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I've heard mixed things about tankless overall - we considered going that way recently w/ natural gas, but instead replaced w/ a traditional tank style (50gal this time, and it eliminates any problems we had with insufficient supply).
Tankless has more advantage if you can run it on a more efficient fuel (IIRC, electric doesn't work as well as the gas), and if there are tax incentives/rebates for installing them - even with both it wasn't really better, just different and more complexity (things to go wrong, in my mind). If your state has a hefty rebate/incentive program it may shift the equation in their favor. Otherwise I don't think they really begin to pay for themselves for many years, and no real history to estimate repair/maintenance on tankless, so you may just be better off budgeting for a 6-year replacement on the tank.
And if you really have this in your garage you need to either have it well up in the air, or really well separated from the cars w/ a true vapor barrier. Gas fumes are heavier than air and sink to floor level, right where pilot lights live. Used to be popular 'tip' to put the old one out in the shop, so you had hot water to work with, leading to many exploded tanks (I knew of 3). Not as big an issue with modern vapor-contained cars, but still not something to bet the whole house on.
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