We wanted a present that would be both practical and amazing. So I pitched the base mid-range Tesla Model 3 to the ex with a cost split - a third apiece. We did that with the Think and it worked well and was paid off on a four year loan in his high school and part of college. The Think however, was not getting used for the last two years due a longer student commute. Plue his ICE clunker had an engine light on and the fed tax rebate was dropping away for good.
So add Xmas to the mix and here we are:
It should be noted an EV car costs about a third to operate vs gas - with the exception of tires. He'll go through a set every two years so I'm guessing put aside $400 a year plus $100 for the LTE streaming service after the first year. The idea being one third of a 40K car 5 year loan = $250 payments for him with mom and Dad taking each a third over five years. A deal a kid waiting tables or working tech support while looking for that good film job could swing, with a little thriftiness. With electric costing $400 a year vs $1600 in gas that alone is like a young man's $200 a month car but reliable, electric, and clean, with enough cargo space for small moves. He has no student loans.
We took basic black aero wheels mid range (260 mile), no automation software - 47,200 delivered. Maryland tax paid upfront and $7500 gifted from me up here in PA strings free. That gets the Mom & grad pair down in MD to the 40K loan plus the eventual fed rebate and possibly MD excise tax refunded. My third of the loan payments I simply account for as a gift to them of $3000 a year well inside Federal gift limits as was the $7500 in 2018. When the car is paid off Mom simply transfers it fully to son, MD is reasonable about parent title transfers.
Yeah it is over the top. This is the kid however who has made good grades, worked every summer and often works during school so as to not have to ask for much. He's the first to get a four year degree. My older very successful son has a solid 2 year AA degree and a fantastic job. Very proud of him as well. Still this four year degree is big deal to me. I never accomplished that...
The second part of why is Kevin has been with me to countless EV shows - just because he was interested in EV's and how they could reduce the carbon footprint and climate change. He showed people his Think and my Leaf at several DC Auto shows, EVA/DC and MD Volt meetups. He paid for his Think and used it right up to an curbing that put it out of operation just as his driving needs became longer range. He has solidly helped the EV cause and rather than struggling with check engine lights and oily repairs going nowhere this is a last present to help boost him into orbit as an adult.
Good luck son. We all are going to need it but at least you will have some fun on the way.
Love Dad
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