Should I buy a Tesla?

Jul 6 78 Comments

I am thinking of buying a Tesla Model 3 ($52K, need an AWD since it snows here) and would like to know what you think given the scenario.

Overview
• I am in my early 30s and I have been still driving almost 2 decades old car. I need to get a new one before this one stops running.
• I have been cautious about spending since last 10 years. I invested in 401K and maxed out for the last 7 years.
• I do not have any debt right now and I have saved about 50K for emergency, down payment for house, etc.
• A decent car I liked after test driving is around $30K (sedan) and $35K(SUV) plus taxes, fees etc.
• I have a small business I started few years ago. I have earned about 100K (revenue) so far. This is in additional to my existing salary. But recently I have gotten lazy and the revenue has been dwindling.

Things I am worried about.
• Should I buy a house before buying a car? What if my car breaks down sooner and I have to decide in a hurry.
• A Tesla needs charging and I don’t have a garage to house and charge it. I would have to go to the charging station to charge it up.
• Am I spending too much in car, almost $20K more than what is required?
• How much would a Tesla last as compared to a traditional car? Also the nearest Tesla dealer is about 2 hours drive from where I live.

My reasoning
• I test drove several cars and I found Tesla features are far superior than any other cars out there.
• This is going to be my first brand new car. 10 years ago, I decided to wait until 30s to buy a new one opted for a used car then.
• A part of the reason why I got lazy in my small business is that I got too comfortable with my income and having no debt. If I had healthy level of debt, it would push me to work harder.

Your suggestions are greatly appreciated. Thank you.

This is me posting on this community for the first time. Let me know if I didn’t follow any guidelines. I will make amendments as necessary.

comments

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TOP 78 Comments
  • EA / Eng dietPepsi
    Buy the car bro.
    Jul 6 3
    • OP
      Thanks for the suggestion.
      Jul 6
    • Salesforce kwFn36
      Exactly, this guy must be some data science nugget. It’s a frikkin car, you are not getting married
      Jul 7
    • OP
      got your point, I realize I am overthinking.
      Jul 7
  • Oracle mnP7$a
    Another show off trying to flex
    Jul 6 3
    • OP
      That really wasn't my intention. But as I have mentioned, suggestions are welcome.
      Jul 6
    • Commvault vsjdbe
      OP, welcome to Blind. You’ll find a lot of jerks like Oracle here who won’t read the complete post but be quick to judge with template responses. Ignore them. I think you should go for the Tesla. Charging shouldn’t be a problem as there is a good number of super chargers mapped out. Also, did you try searching for any charging stations nearby?
      Jul 6
    • OP
      Thank you for your suggestion. There is one out there within 10 mins drive.
      Jul 6
  • Amazon / Eng ayyyyyyyy
    Buy it.

    EDIT: wait, you don’t have a way to charge it?? This is stupid talk.
    Jul 6 4
    • OP
      I meant I don't have a way to charge it at home. I would have to pull out a 20ft cord through the sidewalk and somebody may trip over it and sue me. So in short I won't have an easy way to charge it at home.
      Jul 6
    • Oracle / Data bendy
      I like how you are overthinking. You can get a gently used car and postpone the Tesla decision.

      You get depreciation because of a new car but say you get a 2016 rav4 it’s going to be rock solid and between buying and selling you might lose a k or 2.

      Will give you enough time to buy a home, and decide your needs again.

      Do you have a significant other. How do they feel?
      Jul 6
    • OP
      Well, I did talk to several dealers about a used car, and if the decision was only me, I would buy an entry level car or used premium car. However, I haven’t be able to convince my wife as she desires a luxury sedan and they cost about over $40K. She is short term thinker. So I am thinking of spending additional $10K and get the dream car especially once I buy a $40k luxury car, I won’t be able to buy a Tesla.
      Jul 6
    • Amazon / Eng ayyyyyyyy
      🤦🏻‍♂️
      Jul 6
  • Airbnb NotAnAlly
    Did you max out after tax 401k? I doubt it. Don't flex unless you max out 55k mega back door every year.
    Jul 6 10
    • Qualtrics ghall
      Does it make sense though to max out so extreme for a 401k? Aren't you sacrificing a bit of comfort now?
      Jul 8
    • OP
      I think it depends upon the TC. Personally I can’t and I don’t think I need that much money during retirement. One other option is max out for few years early on and let time and power of compounding do the work.
      Jul 8
    • Qualtrics ghall
      Whew yeah I agree, betting so big on retirement is a bit extreme. Just needs to be balanced.
      Jul 8
    • Qualtrics ghall
      Also i would recommend buying a tesla. It's expected battery life is 300k miles and maintenance is minimal so it pays for itself. Also battery swap will cost like 5-7k so you can get additional life to it. It feels like a great sum in the beginning but over the long term the investment pays for itself if you see the ROI as minimizing cost of ownership.
      Jul 8
    • Qualtrics ghall
      Let me know if you have questions, I have owned for past few months and if you need referral code for free miles I got you!
      Jul 8
  • Intel Spikiera
    I guarantee you, once you buy it, you would feel that this is the best decision you've ever made. You step on the accelerator, you know it's different from any other car out there.
    Jul 13 3
    • Netflix proctol
      Only if you have charger at work or own a house
      Jul 13
    • Facebook QGhE38
      How long have you been owning it? Still feel it after 6 months?
      Jul 13
    • Intel Spikiera
      Yeah owned it for 8 months, still fight with my wife on the daily basis on who should drive it between the two cars we have
      Jul 13
  • Adobe Previously
    Tesla is really the only one taking on big oil. Any ICE car you get wastes a lot of fuel, 80% of fuel used in a 20mpg car is wasted. Support a change in energy economics. Oil also responsible for many wars, UK started the mess in Iraq around 1920. I’ve logged over 60k electric miles and I’ve got solar too, energy independence feels good. If you can’t charge, start with the car, the house, solar will come later.
    Jul 10 3
  • Square hksd753
    Skip the Tesla. People are fanboys on this app. 55k and the hassle of charging without a home? why not just settle for a certified used car with less than 30k miles? You can save up for your house. when you’re settled in ur home, maybe Tesla will be more established then in terms of service etc. hopefully this doesn’t happen but you need to read up on how long it takes to get a Tesla fixed after a collision. It’s a nightmare. You’ll get your car back after 3+ months due to the lack of certified Tesla collision centers.
    Jul 6 1
    • OP
      I didn't know about Tesla's repair nightmare. Even simple repairs take 2-3 months as posted by few Tesla owners.
      Jul 7
  • Akamai Technologies VmQQ44
    No.
    Jul 6 3
    • OP
      Why?
      Jul 7
    • Akamai Technologies VmQQ44
      Cost of ownership over the long term does not make it any cheaper. Additionally it might be electric but the way electricity is created in the US actually has a bigger environmental impact than gasoline production and consumption. So in the long run, not only is it costing you more, it’s actually less green when you follow the lifecycle end to end. Finally, charging is just a huge pain in the ass so there’s the convenience factor.
      Jul 7
    • Akamai Technologies VmQQ44
      Also you should never buy a car brand new, only suckers do this. The best value for the money is a car that is 2 years old and/or off a lease. The depreciation of the car in the first 2 years is the most severe over the lifecycle of the car.
      Jul 7
  • Tesla 100thievea
    Yea but not a Tesla.
    Jul 6 3
    • Finale Inventory / Eng huHG50
      Why not a Tesla?
      Jul 6
    • Tesla 100thievea
      Unreliable for 55K, production issues. Interior sucks.
      Jul 6
    • OP
      I can’t tell about reliability but if it’s unreliable then it is a big concern. Production issue is not my problem once the car is delivered. Actually I liked their interior. Compared them with Lexus and Acura, and I actually like Tesla’s interior.
      Jul 6
  • Microsoft magic8
    “If I had healthy level of debt...”, don’t buy a car for debt...
    Jul 6 3
    • OP
      Thanks. But given my current car, sooner or later I will have to buy one out of need.
      Jul 6
    • Microsoft magic8
      If you can’t buy your car outright, you should not buy it.
      Jul 6
    • OP
      Thanks for the suggestion.
      Jul 6
  • Microsoft
    thebuck

    Microsoft

    PRE
    Taco Bell, Campbell Soup, Jack in the Box
    thebuck more
    You saved 50k for down payment on a house? Might as well quit now and buy a Tesla.
    Jul 6 2
    • Cisco fresh-prin
      Haha I guess people can still find $250k houses..
      Jul 6
    • OP
      Thanks for the suggestion.
      Jul 7
  • SAP Crazy7
    No. You have better options out there
    Jul 6 1
    • OP
      I would love to consider other options. Thats why I posted this in the first place. Let me know what options are available.
      Jul 6
  • eBay prdAm
    I think you should... but make sure you have chargers available around (from your post I am guessing you’re not in Bay Area).
    Jul 6 1
    • OP
      Thanks. You are correct I am in tech industry but not in the bay area. One of the charging stations are within 10 mins drive.
      Jul 6
  • ANCILE Solutions, Inc. eNBa60
    I’ve seen financial advice online say put 20% down, finance for no more than 4 years, and keep your payment below 10% of your salary. Hopefully you meet that for the Tesla.
    Jul 6 1
    • OP
      With 20% down and finance for 5 years, I barely meet the criteria if calculated on pre-tax salary.
      I hoping these sort of calculations would push me, ask for raise, get a new job, etc. I think I have gotten too comfortable with where I am right now.
      Jul 6
  • Netflix / Other OlcD57
    It depends on your TC and your net worth
    Jul 7 3
    • OP
      If solely based on TC and net worth, it's not worth it. But emotions push me on different direction, especially my significant other.
      Jul 7
    • Netflix / Other OlcD57
      Then why asking? Get one, maybe not for 50k but for ~40. Life is too short
      Jul 7
    • OP
      Thanks. Basically seeking more information from the community that I may not have considered.
      Jul 7
  • eBay / Product blitzer
    As long as you can get to a ChargePoint or EVGo point, you will be fine with a Tesla. If you buy it keep it for at least 10 years to get the most savings.
    Jul 6 3
  • Google emc2too
    Don’t buy. It is expensive and it is not environmental friendly. Producing electricity in coal plants and then bringing them to cars is very inefficient and polluting.
    Jul 7 1
    • OP
      Yeah, I have read about this. I have also heard that chemicals used in battery is not environmentally friendly.
      Jul 7
  • Facebook QGhE38
    Lease it. < 25k for 3 years. Not a big commitment. Find something else then if you don’t like it.
    Jul 6 1
    • OP
      I thought about leasing it but when I read Tesla's fine print on leasing they don't allow buying the leased vehicle after the lease is over. Other car dealers do allow this.
      Jul 7
  • Microsoft Harambe’
    All is good about the car except when it takes a hit. If its not the primary car then it may not be an issue
    Jul 6 1
    • OP
      Thanks for the heads up. I read other forums about how difficult it is to fix a Tesla.
      Jul 7
  • Tesla BfSe65
    Buy it
    Jul 6 1
    • OP
      Whats the reasoning behind this decision?
      Jul 7