Thinking about picking up a model 3, but can't get past the barrier of it feeling incredibly irresponsible. I'm moving to the bay area soon and am going to need a car for sure. I was thinking about buying a base Model 3 outright in cash, but then transitioned into thinking that a monthly financing option might be better after all, as it doesn't sting as much when getting it. I'm okay with the 3-4% APR I'd pay extra. My new TC will be 350k in the first year and then 300k after that. No debt, no kids, late twenties, married. What was your financial situation when you got one? Did you buy it in cash or finance/lease it? What are your monthly payments incl. insurance? Would love to hear from existing owners as well as people who are in a similar situation as me. Thank you.
Why model3? Why not model s?
You need a car. You are making plenty. Model 3 are relatively cheap. Why would u drop 100% cash finance it low apr
That's what I was thinking, but I hate the idea of loaning/debt. But I also hate putting down 40 grand all at once :/
Put 40k in CD for 5 years. That will cancel out your loan interest
Get a Porsche
How do you have 350k/ year by late twenties 😲
By working at Google. Google.
Got a good gig :) luck is also a factor as usual.
Just buy it, yolo! Also, I want to virtually high five cruella - roku bc your comments are making me laugh
Glad to make u laugh. It ain't free in Bay area tho.
Teslas are trash. https://www.google.com/amp/s/www.forbes.com/sites/jimgorzelany/2018/10/25/the-most-and-least-reliable-rides-on-the-road/amp/
Forbes continuously trashes Tesla. If a Tesla is trash then a BMW, Jag, Lamborghini, etc are excrement.
The fact the cars are catching on fire and killing people tends to hurt your reliability rating.
So you don't own a home but spend like 60K for a car? You will realize soon 350K is just a peanut in Bay. I feel you that you became a rich as your TC jumped. But the reality bites you. If you still want to TM3, down 10-20K and then finance. Save your cash for the down payment.
This is a stupid comment. 350k is plenty in the bay. I don’t make that and live a good life with a nice car and save a lot and spend a lot
I don't own a home, correct. The car would be 39k before taxes and fees. Putting down a bigger down payment is not a bad idea.
I financed my car (not Tesla) because financing gave me an extra $1000 off for whatever reason
Any savings in the bank? What are your alternatives choices? Have you included gas and maintenance savings (and tax) in your calculations to make you feel better? Do remember one thing as you move here: COL is super high, as are Salaries (ridiculous, really), but non perishable goods (not sure the correct term) are the same price (mostly): 4K TV costs the same here or in midwest (plus minus a little). So you can think of large costs like this in relative dollars (months of rent,% of a house) instead of absolute. That could be motivating (for some) or demotivating (for some)
I have about 100k saved up. Alternatively, I was thinking about a Civic (about 20k). Yes, and that actually is quite significant over 5 years depending on the type of maintenance that would need to be done to a Civic for example. I live in Seattle currently, so rent is already high, but I know that it'll be even higher in the South Bay. Plus there are extra taxes in CA.
Sounds like it's well within your budget. Definitely get Autopilot though (or whatever it's called now for Adaptive CC and Lane keeping). It makes stop and go traffic (and long highway drives) much easier. Also check out the Tesla Motors subreddit, it's better than Blind for this.