Buying a Tesla Model 3

Capital One NJLM51
May 20 13 Comments

At what level of income (feel free to specify by location/COL) would you consider buying a Tesla Model 3 to be a responsible decision? Currently making 90k in a low COL area and constantly fighting the urge to buy a Model 3 even though I could technically afford one while still saving $1k-1500 a month...

Thoughts ?

comments

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TOP 13 Comments
  • Bloomberg BackInTime
    At bare minimum if you are meeting the 50/30/20 rule you should be good. 50% needs, 30% wants and 20% savings. What's the point of making money if you can't spend it on the things you enjoy. If you really want a nice car and you don't have other luxuries you pay for i.e designer clothes, watches, shoes, going out to eat often, buying drinks, then you can allocate more money to your vehicle.
    May 20 0
  • GM Financial / IT Epiyon
    Don't forget TCO. Tesla's TCO malarkey is misleading, but it's a valid point.

    Example:
    I drove a Genesis G80 5.0L Ultimate. The loan for this car cost me $550/month.
    The G80 prefers (more HP) premium fuel and it averages 16mpg.

    My Model 3 Performance (midnight silver metallic + White interior + AP + FSD) costs right at $1000/month.

    Gas cost calculated at 3.00/gallon (again, premium), electricity at my house costs 7c/kWh.
    I drive around 2000 miles per month.

    Insurance is 60/month cheaper on the Tesla--don't ask my why, I kept all the coverage levels the same.

    All told, I spend about the same amount driving my Model 3 per month as I did driving my Genesis.

    Since it was cost-neutral for me, it was a no-brainer. Tesla is also a car I will keep until paid off, which isn't something I've ever been willing to do with other cars.

    Everyone spends their money on things that matter to them. Will the car be worth it for you? It sounds as though you can afford it, but only you know if it will be worth the cost to you.
    May 20 0
  • Amazon / Eng
    unclebejjo

    Amazon Eng

    PRE
    Veritas Software
    unclebejjomore
    Buy a car with msrp 15-20% of your annual salary, no more than that.
    May 20 6
    • Such a stupid rule
      May 20
    • Oracle lHEA77
      you can easily stay under 15-20% of your salary if you buy used
      May 20
    • Gap / Eng randUser
      Not a bad rule at all.. just buy a lease return and you can get a pretty good car with all the options for that price
      May 20
    • Amazon / Eng
      unclebejjo

      Amazon Eng

      PRE
      Veritas Software
      unclebejjomore
      Yes people making 100k should not buy anything better than a Kia Soul if buying new.
      May 21
    • Tinder paradigm1
      Salary or TC? Very different 😂
      May 22
  • New zombo
    I went to college in a low COL area and without a car, it was miserable. Walking to place like Target takes 15 minutes. If you live in a place(I think you are in VA) similar to that, I say go for it. You are getting a lot of value out of it.
    90K in such place is like what..., 130K in a high COL area. You can afford a Tesla fine in my opinion.
    May 21 0
  • New / IT gdogg121
    Panel gaps and poor paint jobs FTW.
    May 21 1
    • GM Financial / IT Epiyon
      This! Because panel gaps and paint jobs impact the utility of a car the most!

      Wait...
      May 28
  • Microsoft MSFTBRO
    If you can keep the loan amount to less than 15k and can pay it off in 2 years.

    Fuck it, YOLO bro.
    May 20 0