R1S Long Term Rental/Lease

[McMoo]

Use revised options for 2+ months at the bottom.

This is a hypothetical scenario I’m considering and trying to gauge if there’s any interest.

I’m curious if there’s a market for minimum monthly (preferably longer up to a year) rental/lease. Say 2k mile per month allowed driving.

I don’t immediately need the R1S that is scheduled for a Q3 2023 delivery and don’t want to flip it or list it on Turo for daily rentals, since I want to keep it, but am trying to offset some of the cost now that there’s no explore trim, tax credit, and since used Tesla prices have tanked.

I’d have to figure out insurance and other logistics but it seems like some reservation holders or first time EV buyers may want to try out the R1S first, or don’t want to wait until some of the 2024 deliveries.

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[kirkjufell]

At those prices, you may as well finance and sell when you are done with it.

 

[McMoo]

At those prices, you may as well finance and sell when you are done with it.

Yes, it’s pricey but the intent is much different. This is for people who don’t want to wait for delivery to drive one, and as a temporary hold over until they get theirs, or people who don’t want to fork out $100k for something they may not want and then have to deal with the hassle of resale. Used prices won’t stay high forever when there’s more supply so these will start depreciating like normal vehicles.

 

[Donald Stanfield]

No one has to wait now. There are R1Ss for sale now on the secondary market and for not that much more money than they are new. For 100K you could BUY one, 4K a month is a payment on a Ferrari probably two Ferraris. Even for one month, it would still be much cheaper for me to buy the car third party, use it for a month and then sell it.

You've thought about what it would be worth to you to rent your car to someone else, but you didn't really factor in what sort of a deal it would be for someone else. I could see 1500 a month max as that's still way over what it would cost to buy one and flip it when you were done but with no risk of losing money on depreciation and convenance I would consider it.

 

[McMoo]

No one has to wait now. There are R1Ss for sale now on the secondary market and for not that much more money than they are new. For 100K you could BUY one, 4K a month is a payment on a Ferrari probably two Ferraris. Even for one month, it would still be much cheaper for me to buy the car third party, use it for a month and then sell it.

You've thought about what it would be worth to you to rent your car to someone else, but you didn't really factor in what sort of a deal it would be for someone else. I could see 1500 a month max as that's still way over what it would cost to buy one and flip it when you were done but with no risk of losing money on depreciation and convenance I would consider it.

Fair points and constructive feedback. I’ll revise poll options (actually doesn’t look like the poll options can be deleted so I added more).

 

[Swilly]

Interesting idea. I think you can make the money you are looking for, but not with a long term rental. Through Turo you could probably clear $2500-3000/month after expenses. So many things that I don’t think you’re considering about longer term rentals. Will renter treat it properly? How will you inspect condition at end of lease? How many miles a month are they allowed to put on the vehicle? Whose insurance is covering the vehicle? Much like with housing, both short and long term rentals have their headaches. I have done both, and I can tell you that if you want to have access to your vehicle/house and defray from payments, short term is the way to go. If you rented it through turo 5-7 days a month (in the short term while access is limited, it would probably cover your payment. Good luck.

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