Talk me out of getting a Tesla Model 3

Oct 12 47 Comments

I want a primary car which I would want to keep it for 5-6 years (until it's paid off). I am in F1 OPT visa. Just starting my career.

I'd like it to be electric. Just like most techies, heart inches towards tesla model 3. I want to go for SR+ without FSD. But I am also looking at Kona and Leaf plus.

I can't charge at home, but my workplace has superchargers and a lot of ChargePoint zones. My commute is about 2 miles.

I also don't drive much. Will probably be driving around 6-7k miles per year. I bike to work, few times a week. I just need it for occasional travel. I don't do long trips much.

Assuming payments around 750-800$ including insurance is doable, is it okay going with tesla or something less fancy? Is there anything else I need to consider? Should I wait till H1B? Is this a potential financial mistake ( apart from things like financing a depreciating asset etc.)

TC
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TOP 47 Comments
  • New / IT
    spartan90

    New IT

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    spartan90more
    How old are you? And what city are you in?
    Oct 12 10
    • Facebook Jdthbb
      Wow can you provide more details about the insurance, company, coverage, etc? daMM82
      Oct 13
    • New / IT
      spartan90

      New IT

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      spartan90more
      Amazon, that's an amazing price for insurance. Would love to know more details. OP on the other hand is buying his first car and has no driving history in the US. Probably got his license 1-2 years ago and has no family here to piggy back his insurance off of.
      He wouldn't pay anything close to your prices for the insurance.
      Oct 13
    • Amazon daMM82
      Progressive, full coverage (underinsured motorist+ property damage, personal injury, liability, comprehensive, collision). First car, clean driving record, licensed for 8 years. I was able to get it this low by also having some slightly higher deductibles (eg for collision)
      Oct 13
    • New / IT
      spartan90

      New IT

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      spartan90more
      That's still an amazing price. Congrats on that. I pay about a $100 for an 8 year old camry
      Oct 13
    • Google ShakeBake
      I pay about $30/mo more than daMM82 for my 3 and SUV. Also progressive
      Oct 13
  • Cisco / Eng
    ueXs26

    Cisco Eng

    BIO
    Engineering Manager, Technical lead, software engineer
    ueXs26more
    Bolt hands down. Model 3 is expensive. You can lease a bolt for 230$ / month. Excellent range.
    Oct 12 4
    • Amazon TiCi
      Good luck getting women with that
      Oct 12
    • OP
      Thanks. That seems to be like a good deal. I will check it out
      Oct 12
    • Google ShakeBake
      Yes, the most economical EV option with good range is leasing, for now (tax credit phase puts disproportionately hurt leases though since the savings roll into 3 years instead of 5-6). If cost is a big driving factor and you want an EV and are ok leasing, it is a wise choice as range and battery cost keep improving. 3 years from now $/kWh is going to be less than it is today, with more options.
      Oct 13
    • Google ShakeBake
      That said, I’ve driven both and can only recommend the bolt over the 3 if you heavily value budget over aesthetics, technology, charging infrastructure and looks :) I own a 3 now. Cannot imagine taking an EV road trip in anything that cannot supercharge.
      Oct 13
  • SmartThings Qzxwas
    Chevrolet Bolt; lease 3 years then decide what you want. Gives you 240 miles (actually more) on full charge and it’s just awesome. Have one which my wife drives and it’s been great for 1 year now.
    Oct 12 0
  • Microsoft HardSoftie
    Rent a car when you need it instead?
    Oct 12 1
    • OP
      That's what I have been doing now. But a valid point. I can probably continue doing it.
      Oct 12
  • Samsung tipsytoe
    Get tesla 3
    Oct 12 0
  • Nordstrom Mkwv47
    You clearly stated that it is more of a want than a need. With that said, you are young, full of energy, I assume single with no big priorities yet, so taking on that kind of liability doesn’t sound bad to you yet. If all the reasons you stated above are the only reasons, Im sure you will either keep digging yourself more into the hole, or you will look at yourself back in the mirror and laugh at younger version of yourself.
    Now talking you out of getting it doesn’t really make sense, just because you asked, deep inside you probably already know that you might regret it.
    If I was in your shoes, which I was years ago, (still trying to decide which tesla I want, kinda tracking the Y now), i would not get it. I think there is way better use for my money instead of throwing it at a car every month.
    Save for a house instead. If you play the game smart enough, in couple years, you’ll be able to afford many of your dream cars, probably pay cash for them, and still have left overs.
    Focus on advancing your career now. Good luck
    Oct 12 1
    • OP
      Thank you. Yes. One of the main reasons I asked this question was, something did not feel right deep inside. I will think about it.
      Oct 12
  • Apple / Eng iseeteetoo
    TC is too low, don’t live paycheck to paycheck. Save up for a house like the comment above suggests
    Oct 12 0
  • Expedia Group / Eng plsreferme
    Sorry but if your commute is just 2 miles, just bike to work. You'll also benefit for getting exercise done!
    Oct 12 1
  • Amazon / Eng
    yuriy

    Amazon Eng

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    Amazon, Google
    yuriymore
    Just buy a car you actually can afford. And by "afford" I mean pay for it in full and still have enough savings to buy another one, if needed.
    Oct 12 0
  • Facebook furthermo
    Is it possible that you are just looking for justifications for your vanity?
    Oct 12 2
    • New / IT
      spartan90

      New IT

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      spartan90more
      That's why he wants you to talk him out of it. Duh.
      Oct 13
    • Facebook furthermo
      That’s what I was trying do to.
      Oct 13
  • Apple
    jhetfield

    Apple

    BIO
    Ok
    jhetfieldmore
    Buy a Tesla model 3! YOLO. But maybe wait till you get your h1
    Oct 12 0
  • Oath Summan
    Test Drive a Model 3 first and we can talk later, there is no way you can think between a M3 and a Leaf
    Oct 13 0
  • Aspect AvKW75
    It'll be a cool car for a couple of weeks and then it'll be just a pile of depreciating steel. Seems to me like you don't need a car anyway especially not an electric one when you can't charge it at home. Sorry to say this but you are just at an age where you want to buy cool stuff wheteher you need it or not. Just rent a car whenevr you want to travel. The pro is you can choose whatever car you want and try different cars. I am on h1b and i won't be making any expensive purchases till i get my gc. These visas are way too unpredicatble. Better have some cash invested
    Oct 13 1
    • OP
      Lol I can't even dream about GC. But your other points are valid. I will probably wait till getting a h1b
      Oct 13
  • Amazon TiCi
    I think it’ll be a good learning experience. It isn’t enough money to ruin your life but it’s enough money to learn about life and get in tune with your emotions so I’d say buy it and use how you feel afterwards as a guidance to what may feel like in the future when you feel this way again.

    And once you know how it feels, you will be less likely to make catastrophic mistakes in the future such as bad partner choice, getting yourself in a bad mortgage, quitting your career impulsively to travel, etc.
    Oct 12 1
    • OP
      Lol. Good perspective. Thank you for your input
      Oct 12
  • New / IT
    spartan90

    New IT

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    spartan90more
    Which one would you rather pick? 137k TC or 127k TC and a Tesla 3?
    Oct 12 1
    • Facebook furthermo
      It’d look uglier if you take additional insurance premium and income tax into consideration.
      Oct 12
  • Apple / Eng NaNNull
    Don’t have a car and find it the most liberating. Can get a clean newish car with my companies discount code from Avis or other rental cars and have invested three money and let it grow. 2 YOE TC 230K
    Oct 13 0
  • Apple brolo
    Not worth it for a first car IMO, especially with that short ass commute!
    Oct 12 0
  • Samsung
    chajimogo

    Samsung

    BIO
    Stressed out but surviving
    chajimogomore
    Payment on a depreciating asset makes zero sense. If you can’t afford a model 3 outright either get a used one, or something that is cheaper.
    Oct 13 4
    • Oracle pzd
      Not sure if it makes "zero" sense. I buy my iPhones (also depreciating asset) on payment plan. By deferring the payment, you are technically paying less than the up front cost. There's virtually no scenario where a zero interest payment plan isn't preferable to up front payment.
      Oct 14
    • Samsung
      chajimogo

      Samsung

      BIO
      Stressed out but surviving
      chajimogomore
      A zero interest payment yes, but a car loan is never a zero interest loan.
      Oct 14
    • Aspect AvKW75
      If you earn 10k a month and finance a phone for a $100 a month you now make 9.9k till you pay off that phone. Most people don't consider this and keep on getting things financed and spend money like they still make 10k. And before they know it they are living paycheck to paycheck. There is a reason they offer 0 interest payments. It makes the product seem affordable. Financially it does make sense to finance at 0 as dollar today is worth more than dollar tommorow but the psycological aspect of this transaction ensure that you will spend more than you normally would
      Oct 14
    • Oracle pzd
      What you said is correct, but you can't save people from themselves.
      Oct 14
  • Visa / Eng VIAu04
    Engineer at core. I choose Subaru and Audi.
    Nov 4 0
  • Oracle pzd
    With that TC, you most certainly can't afford a Tesla.
    Oct 13 0

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