I currently own a Tesla Model 3 that’s out of warranty, which could fetch around $20,000 if I traded it in. I’m also paying off a Model Y for my wife, which has about $23,000 left on it but could trade for around $29,000. My wife wants a bigger car, and I’m considering two options:
Option 1: Trade in the Model 3 for a Model X, with monthly payments around $1,200. Over three years, I’d spend about $43,000 on the X plus finish paying the $23,000 on the Y, totaling $67,000. By the end, I’d own the Model Y (worth about $20,000) and still owe $27,000 on the Model X, with about $10,000 equity.
Option 2: Lease a Rivian R1S at about $1,050 a month for three years, which totals $38,000. I’d sell the Model 3 and pay off the Model Y. In the end, I’d only have the Model Y worth about $20,000.
Both scenarios leave me with a roughly $20,000 asset in the Model Y, but the first option might give me a bit more in equity from the Tesla. Thoughts on whether my thinking makes sense?
Why not buy the R1S instead of leasing? The price is similar to the Model X. You could end up with an asset like with the Tesla, without dealing with Tesla’s quality issues.
What was the issue with the Kia EV9? It’s the only 3-row EV SUV that Consumer Reports recommends and says is reliable. It also has the longest warranty of your options.
Scores are as follows: EV9 - 79 overall, 88 road test, average reliability. Model X - 53 overall, 74 road test, below average reliability. R1S - 52 overall, 72 road test, below average reliability.
The EQS also fits the bill, though not as highly rated, it’s still better than your other choices.
@Gale
I don’t have access to Consumer Reports, so I’m not familiar with these scores or their significance. I’m skeptical about how reliable these numbers really are.
Mackenzie said: @Gale
I don’t have access to Consumer Reports, so I’m not familiar with these scores or their significance. I’m skeptical about how reliable these numbers really are.
Here’s how Consumer Reports calculates their overall car scores and reliability ratings:
@Gale
Consumer Reports isn’t reliable, especially for new models. They sometimes consider trivial issues like infotainment usability as reliability issues, which skews their data.
Dru said: @Gale
Consumer Reports isn’t reliable, especially for new models. They sometimes consider trivial issues like infotainment usability as reliability issues, which skews their data.
While it’s challenging to assess new models’ reliability, Kia has shown solid reliability across its models. For example, only one out of thirteen Kias tested by Consumer Reports received a poor reliability score; the rest were average or better. It’s reasonable to expect that a new Kia built on a proven platform would also perform well.
@Gale
The Hyundai Ioniq 5 and Kia EV6 share components and manufacturing processes with the Rivian, suggesting some level of reliability through their shared platform.
Dallas said: @Gale
The Hyundai Ioniq 5 and Kia EV6 share components and manufacturing processes with the Rivian, suggesting some level of reliability through their shared platform.
Exactly, but it seems we’re not getting more detailed feedback from YikesBro. It appears his opinions are set, without much openness for discussion.
Dru said: @Gale
I don’t know YikesBro personally, lol. But it’s clear Kia and Hyundai are still working out their reliability, especially with recent recalls.
Which EV brand do you consider reliable, and what data supports that view?
@Payne
Do you have a brand that you consider consistently reliable? It seems even Toyota/Lexus, known for their reliability, have faced significant challenges this year.
Gale said: @Payne
Do you have a brand that you consider consistently reliable? It seems even Toyota/Lexus, known for their reliability, have faced significant challenges this year.
That’s true, Toyota/Lexus usually have good reliability records but have had issues recently. Who do you trust for reliable car information if not Consumer Reports?
@Payne
That’s a great point. It shows even a reliable brand can have off years. I’m curious, who do you consider a reliable source for car reliability data?
Gale said: @Payne
That’s a great point. It shows even a reliable brand can have off years. I’m curious, who do you consider a reliable source for car reliability data?
I think we need to consider more sources than just Consumer Reports for a balanced view.
Dru said: @Gale
Consumer Reports isn’t reliable, especially for new models. They sometimes consider trivial issues like infotainment usability as reliability issues, which skews their data.
@Gale
I’m familiar with their methodology, but I still find it lacking in real-world applicability. The criteria they use for rating reliability don’t always match up with what most car owners would consider critical issues.