Can I afford a tesla?
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? TC 144
Don’t do it. Especially for the reason you gave of saving 30k in 5 years by driving. Won’t happen You’re better off saving your tax return and buying something more reasonable.
NOOOO.... 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
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 $$$.
You cant lease a Tesla 🤦🏿♀️
You are right, can’t lease model 3 but can do S and X
Trust me you will know when the time is right, and right now that you are asking us is not the right time 👍
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?
No, fixed is only rent, utilities, WiFi etc. not food, fun, misc, or monthly savings
2800 after fixed expenses -800 car -200 insurance -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.
Why not. Your monthly emi and insurance will not be more than 2000
Lease it if you really want it. But I wouldn't do it myself. I might rather choose a nice SUV that I can afford.
1.2m stock options? In which stock?
Personally 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.
TLDR. If you have to ask the answer is no. Rule to live by.