Featured Porsche Taycan BEVs are depreciating like crazy: get a screaming deal on one now

My last car was $2000

$60,000 might be less for a Porsche but I probably will never own one.

 

There are working Teslas down as low as $15,000. The problem I have is the $500 per month insurance on them.

With the way the car market is today, I just hope my current car lasts until after I and the wifey pass away, or until things get more affordable, whichever comes first.

 

My new bolt was 21k. Not a Porsche. But I can’t wipe the grin off my face

 

In some places you can only have the new 2023 Prius if you pay a $10K markup... So take your pick: A new Prius for $50K or a slightly used electric sports car/status symbol for $60K. That'd make me lose interest in a Prius real quick...

 

The high price for insurance for owning a Tesla was proven to be untrue on here, especially if you're buying a super cheap used one. I think it's the vehicle safety ratings that keep the rates down these days. Also Tesla body work is no longer dysfunctional.

 

just be ready to get to know your service advisor on a first name basis

 

I was going by direct quotes from several insurance companies, this wasn't just a hunch of mine. But that is my own case and I live in a very high insurance rate area. However, that kind of price for me is way more than I've ever paid for insurance and therefore has put a used Model S completely out of the question for me. The only thing that might fix it is if I can get Tesla insurance here and if it is substantially cheaper, which I haven't tried to find out yet. Otherwise, from the 3 or so insurance companies I got quotes from (and ready my lips) it will be well over $400 per month for me to just insure a used Tesla Model S. Add to that payments and whatever maintenance and electricity, etc. Compare that to $185 car payments (which I no longer owe, so now $0) and about $135 per month for insurance on two cars (2006 Prius and 2013 Avalon Hybrid).

 

The depreciation is not as bad as the article presents. The over 40% examples were single sales from an auction site. The used car listings without a rate published there are 16% and 37%. That might be a little worse than other Porsche models, and within the range of most cars.
Porsche Depreciation Rates | GetJerry.com

I think people were expecting Porsche's first EV to be a collector item, and are just disappointed that the cars are depreciating at a normal rate. With used car buyers still being unsure about EV batteries, and most willing to spend money on a Porsche likely wanting an ICE model, that should probably have been expected for with a model that is still relatively new. Maybe it will gain collector status in time.

Availability can also be a factor. I've seen more Taycans than 911s.

The Model S and X have full aluminum bodies. Higher repair costs, combined with fewer shops to do the repairs, leads to higher insurance rates. I suspect the Taycan will be the same. The 3 and Y use steel.

 

Some day perhaps. Right now the cheapest used Model 3's I found on a really quick Google search are double the cost of the used (but older) Model S's, $30k instead of $15k.

With new Tesla Model 3's apparently costing less with the Colorado incentive ($5,000 this year, $7,500 next) I don't think it makes sense. That and it's out of my current car budget.

 

Every time an article comes out about the high depreciation of model 3’s, I do a search and find used to be almost as much as new

 

I’ll be curious to see the insurance bill for my new bolt.
I’m prepared for the worst

 

NJ insurance is pretty high. I pay about $2100 for the year, full coverage for both Bolts.

 

As soon as possible, I will pay off my 2017 BMW i3-REx note and go strictly to liability insurance. I have two loans:

• ~7.6% home equity
• ~7.5% car loan for BMW i3-REx
  • Collision adds ~$135/mo to the insurance bill

By paying off the BMW i3-REx car loan, I can drop collision coverage and significantly lower my total, monthly expenses. Worse, early in October my BMW i3-REx suffered a minor impact to the passenger side door when someone backed into the passenger side, open door.

The BMW repair cost was ~$1,300 but I got less than $300 from my insurance company. The rest came out of my home equity loan. I've gotten emails from the 'claims department' that they are working to get the rest from the other insurance company.

So the economics look like this:

• $1,620 extra insurance premium per year to cover repair
• $1,000 out of pocket from $1,300 repair bill minus a $300 claim payment

I had seen similar behavior in the past with a 1991 Camry lost in a 2005 collision. The insurance company called it 'totaled.' I had forgotten that I still carried collision on it so they gave me $1,200, invalidated the title, and the car went to salvage. <GERRRRR>

So my plan is to carry my current insurance, both house and car, through the end of February. Then I will probably switch to USAA since I have a copy of my DD-214. This will mean my annual premiums will come due the end of the short month, February, away from the seasonal expenses of Thanksgiving, Christmas, and birthdays.

Bob Wilson

 

that would be average for us, i would be happy

 

Don't assume USAA will have the lowest rates. Check around.

In NC, the population of current and retired service members in NC has meant that the risk of something like a hurricane hitting so many at once and causing high claims has caused the to send out their yearly rate quote with a disclaimer that says something like "The NC insurance Commission has set rates and these are higher than the approved rates."

Been with them since the mid '60s and had a car total and a tree on top of the house and they have been fair so no saying don't consider them. But shop around.

 

If taycan's were screaming deals I would get one and get rid of my model 3. They started very expensive and even with 50% depreciation are still very expensive. Add the higher insurance and maintenance and it is pretty clear why people that want to sell their taycans can not get close to what they paid for them.

 

In 2021 I could have sold my model 3 for what I paid for it in 2018 after the tax credit I recieved. Now it has depreciated ;-)

 

My 2019 has driven beyond warranties so it is my ‘project’ car.

Bob Wilson

 

i'll be curious as to what my $21,000 bolt is worth in 3 years with 15,000 miles.