Why Would Lakewood Be Considering Buying a Tesla?

If you want to know, listen to the Tuesday night meeting because this is on the agenda:

• Consideration of Purchase of a Tesla Model Y Long Range Vehicle

Here is the memo from Police chief Mike Roth:

On 08/24/21 the Village Board approved a lease agreement with Enterprise to lease (3) Dodge Durango Police vehicles. Since then, 2 of those vehicles have been replaced with 2 more Dodge Durangos in a new lease agreement with Enterprise. One of the original Durangos remains with 24 payments remaining ($674.04 monthly) and a balance of $16,152.00.

We are considering replacing the Durango with a Tesla Model Y Long Range electric vehicle. Historically, each Police vehicle uses $7,500.00 of fuel each year. Per annual average, each police vehicle also requires 6 oil changes a year. The total average cost of these oil changes is $484.26. Brakes are repaired every 2 years with an average cost of $774.96 or $387.48. The sum of the above numbers is $8,371.74, which would be money saved.

The total cost of a 2025 Tesla Model Y is $50,405.00. This includes A Tesla charging station for $550.00 and floor mats for $225.00. The vehicle would be financed through Wintrust on a 5 year payment plan with a quarterly payment of $2,675.34 or $891.78 a month. The Police Department would have to put down a 10% down payment of $5,040.50. This would fall under 30-00-8650. The 2 most recent leased vehicles cost the Village $907.00 and $917.00 a month.

A recent quote from Ultra Strobe for equipment and outfitting a new Tesla was $8,980.90. A Tesla charging station is $550.00. A quote from Associated Electrical Contractors, LLC to install the electric charging station at Public Works is $2,132.00.

This vehicle qualifies for a $7,500.00 tax incentive. Normally, a request for a vehicle purchase would not occur at this time of the year. In a few months this incentive may not be available. We would like to take advantage of this incentive.

Please consider the possibility of this purchase.

The Village is considering borrowing $45,374.50 (90% of the project cost) in a five-year loan from its bank.

The meeting can be watched on zoom.

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