Another Tesla buyer had buyer's remorse shortly after he bought it. Michael and his wife made a significant financial decision when they bought a 2023 Tesla Model 3. Their motivation was clear. They spent $200 monthly on gas for their Honda Pilot and had a $640 car payment. They saw the Tesla as a way to save money, but the reality was very different than what they expected. Like many people, they are considering buying a Tesla because they can save a significant amount on their monthly budget if they don't have to fill up with gas. If things are tight financially, $200 or $300 a month can have an impact. Check out Alex's conversation with Michael and see if you agree with his decision to let Michael and his wife return the car. Then, I will explain what all Tesla buyers need to know. Michael tells Alex (@evautoalex), the EV dealer who sold him the Tesla Model 3, "We were trying to buy a Tesla from you because we need to get a better financial car because we traded in the Honda Pilot, which we were spending about $200 a month on for gas, and our payment was $640." Extra expenses trigger buyer's remorse. "So, we were looking to get something cheaper and liked Tesla. We bought the Tesla Model 3 from you to save money. However, I didn't realize the insurance is much more expensive." "And then, I discovered that installing a charger at our house will cost $5,000." Alex says, "When you say the charger is $5,000, tell me more about that." "We only have a 100-amp panel in our house, which needs to be updated to 200-amps. My brother is an electrician, so I asked him about it, and the cost for that alone will be $3,000 to update the electrical panel. Alex has a less expensive option. Alex says, "Okay, so there's an inexpensive alternative that will work well for you. You can go to a 220 dryer plug to get you to about 80% charge overnight." Michael says, "I don't have a 220 anywhere near my garage. My electrical panel is all the way in the back of my house with my washer and dryer." Alex is confused because It appears like they did their homework. "I'm trying to figure out that you came in here a couple of times, so you thought about the Tesla for a while, and we're all adults, and you did some research, and the Tesla Model 3 we sold you is in great shape." "Then our financial team worked to get you approval, so I'm trying to figure out where it's fair and reasonable to help you guys. The charger being on the back of your house is not new information. You knew that before you bought the Tesla from me." "So, I'm not sure how that impacts returning the car to us?" he says with a puzzled look. Michael says his Tesla car payment isn't much less than his Honda Pilot's $640 monthly. "That was one of the major things, and there were a couple of factors because the Tesla's monthly payment was not much better than what I was paying for the Honda Pilot. So, what it boils down to is, it’s not worth making the change to the electric Tesla right now," Michael says. "It doesn't seem worth it, so I didn't figure it would be this much of a problem for you to help me cancel our contract." Alex can't believe this buyer's reasoning. "We could have sold that car to someone else. I know that you signed a contract, and we did our part. You knew what the car payment was when you signed the papers. You knew what the interest rate was, and you knew that you would need a home charger." "So, it's a little frustrating that now you have cold feet or buyer's remorse." What Alex says next is unexpected. "However, I'm going to cancel the contract for you. I don't want to put you in a bad spot. It feels like we are taking responsibility for your lack of research and not doing your homework." Does the buyer say thank you? No, the buyer responds sarcastically, "I'm sorry you feel that way." Alex handles it like a professional. See how he works together with Michael to cancel the Tesla deal without blame. Transparency matters "I'm just being candid. Like I said, it's just rough because of everything you described; none should have been a surprise. It's now extra work for us and risk, and I'm wondering if you think that all falls on us or if you guys are responsible for any of this?" Alex says calmly. Michael still doesn't say thank you. He says, "You're right, I'm at your mercy." "Look, man, I'm going to unwind the deal, and we're going to take the car back, and you are not going to owe us anything." "However, I'm going to put it back in your lap. I will ask you and your wife to consider what Dalton's time, Nicole's time, and our business's time is worth.” "However, either way, we will take the car back." Michael says, "I appreciate that." "You are welcome. Let us know what you and your wife think is fair and reasonable to you. In the meantime, we'll get the paperwork going and get this thing undone." My Thoughts: Alex handled Michael and his wife's situation with the utmost professionalism. He didn't have to let them return the Tesla Model 3 and refund their money. He went above and beyond what most car dealers would do. They would say, "Sorry, but you bought the car." Here is what Tesla buyers need to know before they leap to an electric vehicle. Things to Consider Before You Buy If you rely on public charging 100% of the time, you will encounter inconveniences with your Tesla vehicle, so you might also regret the car purchase. Considering this aspect before deciding to buy an electric vehicle is essential. Which Home Charger Should You Buy? A report from Capital One Auto Navigator says a level 2 charger will charge your electric vehicle to 80% in four to 10 hours. Level 2 charging equipment ordinarily runs about $500 to $700, although some can be more expensive. However, typically, you need an electrician to install and update your electrical panel because they require a 240-volt circuit. Most importantly, you have to own a house or townhouse with a garage for this to work. Here is my Tesla report of a Model 3 owner who had to move to an apartment and the challenges they faced. Do Your Homework First Electric vehicles are not for everyone. Before you make the leap to an electric vehicle, it's crucial to do your homework. Here are some key points for potential buyers to consider. A report from Canary Media says, "Unreliable public charging infrastructure and unreliable information on EV-charger uptime have become two of the biggest barriers to the EV transition in the U.S. That's a problem, as the country needs to shift to EVs fast to slash carbon emissions from transportation. But it's a problem with clear, if complicated, solutions to implement." 1. Driving range: When considering an electric vehicle, comparing the EV's range to your typical daily commute is essential. This will ensure it meets your needs without requiring frequent charging. 2. Charging access: Assess whether you have reliable access to a home charger and the availability of public charging stations along your regular routes. 3. Cost analysis: Factor in the initial purchase price, including potential government incentives like tax credits and estimated fuel cost savings compared to gasoline cars. 4. Test drive experience: Take a thorough test drive to evaluate the driving dynamics, acceleration, handling, and overall comfort of the EV. 5. Battery health and degradation: Research the battery lifespan and potential degradation over time, which can impact the driving range. 6. Vehicle features and technology: Consider the available safety features, infotainment systems, and driver assistance technologies. Ask Yourself These Questions: