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In response to criticism surrounding Tesla’s announcement on its new financing option, CEO Elon Musk has revised the terms by offering a new resale guarantee and longer-term loans, both of which should make owning a Model S a little easier.
“When we first did the financing option, we didn’t get it quite right,” said Musk during a live webcast on the subject. We found Tesla’s claimed savings were too exaggerated when we broke down the numbers last month, but Tesla says they’ll make more sense now. To start, the company now guarantees a resale value of 50 percent after three years (ratings by ALG), up from the previous 43 percent. That figure will be adjusted in the future to keep it above its luxury sedan competition. “If we really believe we’re making the best car, we believe it should have the best resale value,” Musk said. That means Tesla’s guarantee should assure the residual value will be higher than premium sedans from Mercedes-Benz BMW, Audi, Jaguar, and Lexus.
In addition, the company has extended loans to 72 months instead of 63 months. The 12,000-mile annual limit has also been increased to 15,000 miles. Tesla’s True Cost of Ownership Model S Calculator online is a bit more conservative now, as well.
After the first financing option was announced, Tesla has seen more interest in the 60 kW-hr model, but most buyers still go with the 85 kW-hr car. “What we’re saying is you’ll get 20 percent more cash in three years,” Musk said.
With Tesla’s ultimate goal of making the Model S more accessible to interested consumers, we’re thinking the best way to accomplish that goal is to simply introduce a less expensive car.
We’ve tested the Tesla Model S and driven Elon Musk’s personal car to test its range — what else is left to evaluate about the fully electric premium four-door? A drag race with a new BMW M5 would be a good place to start, and that’s exactly what Automobile magazine has done in a new video.
The contender with an internal combustion engine is the new BMW M5 sedan, which is powered by a twin-turbo 4.4-liter V-8 producing 560 hp and 500 lb-ft of torque. Though the 2013 M5 still carries a gas guzzler tax, the eight-cylinder super-sedan is EPA-rated at 14/20 city/highway with the twin-clutch automatic and 15/22 with a six-speed manual — marked improvements over the last-generation M5′s 11/17 mpg with its V-10 engine.
Then there’s the Tesla Model S, which has “just” 416 hp and 443 lb-ft of torque from its electric powertrain but, in top P85 trim, is more expensive than the German four-door. The Tesla is EPA-rated at 88/90 MPGe. While the Model S of course lacks an engine note, the car can launch off the line far quicker than the M5.
Though one of the four-doors is clearly ahead by the time they reach the finish line, the other appears to be closing in. Watch the video below to find out which car wins in Automobile magazine’s drag race.
Source: Automobile magazine via YouTube
By Zach Gale
It may be an electric car, but the 2012 Tesla Model S is fast. Stupid fast. In our exclusive First Test and Range Verification, a 2012 Model S Signature Performance 85 accelerated from 0-60 mph in 3.9 seconds, and completed the quarter mile in 12.5 seconds at 110.9 mph, making it the fastest American sedan we’ve ever tested.
The Tesla Model S’ performance numbers become even more impressive once you realize that there isn’t a huge rumbling V-8 under the hood, but a 416-hp/443-lb-ft AC electric motor in back powering the rear wheels. Also impressive is the fact that the very same Model S that recorded those numbers traveled from Los Angeles, to San Diego, and back without recharging.
Ignoring its green credentials, the Tesla Model S’ performance figures puts it in German super sedan territory, right up against the gas-guzzling BMW M5, Mercedes-Benz CLS63 AMG, and Porsche Panamera Turbo S. All three sedans have twin-turbo V-8s making upwards of 550 hp under the hood. Check out the chart to see how they all break down:
|Base Price||Weight||Power||0-60 mph||60-0 mph||Lateral Grip|
|BMW M5||$92,095||4384 lb||560 hp||3.7 sec||110 ft||0.94 g|
|Mercedes-Benz CLS63 AMG||$96,805||4256 lb||550 hp||3.9 sec||113 ft||0.92 g|
|Porsche Panamera Turbo S||$176,275||4388 lb||550 hp||3.5 sec||105 ft||1.00 g|
|Tesla Model S P85||$105,400||4766 lb||416 hp||3.9 sec||105 ft||0.92 g|
That brings us to today’s Thread of the Day. If you had to choose between the M5, CLS63 AMG, Panamera Turbo S, and Tesla Model S, which would you choose and why? Sound off in the comments below.
Tesla CEO Elon Musk must be smiling, because the startup company has made a profit for the first time in its 10-year history. Tesla reported revenue of $562 million, resulting in an $11.2-million net income.
The Model S, which we named the 2013 Motor Trend Car of the Year, plays a huge part in this, as the company sold 4900 vehicles in the first quarter, exceeding the original 4500-unit goal. Tesla said it produced 400 or more cars a week, totaling 5000 for the first quarter. The company also raised its full-year forecast to about 21,000 worldwide deliveries (from 20,000), which seems like a realistic goal since the company has reduced the number of hours it takes to build a Model S. The automaker estimates U.S. demand this year for the Model S at 15,000 units.
Tesla now offers an improved finance plan and longer-term loans, which should make it easier for more people to consider a Model S. The automaker also improved its service experience, though the dealer network continues to expand. Over the last 30 days, Tesla’s stock has jumped from around $42 to about $55 a share. Whether the Model X can repeat the Model S’ success remains to be seen.
In other Tesla news, the Model S has also earned Consumer Reports‘ highest rating of 99 out of 100, performing better than any other vehicle except the Lexus LS 460L, which earned the almost-perfect score in 2007. The electric sedan was lauded for its quick acceleration, precise handling, and quiet interior. The publication didn’t like the limited range and long charging times.
Source: Tesla, Consumer Reports
Hagerty has released its annual “Hagerty Hot List” of the top 10 cars the insurance company believes will become collectible in 20 years. Hagerty’s list is comprised completely of 2013 model-year vehicles that the company thinks will still be desired by enthusiasts in 20 years.
Unlike our own list of future collectibles, Hagerty’s rules are a bit less stringent. To qualify as a future collectible on the Hagerty list, the vehicle must be mass-produced, and available for sale as a 2013 model, with a base price of less than $100,000.
Here’s Hagerty’s List:
SRT Viper: The new SRT Viper is one of just three cars that made both our list and Hagerty’s. Hagerty chose the Viper for its list because it’s “one of the last living examples of the once-celebrated mantra of ‘there is no replacement for displacement.’”
Chevrolet Corvette 427 Convertible: The Corvette 427 is a no-brainer for this list. As Hagerty points out, the Corvette celebrates its 60th anniversary this year and the 427 is not only a limited-production model commemorating that fact, but also the last model year for the C6 ‘Vette, ensuring the 427′s status as a future collector’s car.
Audi RS5: Hagerty named the RS5 on its list because the collector car insurance company “think[s] the basic Audi A5 is one of the handsomest coupes on the market.”
Porsche Cayman S: According to the press release, the Cayman S made its way on to this list because it’s “Porsche’s atonement for the sin of the diesel [Cayenne].” We didn’t realize a diesel-powered SUV was such a bad thing.
Chevrolet Camaro ZL1 Convertible: We might prefer the hardtop Camaro ZL1 (which made it on last year’s Hagerty list) to its portly soft-top sister, but Hagerty nevertheless expects the ZL1 drop-top to command a premium among buyers in 20 years’ time.
Tesla Model S: This list wouldn’t be complete without the revolutionary new Tesla Model S. The Model S earned its spot as a future collectible because it’s one of the first electric cars built with enthusiasts in mind.
Mini John Cooper Works GP: Hailed as “the fastest Mini ever built,” the John Cooper Works GP’s future as a collectible is ensured by the fact that it’s limited to just 500 units in the United States – well that, and the fact that its $39,950 base price is likely a little too dear for all but the biggest Mini fans.
Subaru BRZ: Hagerty reasons that the Subaru BRZ will be a future collectible because the rear-drive sports car injects a bit of “tire-smoking” adrenaline into the Subaru brand.
Volkswagen GTI: The latest version of the original hot hatch gets a spot on this list because of theGTI’s “cult-like following,” and because “the 2013 version may be the best yet.”
Ford Focus ST: The final spot on Hagerty’s list goes to the Focus ST, because it’s one of the first European Ford products we’ve gotten in the U.S. in a long time, thanks to Ford’s One Ford global initiative.
Do you agree with Hagerty’s picks? Who had the better future collectibles list, Hagerty or us? Sound off below.
We’ve all seen televised classic car auctions where a one-owner piece of vintage iron fetches six-digit sums, and we’ve all wondered the same thing, “How did that guy know his car was going to be a classic one day?” Not long after, you probably looked at what’s in your driveway, and wondered, “Will my car ever become a classic?” Being car guys (and girls), we often wonder the same thing – what modern cars might become future classics? We’ve compiled a list of the top 10 new cars that we think might one day be collectible.
So what in our minds makes a car a future classic? Three things: Significance to either the automaker or industry, rarity (which very well may leave a few significant cars off this list), and styling with staying power – because who wants to own an ugly classic car? Also (with one exception) the vehicles in question have to currently be on sale. With that in mind, here are our Top 10 New Car Future Classics:
BMW M3: We believe the E90-series M3 might become a future collectible for a few reasons. For starters, this generation of M3 represents the end of an era for the storied M Car. BMW’s M cars have always been known for their high-revving naturally aspirated engines. Unfortunately, the future of the M car lies with the turbocharger, which means the M3′s rev-happy 414-hp, 295-lb-ft 4.0-liter V-8 could be the last naturally aspirated M motor to ever be built. Because of that, the M3 will likely become a prize for future BMW collectors.
Cadillac CTS-V Wagon: This is the car that many thought GM didn’t have the cojones to build: a Nürburgring-slaying station wagon packing a supercharged 6.2-liter V-8 producing 556 hp and 551 lb-ft of torque, driving the rear wheels through a proper six-speed manual transmission. The CTS-V Wagon has a couple things going for it on the collectible front: it’s a niche product so not many exist (relatively speaking), it’s expensive, which keeps it out of the hands of its mostly young fans, and it’s truly stunning to look at. The CTS-V Wagon very well may be a blockbuster at Barrett-Jackson auctions in the distant future.
Chevrolet Corvette ZR1: Like the C4 Corvette ZR-1 before it, the C6 Chevrolet Corvette ZR1 is bound to become a collectible This Corvette represents the best of the C6 ‘Vettes, and is easily among the best Corvettes ever made. The ZR1 is guaranteed collectible status thanks to the stories behind it: this is the first Corvette to crack 200 mph and the first to cost over $100,000. It’s also a world beater, having gone up against the best Europe and Asia has to offer, like the Ferrari 599 GTB Fiorano and Nissan GT-R. So why will the Corvette ZR1 be a future classic? Because America.
Fisker Karma: Likely to be a controversial choice, the Fisker Karma nonetheless easily meets the criteria to be a future collectible. The Karma is significant to Fisker and the automotive industry because the Karma is not only the first vehicle Fisker has ever built, but it’s also the first luxury extended-range electric vehicle. The Karma’s got rarity too, especially considering all of the production delays that were necessary for Fisker to recall all of its vehicles. Lastly, the Karma is a striking automobile to look at, and it’ll likely look just as good as it does today 20 or 30 years from now.
Ford Shelby GT500: What could be more significant than being both the most powerful factory Mustang ever and the first Mustang with a 200-mph top speed? Simple: Carroll Shelby. The 2013 Ford Shelby GT500 is the last factory Shelby Mustang that the dearly departed Shelby ever worked on. Because of that connection, the car’s big 5.8-liter 662-hp supercharged V-8, and the ridiculous top speed, the Shelby GT500 is most certainly on its way to becoming a collectible.
Mitsubishi Lancer Evolution X: Like the BMW M3, the current-generation Mitsubishi Lancer Evolution X will likely be remembered as the end of an era. While its Subaru rival will continue on into its next generation, the Evo X marks the end of the Evo as we know it. Mitsubishi reportedly wants to go in another direction with the Evo XI – a direction that ditches the all-wheel-drive rally rocket’s turbocharged 2.0-liter I-4 in favor of a plug-in hybrid setup. Will it be able to live up to the Evo name? Only time will tell, but if Mitsubishi does go that route, the current Evo X may very well become a prized collectible.
Nissan GT-R: What can we say about Godzilla that hasn’t already been said? Not only is the Nissan GT-R highly desirable, but it’s an incredibly important car for Nissan. The R35 GT-R is significant because it’s the first GT-R to ever be legally sold in the U.S., and it’s taken the segment by storm, frequently finishing on the podium in our Best Driver’s Car competitions. Despite its relatively low price, Godzilla remains a rarity on the streets, and though it has love-it-or-hate-it styling, the GT-R will without a doubt remain desirable in the future.
Saab 9-5: As mentioned above, the Saab 9-5 is the sole exception to the on-sale now rule, because while you can’t buy one new now, you could still buy a brand new 9-5 up until the Swedish automaker declared bankruptcy in January of this year. The 9-5 earns its spot on the future collectible list because it was the last new Saab car introduced. It may have had quite a few components from the GM parts bin, but the 9-5 was still the last true Saab. It was great to look at, full of quirky Swedish charm, and actually fun to drive. The 9-5 was the last Saab, and perhaps one of the best, which makes it a future collectible in our book.
SRT Viper GTS Launch Edition: The 2013 SRT Viper GTS Launch Edition marks the return of the other American sports car icon. To celebrate the Viper’s rebirth, SRT created the limited-edition Viper GTS Launch Edition (Rarity? Check). Powered by a reworked 8.4-liter V-10 cranking out 640 hp, the Launch Edition comes wearing the stunning blue and white stripe paint job that helped make the original Viper GTS famous (Styling? Check). Finally, checking off the significance box is the fact that the new Viper is the first SRT-branded vehicle ever, giving it that special something that collectors will most certainly love decades from now.
Tesla Model S Signature Performance: The Tesla Model S is not only significant to Tesla as its first mass-market vehicle, but it’s significant to the industry as a whole as the first all-electric car that actually works for most Americans’ needs. The Model S Signature Performance is being built in a limited run of just 1000 examples. Making the Model S Signature Performance even more enticing is its world-beating performance, which allows the EV to smoke its gas-powered European rivals on the drag strip. The stunningly handsome Model S is a technological marvel that’s sure to be just as impressive sitting pretty on the auction block in the coming decades.
Do you agree with our list? Which cars would you have added and/or left off? Sound off in the comments below.
Tesla Motors’ range-extending Supercharger recharging stations have officially opened up on the East Coast allowing Boston to Washington, D.C. travel, The New York Times reports.
Placed along the highly-trafficked Northeast Corridor, the new Supercharger stations will allow a Tesla Model S with the 85 kW-h big battery (giving it an EPA-estimated 265 mile range) make the trip from Boston to Washington, D.C. As is the case on the West Coast, Tesla’s new East Coast Supercharger stations aren’t placed in big cities like New York or Baltimore; rather they’re placed along I-95 in Milford, Conn. and Wilmington, Del.
Owners of Model S’ with the mid-range 60 kw-h battery pack and 208-mile EPA-estimated range should have just enough juice to make it from Boston to D.C. utilizing the Supercharger network, though they’ll likely be cutting it rather close.
The new Milford and Wilmington Supercharger stations join Tesla’s five West Coast stations, which are strategically placed to allow all-electric travel between Lake Tahoe, Las Vegas, Los Angeles and San Francisco.
Tesla’s Supercharger stations allow Model S owners to add about 150 to 160 miles of range to their EVs in about 30 minutes. Owners of electric vehicles like the Nissan Leaf or even the Tesla Roadster excited about making an emission-less trip from Beantown to the Beltway need not apply; the Supercharger stations use a proprietary plug that currently works only with the Model S sedan.
As is the case on the West Coast, Tesla’s Supercharger stations are free for Model S owners to use. Tesla reportedly hopes to expand its Supercharger footprint with a few more stations on the Northeast Corridor in the near future.
Source: The New York Times
Tesla Motors has just announced its plans to revamp the way the automaker provides service and maintenance. CEO Elon Musk recent hosted a live Q&A webcast outlining the new plans, highlighted by intriguing trade-in options with service loaners and a nearly-owner-proof battery warranty.
Musk said his goal is to transform Tesla’s service experience from “OK” to “great.” To start that process, a fleet of loaded Model S cars (and in some markets, Roadsters) will be offered as loaner cars while owners have their vehicles serviced. The company can have the loaner car delivered to owners for no extra fee. Additionally, Tesla hopes to keep the service fleet fresh and new by allowing customers to purchase the loaner if they like it better than their current car. Tesla says the loaner cars will depreciate at a rate of 1 percent per month and $1 per mile. The cars traded in will simply be put up for sale as a used vehicle.
Tesla also hopes to wipe out any doubt potential electric-car owners have surrounding its batteries. The automaker will replace a defective battery regardless of cause, even if the owner is found to be at fault. That means if the battery fails due to improper charging habits, Tesla will still replace it. Obvious attempts at abuse won’t be covered (one of Tesla’s examples: “lighting the pack on fire with a blowtorch is not covered”). The battery warranty (eight years or 125,000 miles, whichever comes first) won’t change and Tesla will used a refurbished battery pack with equal or better battery capacity than the original.
That said, Tesla is now making the $600 annual checkup completely optional. The automaker points to the fact that its cars require very little service. Brake pads in a Tesla, for example, don’t wear as quickly as those in gas-powered car thanks to the regenerative braking system that recaptures energy while simultaneously slowing down the car. In all, Musk hopes the updates to his automaker’s service and warranty methods will provide customers added peace of mind, even those who have never opened the manual.
“Any product that needs a manual to work is broken,” Musk said in the webcast.
Earlier this month Tesla announced a new financing option that makes owning a Model S more affordable.
A twin-engine aircraft crashed into power lines outside of Palo Alto, California, today, killing all three occupants — reportedly employees of Tesla Motors.
KTVU reports that the Cessna 310 plane, which was headed south, took off in extremely foggy conditions, and crashed shortly after takeoff. Witnesses described hearing two loud booms. One of the aircraft’s wings broke off and hit the back of a nearby house. The crash has reportedly also taken out power within a radius of the site.
Sources tell the TV station that the three men on board the plane were employees with Tesla, with the pilot reportedly being a “high-ranking official” at the company. The San Francisco Chronicle says the plane was owned by Doug Bourn, a senior electrical engineer at the EV company. It is still unknown at this point if he was flying the plane, or if he was even on board. A witness told KTVU that Tesla Chief Technical Officer JB Straubel, who is himself an accomplished pilot, was onboard, but the FAA has not confirmed who the passengers were. Contrary to some speculation based on his ownership of a plane, CEO Elon Musk was not onboard.
According to reports released on Thursday, February 18, the three Tesla employees on board the plane were senior electrical engineer Doug Bourn, electrical engineer Andrew Ingram, and Brian M. Finn, a senior interactive electronics manager, but Tesla and authorities have not confirmed these reports yet.
“Three Tesla employees were on board a plane that crashed in East Palo Alto early this morning,” Musk wrote in a statement. “We are withholding their identities as we work with the relevant authorities to notify the families. Our thoughts and prayers are with them. Tesla is a small, tightly-knit company, and this is a tragic day for us.”
Tesla representatives won’t comment on the accident until more information is known, only confirming that the three passengers were in fact Tesla employees. The Federal Aviation Administration (FAA) is currently investigating the scene and cause of the accident.
Anonymous sources are now telling various news outlets that the passengers aboard the plane were two engineers and a manager, not the executives previously reported. Their plane was headed for Hawthorne, California, near Los Angeles where Tesla rents space from Musk’s company Space X, though they may have been traveling to review a possibly location for the Model S sedan assembly plant.
We’ll continue to update this post as we get further details.
Source: KTVU, San Francisco Chronicle
Hottest Cars, Miscellaneous, Tesla
VW Polo GTI for Europe comes with 178 Turbocharged Horsepower