I’m excited about owning one but feel it may be irresponsible.
Single, no kids, no plan to change that anytime soon
Monthly take home: 4200 (after tax, HSA, 401k)
401k: maxed out
Rent/fixed expenses: ~1400 (burlingame, CA)
Savings/investment accounts: ~25k
I also have about 1.2m in stock options but who knows when/if that’ll ever turn to real money. Also, because of my unique employment situation, I get a 27k pre-tax retention bonus every 6m for the next 2 years.
Im thinking of buying an AWD model 3 (sticker price ~58500) with 5-10k down (13k tax return coming soon will finance down payment) and have estimated payments, including tax registration etc to about 800/month. Total cost of ownership, considering compounding interest and rebates, is about 60-65k. This is compared to buying a 2017 Infiniti Q60 or 2017 Audi A4 (both around 25-30k).
The idea of saving 30k over the next 5 years by driving a good, fun car is nice, but I think I’d really enjoy a model 3. What do y’all think?
- Tesla tTfQ61NOOOO.... buy a nice CPO or lease something for 3 years and revisit the electric car market when Tesla gets their quality issues fixed and there are more electrics in the market to choose from. I had this same debate with myself about a month ago
Flagged by the community.
- Can't help without knowing your age. If you are < 25 yes you can afford it else no.
When I was 24, I had 100k savings while making $80k a year and $600 rent. I bought my most expensive car ever at $8000. Max out your 401k, save like hell.
- You need to break down your budget more than that. Do your fixed expenses include food? What about car insurance for your new fancy wheels?
- 2800 after fixed expenses
-150/wk food (inc. restaurants) = -600
-500 fun + clothes + grooming + pornhub premium
= 700 left / mo for savings
Realistically there are probably other expenses that aren’t accounted for. All of that to say... owning a Tesla and only being able to stash away $500 for retirement each month is absurd.Feb 52
- Amazon / EngtyliumPersonally have a model 3 and love it. Range is less than advertised. Electric savings hardly matter considering sticker price. It drives like a beast.
Buy a used luxury car. Wait for model 3s to be used and depreciated by 3 years. Honestly I fucked up buying a new car. I look at the loan and it kills me. I can pay it off in full, but I can also invest that money. Dont repeat my mistake.
- New goodgulfDon't buy a nice car until you have a house. I say this as a p3d owner. If you had kids and had to stare them in the face every day and tell them you were doing something about global warming then yes buy a Tesla.
- Square AXjA38Has anyone looked into what happens if your Tesla is involved in an accident? Ie scarce Tesla body shops, warranties being voided etc
- Facebook public2You can but if you are going to get a car get a cool or fun one, not a tesla.
- Buy if you can pay the loan faster else lease and play around till you decide to buy or return. Car isn’t an investment but an expense. You will definitely enjoy the car and long term it will be worth the $$$.
- eBay Tkm1767Just budget your monthly expenses and how much you save a year with the car payments. Make sure you're on track for retirement. What's the point of making money if you don't use it. You will find out later though that material objects don't mean much, but I rather you experience it for yourself. My TC was 200k living in Texas and I bought a model S. 74k ish. I have a home around 650k and if I don't put anything in my 401k anymore I'll have 2mm when I retire. I'm 29 and married. TC now since I quit my contract job is around 150. Money is just a construct. I would recommend buying a used Model S.
- New pawpawWhy not try it out a few weekends on apps like getaround and maven where u can rent for the day. That way u can enjoy it for a few weekends but do not have to own it. If u still feel u absolutely want one for the next few months then u can take over someone’s lease there are sites that let u do that. these are all less capital extensive options