤡
Lease (fleece) a heavily depreciating liability and then selling to a dealer equals a recipe for being financially poor your whole life. Crazy!
Exactly. Most people don't know any different and that's why most people are poor then complain about the cost of living.
@@thedon9670 exactly, whilst they buy $23 smashed avo complaining on their $1200 phone how hard life is now, whilst wearing their $400 designer puffer jacket.
Defs tick the no balloon option
A lease is no different to any other financial product, it's not for everyone. Those on a low income would see very little tax benefit.
@@tomiasthexder7673 WTF that makes no sense. Lease doesn't burden the leaser with the depreciation of the asset. That's the entire point as it's not a loan on depreciating asset you own. Seems like you have no clue what you are talking about.
1. Car is not an asset unless you have a special car. It is going to depreciate.
2. if you are an early adopter, price is going to go down once it hits mass market.
3. This trend is nothing new and nothing worrying, please read rogers adoption curve. This is a well expected pattern..
4. The price reduction is to counter competition. Also, potentially targetted towards PHEV like Rav 4 and Sealion 6.
In the long run this is still a better bet than an ICE given the issues that arise with age.
Good cars are an asset my V8 is worth more today than when I bought it...
Cars most definitely are assets. They are depreciating assets.
@@alwaysright3718have my first car, vl turbo Calais that I brought for 2400, have my second car a r32 gtr that I purchased for 18k and have my vf gts lsa that I purchased for 70k. Drive the company car mostly and enjoying having a 3-400k in cars
@@alwaysright3718 thats why I said unless you have a special car.
@@alwaysright3718 that's not a matter of 'good cars'. It's usually just niche market or collectors items.
30k loss after 2 years is nothing to scoff at. I for one could buy 2 cars that would work for 10+ years with that money...
It's only a loss when you sell.
Phillip.
My used Yaris cost me $18k 8 years ago and runs fantastic. Still under 70k miles on it.
@@donaldkasper8346 There were people who had their horse and cart, and the horse was perfectly healthy at the time. In a few years your Yaris will be illegal to drive on the roads. You'll have to adapt to. That's life.
Phillip.
@@philliptemple9841 Caly crackpots pass these laws all the time and they are ignored. That is life. There isn't going to be any conversion to EVs except in city metros for the 5 biggest cities in the US. Nothing else. No one in my family is going to sign an $80k loan for an EV. If they shove it up everyone's ass there will be a civil war. The economy will collapse. GDP will gall 75%. All tax revenue will stop. People will start riding horses again. The Democrats will lose 100% of all elections.
@@philliptemple9841 what year do you think AU/NZ will fully ban ice cars? I initially guessed Dec 2024 / Jan 2025 because of a 2014 or 2017 NRMA magazine article that fore-told that it would happen
People who have high mortgages don’t buy new cars. When interest rates drop they will start to sell.
Everyone Refinances their mortgages for their cars, holidays, Christmas and more. Australia lives in debt
Remember they "deduct" about $4.5K due to fuel savings over a 5yr period, so the drive away cost is actually $60K. A bit of a scam or con.
Meanwhile: number one selling car in the world is Tesla Model Y followed by Corolla. 😊
That's right, every government and council are picking them up. Personal buyers are dropping off, because they're kaka.
Because several Chinese car companies have improved significantly over the years. While Tesla see little change, and it's lack of physical stalks/buttons a very user unfriendly.
Not so much. There are significant hardware updates and between the hardware updates ie 3 and 4 coming soon, there are massive differences in tech.
Yeah not sure where you get little change?
And lack of instrument panel and HUD.
@@42cuba yes hard to sell invisible items
@@42cubaConsumers see it's the same car. They aren't seeing hw3/4
$55000 and its great value? Are you joking! Absolute madness. All those EVs stacking up around the world. They are obviously not selling.
Obviously you havent been to china.
Their buses are all electric. Also taxi.
Australia still uses diesel buses.
Try googling the worlds #1 selling car in 2023
@@airforceone6523i caught lots of diesel buses in China (Macau) and HK
@@geofflecren8827Tesla model Y.
$55,000 and it saves me $5000 per year on fuel alone. Not to mention I no longer pay obscene amounts of money to mechanics for services and never ending repairs
I got a quote for a model 3 novated lease for 5 years. $190 per week. Total repayments over 60 months is $49k on a $62 k car. Tax benefits are insane $17 k balloon payment. And don’t forget that $190 per week includes 10 tyres, 5 years rego and comprehensive insurance.
He literally just told you the price is down to 55 and likely to drop to 49?
Is this a good thing or a bad thing?
Only 10 tyres over 5 years?
10 tyres🤔, 8 or 12 would make sense.
Pls do the calulations, what is the interest rate on your novated lease? It will be minimum 10% , 6000 a year.
Why do people has 2 year leases when that where you lose the most money on cars. Of course you will be out of pocket you have to do longer leases of around 3 to 5 years to get the most out it and get value or buy outright and then see how much you lose.
If you did that with a Tesla you’d be worse off
Tax Law in Australia confuses that value loss when you don't pay any Fringe Benefit Tax on an EV.
i'm sure paul knows how he can best utilise novated lease on EVs for tax purposes.
Novated leases are used as a method to lower your income tax payable. People who take out 1 or 2 year leases are doing so because they want to drop their taxable income down to the next tax bracket. They care little about the car. 3 to 5 year leases are for average people who are trying to spread the cost of owning a new vehicle over a longer amount of time. CEO's will regularly have 7 series BMW's or AMG mercedes on 1 year leases just to save on the tax, and they will also likely have a second lease for their spouse and maybe even their kids too, just to save on tax.
@@stevea3514 That might be a little specific to Australia, but definitely accurate here.
Tesla Mulgrave was packed last week delivering cars, mostly Y's. Guess we'll wait for the numbers to come out to see.
Of course you would visit a tesla centre for enjoyment
@@mongolianlambhoof was picking up Model 3 Performance to review.
Did you not see the NSW and Victoria inventory Paul just flicked through Ryan? Delivery stock and inventory stock are two very different things.
Yeah delivering but nobodies buying them, there's maybe 3 Tesla's in my town of around 15 thousand people.
Here, here!
Great update. I was in the exact same situation as yourself. I ended paying out my 2yr lease early, and thankfully got out slightly ahead after wholesaling it off. However I won't be lining up for another ev until the charging infrastructure is upgraded and the pricing war stops. Tesla have shot themselves in the foot with their approach to pricing.
With the $20k price reduction and FBT exempt and no stamp duty and two years free rego, I couldn't resist. I never thought I could afford a Tesla, but at this price I wouldn't consider anything else.
Wake up, you still can't afford one.
@@AndriasTravels And as the price keeps dropping you won't be able to afford them ever.
You will be poor forever.
You won't regret it. Beautiful car.
LOl, used they are cheaper than a COrolla with the same miles
Surely if you had a 5 year lease then you would have been better off? Highest depreciation is in the first 1-2 years even before the mfg decreases the list price. The price will continue to drop but the rate or size of the drop should slow.
Tesla owners that leased in 2020 before the price drops & during record low interest rates are laughing on their way to the dealerships when they return them.
EV values continue to drop rapidly even after 2 years, because as the battery ages, it continues to age faster, it is a vicious circle. For anyone to buy a five year old EV is to buy a ticking financial time bomb. When an EV is new the computer limits battery charge / discharge range to 80% and 20% because outside those limits the battery is damaged. To maintain range as the battery ages the limits are pushed, so after 1 year the computer will allow 17% to 85%, next year 15% to 90%... It is a vicious circle because the battery as it ages is allowed into areas that will damage it...
That's the case for ICEs. EVs resale can approach zero more rapidly.
@@christryst yup, in fact we're seeing ICE cars from the 90s and 2000s actually go up in value because people are realizing that its far cheaper and easier to keep them repaired and on the road.
Keen for the EV5 to come out and see how that compares with the Y. Novated Leasing is a good target, but would a more stable brand like Kia give you confidence to do a 3 year term?
Electric cars actually saved you a decent amount of money compared to ICE vehicle, but the problem is insurance is almost double compared to an ICE vehicle which erodes any saving you may get plus the 2nd hand value of EV is bad at the moment some have lost 30% to 50% just in 1 to 2 years.
True
A similar situation occurred in Pakistan, where car prices typically only rise, leading to widespread complaints about the constant price increases. Kia, however, reduced the price of the Kia Stonic by 25%. This unexpected move resulted in the Kia Stonic selling out for months, forcing the company to halt new bookings. An unforeseen consequence was that sales of other Kia models, such as the Sportage, plummeted. These models had been selling well, but customers feared further price reductions. Recognizing this issue, Kia quickly announced that it is not going to reduce price for the Sportage.
I've done mine on 1 year leases and did another 1 year in March. After each year the residual is reducing about what I've paid in total for that year, and that includes running the car. I don't necessarily view it as a major loss in money until i decide to get rid of it, which i don't intend to any time soon.
At least with leasing it I'm able to take advantage of no FBT and as well I wasn't a fan of not having stalks. Gear selection on screen is shit (in my view) and I prefer having stalks.
Car Expert and you bought a Tesla 🤷♂️
He said it's a lease which had all sorts of tax perks so not the same, he won't wear the resale
These people are buying EV using the money we pay as taxes..... The fact that EV cannot stand on their own without huge subsidies speaks volumes. Over 80% of EV are leased by companies purely for the tax breaks. not many people buy EV with their own money.
@@chrissmith2114 How is that any different for Ford Rangers and Hiluxs? Or Rams and Silverados?They sell because they are tax write offs for businesses and ABN holders.
@@chrissmith2114 "EV cannot stand on their own without HUGE subsidies" ABSURD LIES. This is Australia, when he got the Tesla there was very little subsidies other than lower partially Luxury Car Tax. You are just pushing political agenda and ignoring financial facts.
@@Neojhun Since subsidies removed for eV in Germany sales have dropped 30% - and that will not be the end of the dropping. EV come with so many tax breaks that UK companies can lease one and leave it in the carpark and still make money on it....
Also this, IMO, - the car insurance premiums for Tesla EVs and other battery EVs are climbing to crazy levels. It costs much more to insure BEV compared to ICE and hybrid-ICE cars, easily ~$1000-$1500 extra premiums each year, which over 10 years ownership means ~$10,000 more paid just on car insurance alone This will negate the savings gained on petrol/diesel over the home-charge electricity. Tesla does not have any car servicing which compensates somewhat but something needs to be done with BEV car insurance prices. It seems to be related to potential damag to battery and insurance companies prefer to scrap the entire car than to take a fire risk due to incorrect repair. The entire BEV industry needs to sort it out, else it will stall BEV adoption.
Inconvenient for current owners, but good to see a manufacturer dropping their prices in today's climate
There are plenty of clowns out there trying to sell used Dual Cab Utes for about the same as new ones. Please tell them to stop being laughable. A 4 year old Ute, Navara STX, for example in 2018 or 2019 is worth no more than $25000 but fools would still list them for about $40000
The market seems to accept those ridiculous prices on second hand dual cab utes, prices are skyhigh and yet people snapping them up! Just the other day seen a 2016 Ranger Wildtrak with a 49k+ carsales sticker on it 🤣
Thanks Paul, the missing part of the analysis is that if you are buying any asset that has a falling new price, you benefit when you replace the asset, as your re-purchase price is also lower.
💯 agree,
It’s like complaining when a residential or commercial property goes up or down in value, it’s pretty much the same thing as you sell cheap you buy cheap in same market and vice versa . and since he’s buying the car or leasing the car again, it’s pretty much the same thing.. the other point I would like to add is that yes the prices are lower but people fail to recognise the very weak economy and simple fact that people have no money at this stage so in other words it’s a bargain that no one can afford anyway, and when they CAN afford MARK my word the price will be back to its original value. Again reiterating the same basic thing.
Tesla is not so much to blame here. The whole thing started with the ChineseEV and they determined for a race to the bottom this is where I somewhat disagree with Tesla that they should stick to their price. And only offer limited time discounts.
Your wealth is still lower compared to if you didn't buy the asset or chose an asset that didn't depreciate so quickly.
@@HardstylePete yeah but its not like other similar makers aren’t deprecating, u have examples of Land Rover, most euro cars, Maserati for example depreciates more than 60% after 3 years with or without this news nonsense about Tesla only.
This happened in past only to see price go back up it’s a normal Tesla cycle
@@Tesla.tricks I never claimed it was solely a Tesla thing. The difference between those vehicles is they are luxury assets purchased by the wealthy who can afford the depreciation.
I don't believe poor sales are due to depreciation rates anyways. It's a combination of the insurance costs, polarising interior design with only touch screens and the toxic brand reputation of Musk.
Right .. I agree
But to be honest I had owned 2x bmw x5 and one 5 series bmw in my life and also an excellent mazda suv.
There’s nothing that the bmw offers that the Tesla doesn’t have, it’s actually other way around Tesla is superior in autopilot and the software is miles ahead.
Yes it’s not fancy inside it’s just calm, let’s face it after mounth u get tired of looking at that same luxury.
Those Luxury cars in all honesty not so much about u, it’s about the person entering or watching from outside “ohh look at me “ wow factor. The novelty wears off quickly.
Now wether people don’t buy them cause of that further confirms that their seeking status only, the cars themselves are a money pit even if ur wealthy! And pure inconvenience when repairing.. something I never worry about with Tesla.
All that aside .. a friendly reminder that model y was best selling worldwide and is predicted to repeat this year as well.
Thanks for sharing Paul. As you speak from experience your points are far more credible. I have a Y too, a LR, and it’s a great car, which is great that you acknowledged this, and that your main issue is more with the Tesla business model. Are there any examples of ICE vehicles you could do a similar piece on? How are the residuals on the Raptor?
Paul hit the nail on the head, new car costs are unpredictable since most are non-negotiable. The out-of-pocket expenses during the term of the lease seem very dependent on which lease company your employer utilize as their quotes vary wildly. It made more sense to me to purchase a PHEV outright than to lease, even considering the FBT savings.
Can't believe you sold your car for $44K. So lucky. Around Sydney, can't give them away at $30-$36,000 depending on k's driven. Also agree, beware cars in white as a lot of used Hire cars now starting to come to market and with some having been very badly treated.
Yeah he ripped someone off
@@lukeneill1568 The purchaser agreed to the price. How was he ripped off?
Just the hire cars were “badly treated” lol - I think you’ll find every car as fast as a Tesla has been absolutely thrashed, that’s the point of having a fast car
@Billy97ify how did you know that you were ripped off? Absolutely not. If you realised that, you never paid that price, lol
@@Billy97ify not even agreed to. The purchaser set the price in this situation.
My partner and I are early 30s, Currently own a model Y, paid cash, no intention to sell within the next 10 years, so price reductions don’t bother us in the slightest.
What we are looking at doing, with the prices coming down so often, is offloading our other car (petrol) and picking up a 2nd hand model 3.
Agree with what you’ve said regarding value, such great vehicles.
You're dreaming if you think the batteries will last 10 years. Also with the way electricity costs are going in Australia, it will cost way more to run an EV compared to an ICE car.
@@JasonISF Hi Jason, we charge at home, have solar, and a super cheap overnight tariff 8c/kw. ($5 for 0-100%)
After 25k kms all I’ve spent on maintenance is $40 on a tyre rotation.
If I get 10 years out of the battery which we should (I expect to get longer) I’ll be approx $50k ahead as we save approx $5k a year compared to when we drove 2 petrol cars. So even if I had to replace the battery I’ll still be miles better off. Plus imagine how good the batteries will be in another decade.
Hope this helps.
@@maxtoovey6954 👍
I'm sticking to my efficient Toyota Hybrid until Australia adopts nuclear power generation, then I will consider an EV.
@@JasonISF sure, if that’s what works best for you.
@@maxtoovey6954 nice...what power company is that with?
A mark of a good journalist - transparent, honest if if it hurts you personally. Thanks Paul!
😂 You’re kidding right? This is the same guy that did that awefully skewed BMW EV episode. Honest it was a shocker 🤣
@@GR8Tmate that's your opinion, and your take on that. I didn't perceive that video (I presume you're talking about that BMW ICE vs EV comparison run out in the regions) as being anything other than reality, given I've done quite a few long distance EV runs this past year. The cost factor in my opinion is minor in this respect, but it correctly highlighted that EV charging on the run (outside of the home) is not as cheap as people assume it is. Above all, it was a wake up call to any prospective EV buyer about the realities of owning an EV in the sticks or if you do regular regional trips - this is especially true if you have a young family, where time is a premium and flexibility and quick responses to constantly changing plans (bloody kids ...) is the priority. Honestly I couldn't be arsed to also have to plan for where to re-fuel/recharge on top of everything else when we head out on our regular regional trips - we don't need to do that in our regular ICE hence we're sticking with that. We'll probably still get an EV for the burbs but back to that BMW video - IMO I think it was a fair reflection of what not to assume.
So in Novated lease, at the end of your lease term, can't we return the vehicle to the leasing company without paying the balloon payment or refinance for the remaining value?
That's what I'm doing with my Nissan Xtrail atm. Planning to give it back after 3 years and get a new one.
People who own a Tesla and say they don't care about the depreciation is just trying way too hard to make themselves feel better lol
I save $4200 per year driving an EV over my previous smaller, slower ICE car that had far less tech.
The depreciation is easily countered..
Last year...32,000km on less than $500 worth of electricity and no servicing except a wheel alignment.
How far can you drive on $500?
Also probably wealthier than you, hence they just want to enjoy their car without overthinking it
@@andrewm190E didn't you know his car requires no fuel, it runs on bs air.
@@JAM-fm8lt Mine runs on non-BS solar panels.
@@greghudson9717 I am sure unhinged will have an argument against your non bs solar panels.
An historical lesson. Back in 1985 before Xmas, Sinclair Research (Essentially a computer company) were to release a much-anticipated personal computer: the Spectrum 128k. But they had bulk stock of the previous version the Spectrum+ 48k. Although announced in October 1985 they held off on the release of the 128k for Xmas of 85 in order to shift the older Spectrum+ 48k. The result was that many people just waited or bought the competitor product: The Commodore 64. The potential market for the 128 was lost and from then on Sinclair spiralled in profits ending in receivership in 1986. Just a commercial lesson in product release. Moral: Send your new product as soon as you can. Sell the older versions for a lower cost in lower cost markets. Maintain loyalty and value.
I vaguely remember this…wow, what a flashback!😂
Yes, I remember the spectrum.. those were the days 😊
The one I always wanted was a kit computer called the "Dream 6800" - it was based on a 6800, and had a transparent case and a nice chunky hex keypad. Man I wanted one so bad. 🤣 Magazine was Electronics Australia.
@@gregsullivan7408 The Dream 6800 (Motorola CPU) was my very first computer. I had to build it myself. It had 1k of RAM, no external storage, had to be programmed in Hex, and you lost everything when you shut it down. My very first App was a simulation of the SkyLab satellite disintegrating over WA and splattering itself all over the area near Esperance. It's a shame I don't still have it, it would be a museum piece by now 😞
I had a Commodore 64 ... I loved it! Wrote my first Basic program on it!
I have a 5yr NL on a 2023 Black model y with white interior and my balloon is 19k at the end. I am already 1 year in. I know the price has dropped significantly and I’m not happy about it although when it comes to the end of the lease, I’m sure I will have plenty of people lining up to purchase it for 20k+ and then I’ll just start a new one on a refresh model - which will hopefully be a cheaper starting price than my first one. The tax savings and cost to maintain it is still a great option for me. I also have the option to give mine back to the lease company, so that’s always an option. I like the idea of selling it privately though to someone who had wanted a Tesla although never been able to afford one.
Thanks for sharing
In Tullamarine (Annandale Rd) there are approx 600 EV Mercedes sitting in a carpark… waiting for someone to buy them.
e-waste, first gen product. Waste of resources - not so environmentally friendly now
Lol
I’m buying a merc……a MY14 W507 C63. May not be good for the planet or my BP fuel card, but it has plenty of soul 🤣
Doesn't help the EQs are as ugly as as sin.
i dont believe that
That's a great explanation of the market dynamics Paul. You've also highlighted why the FBT exemption is bad policy. Wealthy taxpayers are effectively being subsidised by poorer taxpayers to be first adopters of EV's. The big spike in sales of EV's has been driven by the market distortion of tax exemptions - which simply cannot last for the long term.
The FBT exemption encourages “wealthy”people to churn their EV’s into the second hand market more quickly, this actually makes it easier for “poorer” taxpayers to buy an EV because there aren’t many second hand EV’s for sale yet. From Paul’s decision I’d say the policy is working.
@@orza1Few people want to buy a second hand EV.
@@RodneyW they will as the prices drop..
@@jonpaxman You might be right. Super cheap Nissan Leaf's (Leaves?) aren't selling well on the second-hand market... Price what you pay, value is what you get.
@@RodneyW Nissan Leaf is pretty old tech now, it's an entirely different proposition to (for example) a second hand M3.
I was just considering a model 3 on a novated lease. This is great info to consider. Thanks!
I'm glad you made this video, I can recall when I was homeless and faced with many things in Life until $75,000 biweekly began rolling in and my Life went from A homeless nobody to a different person with good things to offer!!!!!❤️
Here in the UK I had a drive in a 3 year old Tesla model 3 long range dual motor yesterday. 0-60 in 4.2s. 1.5p per mile to charge on an overnight EV tariff. Easily a 300 mile range, with a vast Tesla-only charging network. Less than £25k to buy, with a 4 year/50,000 mile warranty and an 8 year/120,000 mile battery and drivetrain warranty. Petrol-lovers, please don't comment until you have actually driven one!
I'm 47yrs old. $73,000 biweekly and I'm retired, this video have inspired me greatly in many ways!!!!❤️
All thanks to Christine Evelyn Mackie
After I raised up to 325k trading with her I bought a new House and a car here in the states 🇺🇸🇺🇸 also paid for my daughter's surgery (Joey). Glory to God.shalom.
I really need assistance
How do I reach her???
There is her line!!!! under this comment!!!!👍🏻👍🏻👍🏻🔁
+1🇺🇸
Their business model is quite unlike traditional auto manufacturers, they were selling at high prices due to high initial demand knowing that they won't recover much revenue through servicing or spare parts. Tesla now have more competition in the EV space and for many people the potential for saved fuel costs isn't that much of an incentive. Depreciation is significant for almost all vehicles particularly at higher prices , my Audi Q5 V6 diesel is now 5 years old and had a retail price of around 100K on the road with the heavy options on it when new, it has covered 50,000km and would likely be worth less than 35K now, that's cars. I was recently looking at the Mazda CX60 with my brother in-law, they have some big discounts around for those vehicles, seems everything is onsale again in the car world except maybe some Toyota's and some Ford Rangers.
Except, the EV manufactures are actually selling a mobile computer. TESLA and co, charge extra for some of the 'over the air' upgrade features, so effectively they can actually make more money directly from the consumer. Basically the same way Netflix makes money from their subscribers. Think UA-cam and its movies ...
What was in their first quarter results? About 40,000 more cars made than sold (globally I assume). Something like 90% of company income comes from 3 and Y, so they’ll need to make sure those models remain profitable.
novated lease customers don't see the fbt benefit - its taken by the leasing company and this is hidden in complicated novated leasing contracts that nobody can understand or explain. I challenge anyone to make a video explaining a novated leasing contract.
Tesla digs a bigger grave as it continues to mass-produce cars
Paul, any novated lease will only make sence if the interest rate comes down. Even today all the FBT benefits are eaten away by the novated Leasing companies. So with a lower cost of acquisition and reduced interet rate will be the only option for any one to make some money on these. Other wise, i feel with the higher premium on insurance, the range anxiety and the flodded resale market, its a rough rime for tesla for some quaters.
Just like when Henry Ford developed the conveyor belt made cars, hence we have robot made Tesla cars, the only difference is the Henry Ford was more savvy, In a 6 year period the average price of a new car dropped from around $890USD to $280USD. they sold a lot more at these prices.
Like other things, if you buy things immediately as the come out, you'll pay more money for it. I bought my Model Y earlier this month and saved SO much money compared to those who bought earlier in the lifecycle of this car in Aus
get ready for another 5k drop lol
The 2024 Model 3 Performance is a great price for a great car. Depreciation matters little when nothing else out there compares for price/ performance + quality
@@livinagoodlife sure if you have spare cash you also do have the luxury of wasting it. correct
Elon is nuts, why would he build a brand and client base, then stab them in the back like this? He needs to slow down supply to keep prices stable.
He does not care about client base or anything else for that matter he just received 47 billon in a bonus package 😂😅
@@daithiheneghan458 You do know that Elon worked for nothing to grow the Tesla business and make these cars for a number of years and that he has to PAY over $7 Billion to Tesla to buy his shares before he can sell any to access his well deserved $47b pay package
Falling prices frightens.
Prices that have fallen are attractive.
not really, they fell for a reason
@@mitchhedberg4415BYD selling heaps and a nicer looking car. It’s purely market forces at play
Thanks for this mate, great transparency
I wouldn't touch one because of the flaky buttons replacing stalks, no radar cruise control, fridge-like interior, short range, and poor charging access.
You comments only apply to the refreshed Model 3. The model Y doesn't have any of that crap (yet)...
You clearly have no idea what you're talking about. The base model has a range of over 400km real life, a super charger gets you to 80% charge in 15min, that's another 300km. How many people are driving 700km at once and can't spare 15min to charge? Have you seen the auto pilot feature?
@@geofflecren8827Mr Mrs gets 970kms to a tank in her car and fills it once every 6 weeks
Appreciate the transparency in this video.
Do you have to buy the v=car after novated lease? can't you just return the car?
Paul, with the New model 3 deleting the blinker stalks how do you indicate off a round about or do quick traffic turns?
Hi Paul. Great video with information of great value, Here in Portugal the situation is the same. I believe it's the same all over the World....Tesla managers still have some things to learn. Wish you the best
All you get inside the car is an iPad and a Steering Wheel.
And consider yourself lucky we even get that much - Musk considers drivers to be obsolete. 😉
Saw a video where you have to swipe the touch screen on the new ones to select gears. And it doesn't always work.
How cool is that?
Excellent video, paul! Please do more videos like this in the future.
Who's Mark?
I just entered a novated lease on a Mitsubishi Outlander PHEV for 5 years, but I intend to keep it after the lease, as it comes with a 10 year warranty. Best of both worlds, as I still get the benefit of no FBT for PHEVs too, but I believe from April 2025, only EVs will have that perk. Thanks for you advice.
4:25 look what your getting lol nothing but a big screen
Yep and we're lucky we even get that - Musk thinks drivers are obsolete. 🤣
@@gregsullivan7408 The new model had been reviewed as not so driver friendly.
yeah that was pretty funny. I am dead against all the controls being on a touch screen.
you only see what's in front of you. Example, same engineering principals with SpaceX. Look at their Dragon capsule vs any other orbit rated capsule.
I know what I would rather trust my life to.
But boohoo where's all my spiny gauges and blinking lights.
Safest cars ever mass produced and they don't constantly burn stuff to poison the air!
@@jacsdavisUA-cam y no hud...
Great review of the situation, was unsure what your approach would be. We just bought a Y RWD with QLD Rebate for low 50k. Alot of car for the funds!
* a lot
@@robertmartens7839 jog on grammar wanker
Great informative video, thank you. I’m just about to buy a second hand 3 on a Bendigo Bank Green Loan 5.29% interest. No novated lease comes close, unless you self manage the lease.
Seriously, who opts for a >50% residual balloon payment? Playing with fire, Paul!
I think the charging infrastructure didn't grow as expected. It's still a hassle. Plug-in hybrids are the best of both worlds right now. They are probably more eco friendly than teslas.
PHEV's are the worst of both worlds.
This comment is not supported by fact (numerous studies) or the way governments around the world are supporting the transition to cleaner energy vehicles. Tesla EVs are at the very top of all EV efficiency comparisons and are largely bought in Australia (around 80%) with relatively small LFP batteries that do not include Cobalt and use Iron as the cathode.
@@GDM22 Government support is always a mark AGAINST something, it is NEVER a positive. Have you learned nothing?
@@bigglyguy8429 Well then rely on the published studies they say the same thing.
It never would, charging infrastructure is impossible to support more EVs. Elon knew this but uneducated people fell for the lie.
Another thing I find annoying, I know Tesla can supply a tow bar on these model y’s but there is no option in the website to order your car with one, and from watching some UA-cam videos it seems you have to order it through your car after you have purchased it ? But then need to take it back to the drop off points, where I don’t have one where i live in NQ
So what are you driving now in in interim ?
If this is going to be the case, do you think hybrid will keep their value compared to a fully electric car.
I am considering a novated lease, will have to consider the Sealion vs the model Y thn...
Thoughts ???
We've ordered sea lion 6 instead on lease too
if teslas were free i would never have one
Nobody is offering you one. It’s not even a question
Cool story bro… no one asked you
@@theairstig9164 it won't be long before people are giving them away just to get the fire hazard away from there house.
@@RoverIAC they’ve been around for 10 years now, how much longer until that happens, another 10 years 😂
They say ignorance is bliss… you must be happy.
In December Elon Musk will be giving all those teslas away for free.
This is why I don't care about resale values when buying cars, I buy the one that will make me the happiest, enjoy your Teslas until it's battery has 1meter range
You're funny....😅😂
@@andrewm190E Yes I felt the same way when I bought my Tesla. It's the best car on the road and I'll keep it for as long as I can. The battery should do over 500,000 miles which is more than I'll do in the rest of my life. If I get something for it in 10 years or so then it's a plus but I've mentally written off the resale by then.
Phillip.
I don't get it.
The cheapest new Tesla 3 is AUD 60K.
Cheapest Corolla Hybrid is AUD 36K.
Driving 20K annually, annual fuel consumption of the Corolla (efficiency is under 5L/100kms) 1000L.
Say price of petrol is AUD 2.5/L, annual petrol cost would be AUD 2.5K.
If electricity is free, it would take a Tesla 9.6 years to break even.
Is my Maths correct? Do correct me if I'm wrong.
(Battery guaranteed for 10 years, apparently).
But you can buy a BYD Seal Dynamic
Ultra-Safe BYD Blade Battery - 61.44 kWh
Maximum Power - 150 kW
Maximum Torque - 310 Nm
Up to 510km range NEDC - 460km WLTP
AC Charging 7kW
DC Charging 110kW
18 inch Alloy rims
0-100km/h in 7.5s
Rear-wheel drive
Complimentary 1 Year Roadside Assistance included
FOR
$51,635.95 Drive Away Price for QLD delivery with Private registration.
AND
To be eligible for a $6,000 rebate you must: have purchased a new eligible ZEV up to the dutiable value of $68,000 (including GST) on or after 21 April 2023 and have a total household taxable income equal to or less than $180,000 per annum;
THAT is $45 635.95
So based on your maths, the difference is paid in 4 years based on fuel costs
AND
We have not taken into account the Corrollas battery tech versus BYD LFP Blade Battery, or the difference in performance and driving tech, the cost of maintenance ....
All round I think ... if you are considering spending AUD 36000 on a Corrolla Hybrid, you would be better off money wise and sheer driving enjoyment wise with the BYD Seal.
@@noelpetzer1217
Yes, you do need to suck on the public's tips...LOL.
As production goes up, production costs go down, and sticker prices can decrease as the auto market declines. Also the volume of cars comes in waves to different markets around the world, so the prices fluctuate based upon local availability.
No matter how good these cars are, people shopping with their wallets , lots new vehicles out there cheaper prices
Shopping with their wallets, also hopefully means thinking about running costs / value for money.
Shopping with their wallets? If people want bang for their buck there is no way you'd buy a new car in the first place. Unless you have plenty of disposable income why on earth would anybody buy a new car?
@@RyanCowan If your cars value is cut by ~$20k overnight its hard to make a case for it being a good financial decision even compared to a 20mpg truck.
@@MJSE-of7gs FBT exemption for EV on novated lease makes brand new somewhat viable for some... Plus when used cars cost nearly as much as new, might as well
@@siraff4461bought first batch of model ys in 22, price dropped 20k, still would’ve paid it to get the car. Bought first batch of refresh model 3 in 23, price dropped 5k, genuinely don’t care, evs will continue to get cheaper due to scale and competition, happy knowing my next Tesla will be cheaper, they are that good the 25k doesn’t even hurt much.
I love it how you are showing the Tesla interior while you are saying how "much you get for your money" :D
Wow, a screen!
Can I have an instrument cluster? -> nope absolutley not, unless you buy a model S/X for 2.5x more.
I'm looking to buy a Model 3, how long would you suggest to hold out on buying regarding potential price drops?
Saw a post a guy just took delivery of his new tesla, but the freezing conditions has bricked his brandnew tesla
I smell BS here. If the car was that cheap to run and sooooo fantastic, the value would go up, not fall through the floor. The reality is, Teslas reputation and poor quality makes them hard to sell. Price reflects demand
Ffs wake up. The older ones had quality issues not the current ones!
@@mrbushpilot I know a few Tesla owners and they all have had problems. Stop your BS propaganda. On top of that, have you heard about the cybertruck? I bet you could barely find anything correct with it even if you tried
May you review the new/facelift dmax
yeah bro
Coming soon.
Best novated lease term is actually 13 months. Not many NL companies offer it however that is where you get the maximum benefit.
Why ?
@stephenhill1680 a 12 month lease sees your residual drop by approximately 35%. Then it drops by approximately 10% for each additional year or part there of. So a 13 month lease has a residual drop of approximately 45% which is the same as a full 2 year lease.
I’m a bit confused, would Tesla be selling more cars if they kept the prices at $70k?
Are people buying a different brand car around $70k because Tesla prices are dropping, or are they still wanting to buy the Tesla but holding off until the prices stabilise?
I know it’s probably impossible to precisely know, but just trying to understand your thoughts. Thanks.
People don't want a Tesla obviously or any EV..
@@hobo1704 Paul just said in this exact video he wants another one and will be getting one. I wasn’t sure about EVs either but I decided to take a test drive of the new model 3 to see what all the fuss was about….and now I plan to get one. Please stop the BS.
@@_wat2do so 2 people out of millions.. Yeah good story. Have fun with the depreciation.
@@hobo1704 I dare you to test drive one. Honestly I was blown away by how good it drives, and I drive a Lexus, and a new Lexus costs more and comes with less.
@@_wat2do I don't care how they drive, I care about being able to drive as far as I want when I want. EVs are inferior to ICE.
My V8 keeps going up in price, sux to be an EV owner... I guess CarExpert is not an expert... all the fanboi's are broke 🤣😂🤣
Love it!
Feel better now ?
Sorry, were you referring to the price of fuel for your 4 wheeled transport?
Maybe you have just convinced me to buy a ls460 😂
Tesla are no longer selling. That's what he is saying V8 guy hhh. Tesla are also no longer alone in the market. Options options and let's include hybrid options yoo.
I just took delivery of a brand new 2023 Prado Kakadu in Perth & and couldn't be happier. I am also feeling very relieved as I traded in my Tesla Model Y Rwd for $58,500 3 months ago just b4 the new prices dropped $9,500. Was surprised the Toyota dealership offered me that much & after a year of EV ownership the shine really wore off partly due to my new employer not offering novated leasing & every time you try to use a public charger they either don't work or are being used. Then there's the idiotic sunroof that cooks you in summer even with an aftermarket sunshade, the horrendous windscreen wipers, suspension, door locks & handles just to name a few.
I have a 4 year lease on mine, I have just completed my first year. I have the option to give the vehicle back at the end yet my balloon payment is only 27k. I will decide at the end whats the best option for me. No regrets, its a brilliant car. I charge it at work for free, no servicing costs etc. Plus some of the vehicle is paid for out of my tax. I only had the option of this or an electric MG as everything else has a year delay.
1. All car sales are way down. 2. Tesla keeps implementing production efficiencies and reducing prices to reach a competitive crossover point with gasoline cars. Literally, an EV has 5% of the parts of a gasoline engine for just twice the price not 5% of the price.
The advice to get a colour other than white is probably good advice. All of my life, I am older than you, the advice has always been to get white as it will be easier to sell in the future. Not everyone wants a blue or red car so white is the best bet. Funny how this has changed!
yeah,nah, white is best,cooler, looks clean when dirty
@@dointheokecoke5548yeah, new model 3 performance probably looks better in white compared to other colours.
Leasing in Australia, even with high tax rates, only makes sense with the nil FBT deal for electric cars. Because of FBT, only the EV deal is fully pre tax. A large portion with normal novated leasing is post tax dollars with normal cars. With the interest rate charged, the initial on road costs that are capitalised in the loan, and all the extras thrown in (that most buyers don’t even realise the leasing companies are throwing in), it’s better off to buy a car with a car loan in post tax dollars.
How about the huge range of cheaper EV's entering the market. Surely this has had an effect on Tesla prices too.
Everyone has there buy in point.
It will level off at some point.
I have a 3 year old M3LR thru my transport business, not a novated lease, i nornally flip vehicles every 2 or 3 years, but theres nothing i want to replace this car its to bloody good as a daily.
You would lose your shirt if you sold it fanboy.
@@reginald7214 fanboy lol
Facepalm
@@sr20trx yes, fanboy. A cult isn't a great move at your time of life, is it?
@@reginald7214 the fuck you on about?
@@sr20trx it's ok to get upset. Cult membership mandates total submission and it's good to see you're embarrassed a bit by it-it means you're still in there somewhere. Until you're ready to be your own man again, let Elon's hate agenda breath thru you. Hail Elon, or whatever you guys say.
I disagree it is value for money when I look at it. For example, I can't see much in the way of physical controls for things. They're cheaping out on buttons, for pity's sake. What else then? So I need you to be specific about what I'm seeing that represents the value.
That may be a factor in why they're not selling as well now; now there are better value for money cars available, when in the past it was just Tesla, Nissan Leaf and that Mitsubishi EV.
Hey Paul. Great insight into this whole mess.
My partner has been waiting for a very long time to get her first electric and first suv.
We had finalised model y until Kia announced the EV5 and we liked your first look video of the car.
The ev5 is something she liked mostly coz it’s got the dashboard as a regular car.
However with the current price reductions with model y and Kia pushing back on the launch of EV5 for some absurd reasons at the 11th - we are now in a pickle whether to wait for ev5 or the my is really a worthy car?
As an excellent auto journalist as well as a previous model y owner - would you choose the y over the ev5 even today and if so why?
Thanks.
Very knowledgeable video, Good on you, Paul
Simply put, Musk needs to drastically improve the build quality. The Model Y for $100,000 is Tesla taking the full piss.
Its got nothing to do with the build quality, its the price and the non existent charging network
Tesla must have gotten the “Taking the full piss” idea from Apple, because they are the masters…
Model Y is $55,900, not $100k. Poor tesla build quality is a thing of the past.
The build quality is fine. The Chinese ones were always okay, it was the US built ones that were shit, and they've improved a lot. I'd never buy one though, but that decision has nothing to do with build quality.
Yeah not sure why you think the charging network is non existent?? Do you even know where they are or even own an EV?