Is Buying a Tesla a Good Investment?

The question of whether or not to buy a Tesla is one that has been debated extensively in recent years. Some people have questioned whether the price of a Tesla is worth it, while others have praised the company for its innovation and forward-thinking approach to transportation. In this article, I will share my personal experience with owning a Tesla and provide my opinion on whether or not it is a good investment.

Last October, I would have told you that buying a Tesla was only worth it if you had money to burn. However, in November, I purchased a 2017 Tesla Model X 90D for my high-end Taxi company, for $70,000. After driving it back to Orlando from Utah and putting it into service in early 2021, I can confidently say that I have never had a more enjoyable car to drive.

Compared to every other car, SUV, or van I've ever owned, including luxury brands like Cadillac, Acura, and Lexus, the Tesla Model X beats them all. Its smooth handling, insane responsiveness and acceleration, low road noise against premium sound, and transmission-free driving make for an experience that you want to repeat again and again.

Additionally, the cost of ownership makes it feel like a steal, even though the monthly payment on the car is almost as much as my mortgage. Maintenance is low, repairs for 50,000 miles are included in the purchase price, and Free Unlimited Supercharging further reduces the cost per mile to something like 2 to 4 cents per mile, mostly for tires. The only major costs of ownership are interest, depreciation, and insurance.

But it's not just the practical benefits of owning a Tesla that make it worth it. The fun factor is off the charts. I have had a blast showing off the car to my grandkids, especially with features like Auto Summon, falcon-wing doors, Caraoke, auto-fart, and demo dance. It takes the idea of a "fun car" to a whole new level.

So, should you buy a Tesla? In my opinion, if you want to get a head start on the future of driving, then yes, you should. However, it's important not to go overboard with your investment. Don't mortgage your house or trade in your grandkids. You'll need the house/garage to charge the Tesla and the grandkids to remind you how smart you were to buy one.

Considerations before buying a Tesla:

1. If you plan to buy a used Tesla, purchase it through Tesla's website to ensure that valuable features like Free Unlimited Supercharging, Full-Self Driving, and Premium Connectivity are not disabled upon transfer.

2. Using a referral code when buying a new Tesla or solar equipment can benefit both the referring owner and the referred buyer, such as credits on supercharging or other products, or an entry in a drawing for a Tesla.

3. Full-self driving is expensive on new cars but might be included in a used model bought from Tesla. However, research and compare the benefits of buying used vs. new.

4. Check if your used Tesla model has Caraoke and Netflix/Hulu under entertainment. If not, you may have the old graphics processor, which can affect your graphics and internet performance.

5. Tesla has repaired or replaced various parts under warranty, including the charging unit, door handles, A/C, GPU daughterboard, and wipers.

6. If your Tesla model has staggered tires, they can be expensive, hard to find, and you only get half the warranty. Consider buying a second set of 19" wheels with all-season/all-terrain tires.

7. Expect some degradation over time in the range of your Tesla, but overall, Tesla's batteries are state-of-the-art and designed to last 500,000 miles.

8. Long-distance travel in a Tesla may take longer, as faster speeds consume more energy and require more time spent charging.

9. Tesla's navigation cannot handle multiple destinations, so you'll have to use a third-party route planner to plan trips with stops on the way.

Yes, I think anyone who wants to get a head start on the future of driving should buy a Tesla. Just don’t mortgage the house or trade in the grandkids. You’ll need the house/garage to charge the Tesla and the grandkids to let you know how smart you were to buy the Tesla.

Overall, Tesla is a well-engineered car that makes driving a pleasure. Despite some flaws and annoyances, it keeps improving in all the ways it needs improvement. If you can afford it, buying a Tesla is a good choice.