Buy A Tesla To Fight Insane Gas Prices?
VloĆŸit
- Äas pĆidĂĄn 17. 05. 2022
- đ” Create Your Free Budget! Sign up for EveryDollar âź ter.li/6h2c45
đ±Download the Ramsey Network App âź ter.li/ajeshj
đ Visit The Ramsey Store âź ter.li/7vyom2
đ Have a question for the show? Call 888-825-5225 weekdays from 2-5 pm ET or send us a message ter.li/n88ly5
Explore More Shows from Ramsey Network:
đïž The Ramsey Show âź ter.li/ng9950
đž Smart Money Happy Hour âź ter.li/9gcp3d
đ§ The Dr. John Delony Show âź ter.li/2u3mc0
đ° George Kamel âź ter.li/1elws8
đĄ The Rachel Cruze Show âź ter.li/n2u6jc
đŒ The Ken Coleman Show - Highlights âź ter.li/1rbjr2
đ EntreLeadership âź ter.li/ktxv2k
Ramsey Solutions Privacy Policy
www.ramseysolutions.com/compa...
As a recent Tesla owner myself I will say not having to pay for as much gas and paying less charging at home is nice. HOWEVER. To buy a Tesla JUST FOR GAS PRICES is STUPID. It should be a financially sound choice and have other reasons in there as well. Saving on gas is a small benifit that doesn't really pay off unless you end up owning the car for like 5-10 years.
How much has charging at home added to your electric bill?
@@davidt1069 between $15-$25 a month. which is way lower than what we originally had budgeted out for gas.
Totally right. A Tesla is $63K where you can get a Corolla Hybrid at $30K out the door. That $33K buys a lot of gas even a $5 per gallon and Corolla gets 50MPG. Tesla is a fun car and a choice, not a financially smart decision.
@@jml9550 you still have to pay for engine maintenance, brakes, oil changes, etc with that hybrid car.
Idk man no engine maintenance, and with older teslas the supercharging is free, Iâm a big driver and I save quite a bit every week.
The problem with people like this. They have already made up their mind about buying the Tesla, and is now trying to justify that decision by blaming fuel.
there's people worse than this, the ones who brag about how many EV cars they have and that supposedly other people whine to them about gas prices which didn't happen. there's a couple in this thread
Exactly what it is. At that point let them learn their lesson
I personally don't mind spending gas money, because I only drive about 8K miles per year. I fuel up maybe twice per month.
I was recently able to sell my van and buy a plug in hybrid for a 5k difference. Gas went from $500/month to about $60 and the electric bill went up $20. So Iâm happy to put over $400/month towards the payment for about a year and a half or so and then enjoy my gas cost being almost nothing.
Sure, I could be saving even more if I took the money from selling my van and bought a 10+ year old camry then invest the difference but you canât say that switching to an electric never makes sense financially.
How much is the battery for your vehicle?
At $5/gal, $500 buy you 100 gal, at 20 mpg, you drive 2k miles a month and 24k miles a year. That is far more than an average American. So, EV might make sense for you, but you are really an outlier.
@@monikaw1369 how much is the gas tank, specifically, for your car? Please let go of this myth that you need to buy a whole new battery every few years.
@@Rsmith420 thank you! And even then batteries are usually have warranties of 10 years which most engines donât
@@parkershaw8529 I'm in Canada so it's more like $7.50/galon ($2/litre) which is about 1300 miles per month. But I agree I think everyone should look at their own personal situation and decide.
*Just bought a model s 2019 with FSD. I didnât buy it to save money on gas. If you can afford a Tesla you donât care about gas prices* đ
@@vanadinite01 lolz are you sure about that buddy? đ€Ł
@@vanadinite01 I think you're richer than you realize. Rememeber the median income is 36k.
@@vanadinite01 testlas are not expensive if you can pay cash for it, in the long run they will become so expensive to maintain
Well said
@@unfairsanic5089 not anymore expensive in the long run as any other proprietary company like Jeep or Subaru. You should really do the research on this. Low end Teslas are like 30-35k
Georgia Power charges $0.014c per KW for overnight charging. That's $1 for 200 miles in my Tesla model Y.
Wow thatâs awesome ! I canât wait until I can afford a Tesla
Sounds like you got a pretty good system down. Wish us in Texas had regulated energy lol..
Patiently waiting on the Cybertruck here in GA however I am not with Georgia Power. I think slightly cheaper than .14 however zero breaks for overnight charging. Iâll be paying cash for the vehicle from TSLA stock.
The same thing was going on 10+ years ago when gas was high. Except back then you were selling a car that gets 15-20mpg to buy one that get's 25-30, and still thinking it would save money somehow. :D
I love this guy. He is not afraid of Dave like all the others. I love Dave too.
How is it possible to save money by taking crude oil and converting it to electricity then sending through inefficient wires into a battery that steals 10% of the electricity . Some of these batteries will end up in the ground toxifying the soil.
@@wannabecarguy the batteries are recyclable
This is the first time Iâve ever seen anyone other than Rachel talk back to dave and yes itâs good for the show :)
@@wannabecarguy Coal/Oil power plants are very effecient due to size vs a cars engine (90% converted to usable power vs maybe 30%). For electric cars power goes over the wire with negligible loss vs transporting gasoline by truck. Oh and gasoline is only a portion of refined crude, so add refining to the energy loss. Also when braking all the energy the engine used to get you going gets dissipated as heat vs going back into the battery with an EV. Don't own a Tesla but the engineering is sound, if expensive.
That dude was pretty brave, like a gangsta that doesn't need that job. I love it!!!!
You donât need a $60k+ tesla to get an electric car. Bought my BMW i3 for $14k and I drive over 500 miles a week and use no gas. Costs about $1.45 a night to charge it at my house ($40-$50 a month). I save over $300 a month compared to a car that averages 25mpg @$4.20/gallon.
Haha in California that electric bill is $500,/ month!!!
do you also save on oil changes?
Good job!
@@sarahconner9433 $75 here......in ca. You must run ac all month with a heated pool!
so u have an i3 and a c6đ
Electric cars are still too expensive to justify buying one to save money on gas unless you have the kinda money you shouldnt care about gas prices.
Theyâre not when oil changes and all the other maintenance on a gas car add up.
@@Rsmith420
Most people that buy Teslas are broke.
Itâs the interest they pay banks with financing that add up like the dendrite deposits on those batteries.
One monthly payment is more than what I paid for oil changes and maintenance in over five years.
not a nissan leaf. but I wouldn't be caught dead in one of those things
And have you priced Tesla's lately or just relying on rumor control prices. So $36K is too expensive for you. get a bicycle.
Really love Dave adding some new voices on the show. Great getting new perspective and just fun seeing him interact with them
Facts
I just bought Tesla Stock, so I think that this is a great idea.
better than buying a Tesla
Yes it is .
Good luck
@@luisfernando5998 I only bought a little but, and I bought it on the dip.
@@luisfernando5998 best time to buy more
I bought a $4000 prius that's getting me 47 mpg and park my 12 mpg truck. With $4.50 per gallon gas I save $3100 a year just during my M-F commute.
Dave said I have cars with no engine on the, does that mean he canât trust me. Laugh of the day!!!! đ€Łđ€Łđ€Łâ„ïžâ„ïžâ„ïž
I don't understand what you are saying. "On the does "
@@warrenhaines1717 it may be a typo, there is a comma after the. i assume he wrote fast, trying to quote ramsey.
Buying a new car is never worth the savings. I learned the hard way.
The first two years of payment you make on a new car is just the interest
Unless you have the cash to take care of it and it won't matter in your budget.
@@brickcitybikeman3108 laughs in zero interest
Yah, you are wrong.
0:12 the way Daveâs wrists just go completely limp says it all. LOL.
Cost of ownership is a major advantage of ev. Dave is pro oil and gas.
Where do you think the plastics, rubber and other parts used to build an ev come from, oh and how about the electricity? Enjoying the standards of living that oil and gas allows us to have is not a bad thing
@@youngblood23rb Amen
@@youngblood23rb do you know plastics can be made from corn and other starch based products with latest technology? Oil is from carb too. All of them are solar energy products.
@@youngblood23rb There's a big difference between materials and fuel: materials are not consumed on a per-mile basis as you drive the car. Electricity literally comes from the sun through the simple act of installing solar panels.
Sure, Dave is a good old boy... tells it like it is while he profits off of you... etc...
There are cheaper electric vehicles than a Tesla. I am considering buying solar panels and an electric vehicle but not a good financial decision, but not doing it for financial reasons.
How is buying solar panels not a financial decision?
@@flaqko5686 we live way out in the country and lose power for extended periods constantly, but most people choose solar for environmental reasons. I was quoted 66K before tax incentives.
Resilience is priceless
@@EMo-rx7pm 66k? is it about 60 panels?
unless you have a 100% self-contained system with your solar panels, when the power goes out you have no power also because it's a safety issue having your panels power up the rest of the grid when the power goes out. that's how power workers get killed. 50 energize their lines but your stupid solar panels and inverter are powering up the grid on your branch.
I'm a solar certified electrician so I know what I'm talking about. look up something called a solar survey map. solar is pretty much stupid in 3/4 of the country and 3/5ths of the planet.
I thought Dave was going to snap but he was in a playful mood today. That was a pleasant surprise lol
The young man on the show is bringing a side out of him we don't typically see. It's refreshing. The guy has an air of I don't need this job, I do it because I want to type of vibe.
My gas bill was $35 a week, now it is $50, if someone travelling similar distances cannot find $15 a week in their budget, a new car is not going to fix that... I suspect the deprecation on a new electric car can buy fuel for a year, maybe 10 years...
I'm in same boat. My primary car is my Prius, and I now spend about $10-15 more per week, which comes out to a whopping $750 more per year. I totally get that is a lot of money, but a new car makes zero sense.
Well said
So I used to spend $65/week now I spend $100/week. I also have a jeep. I'm still financing. If I'm already making payments wouldn't I be able to save at least $200 -$300/ month on fuel costs by switching to electric (Assuming the financing and insurance terms are similar)
@@King_Nicholson yup, more if you charge at home. Plus youll save maintenance costs and time.
To fill up my fuel tank cost $75 which is every ~550 miles(for a TDI). Good thing that I work from home due to the pandemic.
if you are having trouble paying $5 gal for gas, how do our elected officials in the WH think you can suddenly afford a $75K Tesla? Then there is the added cost of adding a fast charger in your home, the plug-in chargers take wayyyy toooo long to charge the car. Second, there are no electric cars to buy right now, you will have to wait months if not a year to get one. Then there is the shortage of chips and needed metals to make the cars..they aren't going to made tomorrow. Don't be fooled into the EV mkt right now.
Agreed! And then what about truckers and us farmers, we donât have another option, Iâve never seen an electric tractor yet, and I donât think I ever will!
Let's not forget Tesla does not allow you to work on your own car. You can buy a gas engine and replace your own oil and change out your own parts. Tesla however does not make it possible for you to work on it.
Maybe because they arenât 75k hahaha
There are cheaper Teslas than $75k, why do you spread such lies?
@@jlkkauffman7942 Tesla is making an electric Semi. & what about farmers? No one is forcing people to go electric, itâs just a smarter choice, based on several factors.
Gas is more but as a percentage itâs not enough to offset the cost of a new car. I can drive something that gets 13mpg thatâs paid for and save more money than you could buying an EV.
George and Dave got great chemistry. Keep it up!
I'm glad that dave and george are the ones to answer this question. haha :)
dave's analysis changes if you are driving a lot. If you drive 100 miles a day it is possible that you save $200 a month. If you buy the cheapest available used EV it's possible that you break even. I could run the numbers.
My mate is paying less in repayments for his Tesla than he was paying for fuel in his old Ute.
This question is HIGHLY dependent on where you live. Here in Quebec, Canada, it's a 1:10 price difference between gas and electricity. We're talking on 5k vs 500 per year. Having said that, theres less expensive EVs available.
Do I understand you right, the electricity is way cheaper? But then how well would a Tesla run in northern Quebec or on the peninsula?
@@cornflowertoile3026 probably fine but expect reduced range. Also most of the population lives near montreal so EV are very viable. And yes its 7cents cad per kwh vs 2.15$ cad per litre of gas.
It wont. The battery hits 40% capacity at -20 and in canada we usually have -30 to -35ish winters
Then your problem is overpriced fuel, not the car you drive.
đșđž insurance is 25% to 35% higher on EVs too. I own a gas guzzler, but the breakeven will take decades. I also bought a used 2012 prius for $5k.
How do you like your prius?
Yeah, Iâm one of those types that ask my agent about the premium before thinking about buying a car. Heck of a jump from $350/yr. I am paying now for my used 2012 Chevy Sonic LTZ I bought(cash) in 2014.
@@blackworldtraveler3711 Ev insurance cost more due to the cost to put the fire out. Batteries burn hotter and longer.
Wrong. I pay $90 a month for my Model S full coverage.
Keep drinking the misinformation coolaid
@@seymorefact4333 thatâs not even close, recent NTSHA shows teslas are 90% less likely to catch fire than a gas car.
I have a model Y Tesla & it only cost us $33 a month to charge at home.
No oil changes, no repairs, very little maintenance
Hi! I am in the process of buying one right now (it was ordered? And I want to make sure I am making a sound decision I keep reading people talking about high insurance? And crazy maintenance? Can you tell me about your experience and if you feel itâs worth it?
For now, in a couple of years it will become an endless moneypit
@@taneshabland8686 tesla will offer insurance for 80% of Americans by the end of the year, If you are a good driver it might even be cheaper. I am waiting for the cyber truck, wishing I had a model y until then. 90%+ are happy with their tesla. Mostly just tires and wipers.
@@unfairsanic5089 wrong.
@@ryanolson2430 I appreciate the honest feedback!!!
I got 10k tax rebate for every electric car and 30,% tax rebate for my solar. My solar is locked in in net metering 1 in California. I save myself rich on energy costs.... Dave Ramsey, believe it or not.
Winston builds the building - Dave Pays
Rachel works for her father - Dave Pays her
Rachel drives a Tesla, plugs it in @ work - Dave Pays
Winston and Rachel are smart
â„ïžâ„ïžâ„ïž
Be like Winston đ
Definitely be a Winston.
đđđ
Back in 07-09 when gas was hella high ain't no one was asking this question.
Because electric cars were not available, hybrids were. And people asked this question about hybrids then
@@JakeSpradlin2
Yes there were stupid questions back then from broke people.
Yeah they were buying Priuses
We just had Pink Energy come out and check out our house. 270 a month for 25 years or something. Still wouldn't cover all the energy during the winter months. Average electric bill was about 210 with crazy peaks in the winter.
We have a Kia Plug In Hybrid. It has a 30 mile range on battery only. We paid $37 in April, $31 in March, $22 in Feb. The only time we needed gas was when we changed or normal driving habits. EVs are a great option if you are buying a car anyways and you drive mostly local. EVs are not a good option if you are trying to stay 100% debt free. Which is Daveâs recommendation. So can an EV save you on gas with very little increase to your electric bill? Absolutely. But the payment is a deal breaker if youâre adding huge monthly debt and not just buying the car.
I have solar panels that I didn't pay for because they came with the house. I do have a mortgage though. The previous owners had to pay them off to sell the house to us. It didn't increase the value of the house much. So we pay around $13 dollars a month to net meter on the grid.
We have paid off cars. We pay around $300 a month for gas at just under $5 dollars a gallon in Las Vegas. STILL doing the math it doesn't make sense for my husband and I to switch to electric cars.
When used electric cars become more common we might consider it but right now we just work the budget. We drive less some months.
Thankfully because my husband has a good income and we have paid off our debts we are not freaking out. It's just another wave we have to ride.
now take that $300 per month in gas savings and maintenance and apply it to the $600 per month Tesla. now its more like $300 per month to own one
I wouldn't add solar to sell it back to the utility; I'd add solar and batteries if I were in an area that had a lot of blackouts and brownouts to provide backup power.
The thing that's not mentioned is the cost of ownership/maintenance over the lifetime of the vehicle.
Absolutely true. We have a good idea how much it cost for most ICE vehicles but ECars are still very new.
Iâve got a buddy who has a hybrid that gets 50mpg and loves the savings. Never has to plug it in or is limited on mileage (range). Heâs a salesman so puts a lot of miles on his car.
@@user-qm9oo2fd2o if you drive below the speed limit like most Prius owners, you can get 50 mpg too. Yes the Prius is fast . But there are some who do 25 in a 45 and they are my family members.
@@user-qm9oo2fd2o the cost for EVs are very known. Itâs cheaper in the long run to own an EV that doesnât require oil changes and other crazy levels of maintenance in comparison.
@@Rsmith420
Thanks for that Randy. Maybe you can educate us here, serious question because I really donât know.
New technology to me is just that, new. How can we have averages for total cost of ownership if itâs still very new? I here horror stories (granted very few because I really havenât looked into it) of battery replacement costs on par of buying a new ICE compact car.
I can certainly see if you already have solar set up in your home, obviously cost to charge is almost free.
Is a comparable ECar (appointments, features etc.) the same sticker price as an ICE car? I havenât looked because I currently could not justify an ECar. We just retired and are going to travel the country in my diesel truck and travel trailer.
@@user-qm9oo2fd2o in my opinion electric cars are not good if your purpose is to travel the country. It can be done but you need to plan more. Electric cars can save money and time as a commuter car for several reasons. Where I live electric cars are everywhere and the infrastructure is awesome but I know itâs not like that everywhere.
Dave said everything he needed to the way he dropped his paper at 0:12 lol
My Scenario:
1) Bought home in April 2020 - 2.75% APR
2) Was spending $250 per month on a 2002 VW (paid for, well-maintained, simple)
3) Decided to purchase a used Chevy Bolt EV in December 2022 - $295 per month for 5 years (4ish% APR); it received a brand new battery right after I bought it due to a recall, warranty on the new battery is 8 years/100k miles, no cost to me.
4) Installed solar on my house in Jan 23 (paid cash out of some investments I had) - the solar takes care of my home electricity needs as well as all of my EV's daily charging needs. System will pay for itself in only about 4.5 years (I paid $7k out of pocket for my 7.2kW DC installation, since I installed it myself)
My out-of-pocket costs to upgrade to an EV amount to about $40 monthly for the duration of the loan. I feel it is worth it, but everyone needs to do their own math. I am a frugal deal-finder, but am not afraid to spend money when I think it will work out for me in the long run, which I think this series of decisions will.
love this one! "no you don't come out ahead financing a $60k vehicle just to save on gas!!!" thank you! Shout it from the rooftops! haha!
That 1978 truck story kills me.
I live in Norway.
I save 550 in gas and road toll another 300 us. I pay every month 600 in total for my tesla sr3
Why don't you pay road toll with a Tesla?
@@michaeljjan6344 because it is for free... For the moment
đđđđ!
Dave always
Ahead!! Haha!.
When
He breaks it down!
pay $750 a month to (save) $100 a month. So stupid.
sadly, people are dumber than a rock when it comes to finances and fear of gas prices so they end up buying new or electric vehicles at the end.
@Donovan Lewis cope
What happens if there is a blackout or a cyber attack on our electric grid?
My vehicle burns gasoline but itâs PAID FOR!!!!!
Right on, as much as I try I can't argue your answer.
I broke even on a Tesla and itâs awesome đ
Same here!
@Beyond Tribalism if I sold my 2019 model X right now I would make $15-$20k right now. Short answer yes
not enough details, how much can he get for the jeep? what tesla is being bought? probably be better to sell the jeep and buy a prius or something along those lines...
Financed a ford C Max plug in hybrid a couple of months ago. Payments are 230 a month. I don't use any gas during the week and only use gas when I leave the state twice a month. Still using the same gas I bought the car with. When I drove a paid off Mercedes benz it was close to $250 a month to fill up 93 octane. The electric bill barely went up almost insignificant. My car is more reliable and has 100k less miles on it.
I love it when these two are together. đ€Ł
& Then buy a $10k replacement battery every 8-10 years there after !
Re sale values plummet as well.
@@bushy240 heck no. Check the 2016 Tesla models and compare them to new ones.
Iâve actually heard people talk about this liveâŠ.ludicrous.
Now if youâre deciding on your next car, thatâs a different story. Youâre replacing just as you always have, not to save.
Sounds like the jury is still out as to the economics of electric cars, a lot to think about.
The jury isnât out as to the economics of EVâs, the economic benefits are very clear. It just takes a tiny bit of research & knowledge, same as any other new technology.
@@Rsmith420 What are the results? Please share.
Engineering explained did a break even analysis for a Tesla and itâs actually within the timeframe of around 10 years, even with cheaper gas prices than they are now ($5.20 in phx AZ 06/2022) and even compared to keeping current vehicle
10 years is too long for anyone to actually notice theyre saving money. Plus in 10 years electric will be several times more expensive since everyone will drive up the demand with their electric cars
Insurance is also way higher for a Tesla.
Insurance costs more for expensive cars. But if you compare similarly priced vehicles, e.g. Tesla and BMW, the Tesla does not cost more to insure.
Energy cost for an electric people hugely depend on how far you have to drive to work. I drive about 27 miles in each Direction and I would need to recharge my car every other day to keep a full charge which would end up costing me more like $35-$40 a week... even with high gas prices I spend about $50 a week. So the ten dollars a week you're saving AKA $500 a year is not even close to paying for the Tesla
Those electric numbers sound very off and overinflated.
@@Rsmith420 What about the added insurance costs?
@@Argedis Teslas are the safest cars in the world, so some of these insurance companies are overcharging just because it is new and unfamiliar technology. But Tesla has its own insurance division that allows you to buy their insurance directly from the car screen. Everything in the car is connected, so they have precise knowledge of how safe youâre driving and it comes out to be cheaper than other insurance, actually.
There are other EV's that are not that expensive when you compare them to new cars... base models. There is a Prius, etc...
Broke people with debt only know Teslas.
That's what a lot of people neglect to factor in. Hybrids, plug in hybrids and other EVs that don't cost the same price as a Tesla.
@@jaws2003 i'll be honest, we are looking into getting a EV for my wife. We will pay cash of course. But I am looking at the top trims... that is my issue. We live in the North East and feel we would want AWD and would pay more for longer range. We are down to the EV6 or BZ4X. I was looking at the GT version of the EV6, some dealerships around me are asking $20K above MSRP!!!!
Any thoughts regarding the expected accelerated depreciation schedule (due to less demand both artificial and natural) for gas vehicles over the next 5-10 years, and decelerating or negative schedule (due to demand) for EVs?
I like the "these dang kids" vibe Dave has with the new guy. Haven't watched for a few months and I came back to this. Feels right.
Don't own a car anymore. Retired on SS, still working though. I moved blocks away from my job.
Walking, I exercise a mile per day, I noticed the savings now, compared when used to drive for 25 years.
Dave is right, sadly, people are dumber than a rock when it comes to finances and fear of gas prices so they end up buying new or electric vehicles at the end
Itâs not really fear of gas prices, that fear is manufactured as a justification for buying a new toy.
@@fishroy1997 most people that i knew of bought testlas because of fear of gas prices, not all people has the same problem.
I ain't scared, I'll stick with my Q5 that pumps pure premium unlead in it's veins
Dave is in fact not right and you are a sheep because you believe him and you don't fact check anything he says I find it extremely comical you Daveites
So glad i have gone to an ev
I have six neighbors with Tesla's, basically the Chev Malibu of the '70s in new found popularity. However, they all agree on one thing....plan an hour of charging for every hour of driving provided you don't have a supercharger in your garage, which none of them do. Mind you, supercharging is the least preferred due to battery life issues. That being said, this is not progress when I can fill my I.C.E. SUV and drive 500mi, spend five minutes filling up and drive another 500mi. Time is the most perishable resource of all, and we are giving that up in spades to drive EVs. This doesn't even address where the power comes from to charge these cars, (majority fossil fuel elect grid), nor the energy it takes to process the materials to create these complex machines (rare earth minerals). These are operational issues, not purchase considerations such as you both explained so well.
@Jarod Armstrong I took a 600 mi road trip and only stopped twice for 15 minutes. I personally don't have time to waste.
I'd rather get to my destination faster rather than stop multiple times and hours charging.
Nobody ever tells you to change your oil put a new air filter in pump your tires up to 40 psi take all of the extra weight out of the car and trunk.And drive the speed limit.Wala instant fuel savings.
I love how they bend the mass so that it fits their narrative they're literally no different than every other politician or anyone else on the internet that's trying to sell you something make no mistake Dave is a salesman for his own products
What is he selling in this video? what narrative is being made?
You haven't proved your point that anything he said was wrong.
@@gabew7480 Heâs selling common sense. Who needs that?!
If you could buy a reliable used ev for 10k like you can with a used Toyota, then it would start to make sense. Until then, I'm filling up my 4runner and going to work.
I paid $3500 for my 2012 Nissan Leaf. It makes perfect sense.
Remember to include in the break-even analysis the monthly cost to pay off existing gasoline engine car as well. That cost still exists for most people.
They act like someone is going from a $5k Honda to a $70k Tesla when itâs maybe a $10k difference
It is NOW that Tesla prices have dropped... Just paid $39K for a model Y and I also get free charging at work. I am saving $100/week in gas due to free charging at work. ALSO, my Tesla comes with FREE electric charging for the first 5,000 miles (will use this for trips outside of work). I will be saving about $5,000 per year in gas (old car was a 2012 Subaru Forester). That means IN EIGHT YEARS, the car pays for itself!!!!
A poor assumption is that the Jeep is paid off... this guy might be trading one loan for another of roughly similar monthly payments for all we know. And the only major difference is the gas vs electricity argument. I still wouldn't do it just to avoid the headache.
Well he said his wife "thinks it's a bad idea to finance a car", so that implies that they aren't financing one currently. I don't think that comment would have been made if they were just swapping out one payment for another.
Iâm clicking on this just for his reaction
The quiet electric car has another issue to be aware of....pedestrians generally do not hear the approaching electric automobile......couple that with people constantly looking down at their phones when they walk outdoors ... I'm surprised there aren't more splats.
I'm not surprised since these cars can sense an approaching object and stop itself.
NHTSA solved this problem by requiring electric cars to be equipped with external speakers that play a noise when the car is moving at low speeds. At high speeds the car isn't silent since tire noise is still present.
I feel the same way Dave does, I'm used to and like the engine/exhaust sound. I can't stand some cars that are obnoxiously loud, usually kids that have no clue what sounds good, in which case I'd rather drive an electric vehicle if I had to choose. In the meantime I'll stick with the sound of my muscle cars above anything else.
If you need a car and buy an EV that's equivalent cost to a gas car that you're looking at, then sure it makes sense. However, going out of your way to buy one for that reason is stupid, as Tesla's in general are a more expensive car. Now if it's a perk on top of other perks, that's a different story as Tesla's are fantastic cars.
I heard EV batteries don't keep a charge well in cold weather. It's one of the problems they are trying to improve. I've heard it's also a problem if you travel long distances and you have to find places where you can charge the car. I'm staying with a gas vehicle until those problems get fixed.
Depends on where in the country the long distances you refer to are. I drove from NY to Florida in my brotherâs Tesla and we had no issue finding places to charge. Tesla has a great interface in the car to show you all the charging spots. Other parts of the country may be a different story however.
@Jarod Armstrong brilliant explanation you're absolutely correct
Don't you have to find places to pump gas? lol Don't believe exactly what you hear on the internet. Go down to the source itself at the Tesla store to find out exactly how it works. will change your life.
I live in Alaska. Iâd argue we have the worst EV infrastructure in the entire United States along with some of the coldest weather of all states. We have a lot of EV owners here and none of us struggle with charging or range. Expect about a 30% range reduction from the cold and charge appropriately. Non-issue.
@@named321 good thing most evs like tesla have longer ranges
Traded in my f150 and the value allowed me to buy a Maverick hybrid cash. No payments and 42 mpg. Pretty happy. Buy a vehicle cash that you are comfortable with. Now is not the time to get cute with what you want. Get what you can comfortably afford.
I used to drive 10 miles to work and get gas once a month in a Cruze. Oh the good old days.
Spend $60k on a car to save gas? Sell the Jeep and buy a geo metro.
I miss my metro for sure
Isn't that the only car that's a 3-cylinder?
@@front331 not the only car.
@@front331 you can get a brand new Mitsubishi mirage with a 3 cylinder
A geo metro? Why not buy a good-sized car. Try a lease return 2015 VW Passat TDI, For about $8K and 20K miles, you get a full sized car that gets 43 mpg year around a state like NY. If you live in a warmer climate, the mileage would be higher almost 50 mpg. Take that Geo Metro!
I sold my car five years and get around by bike and bus. I was able to save up for a down payment thanks to saving roughly $750-1,000 a month
That's awesome. I used to be a bike commuter around 2010-2013, but the smart phone became more ubiquitous and I don't trust my life with the drivers anymore. Every other person is staring at their phone.
I've been toying with the idea again because that savings is real. Not just the fuel cost but the wear and tear on the vehicle, but I gotta get over that reservation first.
@@BASEDinMaine I feel like most people would prefer to bike commute if it weren't for idiots in cars. But that's awesome if you decide to get back into it. My quality of life is significantly better without owning a vehicle.
Normal people can't ride a bike to work or show up to work sweaty or tired
@@sarahconner9433 Didn't realize I wasn't normal! Thanks Karen!
One thing that I donât see anybody talking is a Tesla car insurance that is very very expensive because cost a fortune to fix a small bumper.
By the end of the year they will be able to insure 80% of teslas in the USA through tesla insurance. It actually could be cheaper if you are a good driver. All the problems you can think of for an electric tesla are being solved. Unfortunately news headlines seem to stick.
You failed to find out a few key pieces of info:
-how much $/years do you have left on the jeep
-how much do you drive
-do you need a new car
At the end of the day it may make sense depending on that particular individuals needs.
Jeep = $55K Tesla = $59K.
Yes it is
I used to live by Daveâs code, and there was
a time in my life I needed it.
But his harsh reality check, lack of concern for the environment and overuse of the word -stupid- have kept me away.
People donât make âstupidâ decisions, and really shouldnât look at it like that.
You have to do something to understand the value in your decision.
None of my decisions in life have been stupid, but simply educating.
He disrespects people.. He called a war veteran marine..a "kiddo"
If you're worried about gas, just get an old Prius. They get over 50 miles per gallon, and are pretty cheap now. Or get a bus pass.
Hybrids are trash. Just stick with gas until electric cars and parts are cheaper.
How about a Nissan Leaf? My dad bought one and has solar panels on his roof, as well. My parents feel a bit smug when they drive by the gas stations these days.
The 1st gen Leaf does not get a lot of respect but if aftermarket batteries drop in price so the the 62kw upgrade is 1/3 of the current $14K I might get one. Consumer Reports in it's latest used car issue recommend the 1st gen Leaf for those who make short trips.
One thing people don't think about is insurance is much more on a Telsa they're so hard and cost so much to fix
Dave is 100% right on this one.
there are more factors that come into play such as the longevity of the vehicle, replacement battery versus replacement of engine. or is it even better just to buy a new vehicle.
If your paying payments on a gas car
And you get a Tesla at same monthly payment you save $$$ on gas
So example $700 month payment on both
EV = - $ gas bill= big savings for me at $400 month/ gas bill = $300 car payment
What if Iâm a Uber driver and Iâm already paying about $450 a month on gas? I finished paying off my car now at 100k miles and sell it back for decent price 20k. I was thinking it might be worth it for a tax write-off in my case, and no longer to have to worry about any combustion engine maintenance, or major repairs$$$, I seen Teslas at 400k miles still with 80% battery retention. $60K for a car is a lot but you will get 3-4 cars worth out of it.
Iâve been pondering this issue of Uber drivers for a while. If you spend any significant amount of time sitting still with the air conditioning running, or cover a lot of miles, youâre a good candidate for a hybrid or EV.
I think you should do a total cost of ownership calculation and find the annual ownership/operating cost of whatever vehicle you drive.
Iâm a Uber driver and when I do the maths a electric car is the best out right now it cost me 70 dollars to fill my car and I that about 4-5 a week
Prius... that is your answer... $30K cheaper and you will save 50% at the pump.
You must remember that Used EV are much cheaper since the life span of the battery has also lessen. To buy a new battery pack is expensive and most people donât want to spend to buy a new battery but they try to sell it. The break even point is not feasible especially if you keep the car
Not more than 10 years. And most owners donât
I do food delivery and spend $150-200 per week in gas. I was thinking of doing this very thing. I just need to figure out how much it would cost to charge the car vs money saved not buying gas, along with a car payment. what would be better....
Based on Dave and George's equation, it will take 57 years to break even saving $20 a week.
@@bert1450 What about maintenance costs? Imagine how much it costs when stuff starts breaking in the Tesla? And I bet you...it will start quicker than anything would (that is serious..not talking window regulators) in a chevy for instance or Honda. And then who do you know to fix it cheaply? I know many mechanics that if I buy the part..I can get it done cheaply. But they sure don't know how to fix a Tesla. And the rule of thumb around here..if you can buy a fancy car..you can afford to pay more to have it fixed.
@@bert1450 good point. I was looking at the $20 savings per week and the cost of the $60k financing they mentioned.
their math is way off for 26k miles it costs 650 for electricity and for gas would be like 5-6-7k depending on gas prices
If Daveâs daughter Rachel has a Tesla⊠you know the math works.
She has a Tesla because her Dad is very wealthy, not because owning a Tesla is financially a good decision.
@@joeb1522 Owning an expensive car is not a good financial decision, regardless of which company made the car. But if you're going to own a $60k car, a Tesla is the cheapest $60k car in terms of operating and maintenance costs.
She owns one because she has enough money to not care about cost. People living pay check to pay check should get a used pre owned car/hybrid not a new Tesla. Math isnât your subject
Electric cost here in New Baltimore Michigan is .19 per killawat.
I spend $800 on gas so I think switching over to save on gas is not stupid đ€·đŒââïž
As nice as it would be to charge my car at home, it's not worth trading in my fully paid truck for a $600+ car payment.
My power bill only went up $35 a month when I started driving an EV. It made a lot of sense to go electric for me. Didn't get a Tesla. Driving a fiat 500e. Less than $10k.
I remember when fiat 500e where $60/month to lease
@Beyond Tribalism you do not need a garage. I live in Alaska and there are lots of folks who charge outdoors all year round.
Electric cars can be made to play some audio through their speakers on acceleration to make them feel like gasoline powered cars Dave.
I work with my small engine car( 1.4 ), right now I am putting about $300 to $350 gas per week. I don't have a Tesla, but I love to have one. My monthly payment on a Tesla would be cheaper than my monthly gas I put. Even if I purchase a type Y.
You save more than gas when you purchase a Tesla. Savings on maintenance and repairs over a 5-7 year period plus saving on gas, the car will practically pay for itself. Dave doesnât mention anything about that. Dave is wrong on this one.
How much is maintenance? What are the maintenance intervals for your make and model? How much are parts? How much of the work can an owner do themselves without taking it to a dealership?
he's wrong on many things because he's ignorant to new topics. stuck in his old ways and doesn't research technology
But youâre not factoring the initial cost of the Tesla. Itâs cheaper to run not to buy. The cheaper you ice car is the less likely it makes sense to get a Tesla. You would need to spend so much money just to reach the initial cost of purchase of a Tesla
So i decided to buy the 17k like new mercedes instead of the 40k Tesla
Depends on the financial situation. Upgrading to a Tesla may cost far more over the life of the car than the gas savings. Thereâs also still a cost to charging a Tesla.
Totally agree.
Dont forget the repairs
Parts are still way too expensive. We're years away from mainstream electric.
Research is desperately needed when discussing things youâre not familiar with.
If you're comparing similarly priced cars, e.g. Tesla and BMW, then a Tesla is far cheaper on fuel and maintenance. Electricity is much cheaper than gasoline almost anywhere, and Teslas have virtually no maintenance costs compared to gasoline cars as well as longer vehicle lifespans.
Now of course if you're comparing a $60k Tesla with a $10k Honda Civic then the Tesla won't save you money.
I door dash and spend about 250 a week on gas. So a 500$ car payment would actually free up enough to max out my Roth IRA for "free" every month.
The car will fall apart before you can break even. How many shops can even work on an electric car??? You might have to go to the dealer and pay through the nose for repairs and scheduled maintanance.
I've said I won't buy an EV until Rock Auto sells most parts for them. I'll wait until Teslas are parked up on blocks behind mobile homes.