Can I justify buying myself a Tesla Model S?
So I have this belief that just because you can pay for something it doesn’t actually mean you can afford it.
I’m a very frugal person and I have been all my life. I had a very humbling upbringing and I do not come from a lot of money.
However, I’ve really grown to like Tesla and I really want to get a Model S. I currently drive a Mazda 3 that my parents and brother bought for me in July 4th 2011 and the car has done so much for me. It has about 115k miles and I feel like it can last for another 50k miles at least. So I don’t really need a new car but I want the Tesla Model S so bad.
So question is, can I afford to buy a new Tesla Model S in the fall of this year? I’ve built one on Tesla online and it comes out to be about 100k after taxes. So here is my full money story:
I am 28 years old, turning 29 in about 4 months. I am married and I bought a house 2 years ago for 1.3 mill. We have no debt except for the house, about 780k loan.
My salary is 205k. My TC is about 365k. My wife’s TC is about 105k.
My mortgage is about 5k per month counting property tax.
I have liquid cash and small investments about 300k in the bank/vanguard.
Oh I also have a baby coming at the end of December.
So question is, can I afford a Tesla Model S? What do I do?!?
Some other ways I have been trying to justify the purchase is that I have solar panels at home and I would save a ton on gas money. But really only like 2k a year...
Anyways, what do I do?!?