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.
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EDIT: wait, you don’t have a way to charge it?? This is stupid talk.