Should I buy a Tesla? (Small update page5 and OP) - Page 1

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[ARCHIVED THREAD] - Should I buy a Tesla? (Small update page5 and OP) (Page 1 of 5)

Posted: 8/4/2019 8:52:32 PM EDT

Real talk!

Wife really wants one.

Test drove a Model X 100D yesterday. It was pretty nice, drove great and had plenty of power.

Out of all the models I like the S the most. So it’s between those two pretty much equally priced around $110k optioned the way we wanted.

If we were CONUS we probably would have ordered it yesterday.

Numbers:

Income $172k annual, after tax combined, 1 permanent career (Promotion coming), 1 pension, 1 government/contract job that’s transferable.

Rent $3400 (due to location not by choice. If were conus $1000-$2000 mortgage)

~~Student loans $1000-$3000 a month depending. We’re are paying them off this year down to $20k from $150k~~ PAID!

Current Car payment, not Tesla $436 (this car will probably get sold or traded in) edited for clarity

ETA:
The Tesla is not for me, it’s for the wife.
I make 1/3 of the total income
I drive a cheap car I paid cash for (because of location)
Wife is very responsible, tight with the money

ETA #2:
You’re not going to see the whole financial picture because I’m not giving it to you. It’s a car buying thread not a money thread
If you just don’t like the Tesla give me something else to checkout.
Let’s say the budget is $110k max

ETA #3: So we’ve been busy and I haven’t gotten her out to go look at some of the other MFGs. However, we paid off the student loans last night so I’ll make it a point this weekend to take her to Porsche, Jag and Lexus.

Posted: 8/4/2019 8:53:52 PM EDT

[#1]

Do you frequently take long road trips?

Posted: 8/4/2019 8:55:01 PM EDT

[#2]

Either you’re putting a lot of money down or you are taking out a mortgage length auto loan.

In which case, why wouldn’t you put that cash towards the student loans and re up the bank account for a year or two?

Your numbers don’t make sense to me. You either have the $20k to easily pay off the student loans or you don’t. And if you don’t, you really aren’t in the financial responsibility position for a $110k car.

Posted: 8/4/2019 8:55:31 PM EDT

[#3]

Junk

Posted: 8/4/2019 8:56:28 PM EDT

[#4]

Not after watching Rich Rebuilds on YouTube. Parts problems, software intrusiveness, repair problems, etc.

Posted: 8/4/2019 8:56:36 PM EDT

[#5]

That's a huge monthly payment unless you're throwing a shitload of cash down on this thing. Seems like you already have a fuckload of bills too.

Posted: 8/4/2019 8:57:02 PM EDT

[#6]

good luck getting parts when they go out of business

Posted: 8/4/2019 8:58:16 PM EDT

[#7]

Quote History

Quoted:
That's a huge monthly payment unless you're throwing a shitload of cash down on this thing. Seems like you already have a fuckload of bills too.

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$436? What decade are you bro?

Posted: 8/4/2019 8:58:42 PM EDT

[#8]

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$436? What decade are you bro?

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Quoted:

Quoted:
That's a huge monthly payment unless you're throwing a shitload of cash down on this thing. Seems like you already have a fuckload of bills too.

$436? What decade are you bro?

I’m pretty sure he means on a $110k note.

Posted: 8/4/2019 8:59:00 PM EDT

[#9]

Why though?

They’re inconvenient for the aforementioned long road trips.

They’re worse for the environment than dino-powered vehicles.

The constant software updates must be maddening.

I don’t get the appeal (Sure, they’re nice inside, like a fancy hotel lobby, but boring, fast, but boring.)

Posted: 8/4/2019 8:59:58 PM EDT

[#10]

Quoted:
Do you frequently take long road trips?

View Quote

No not normally, stuck on an island right now

Quoted:
Either you’re putting a lot of money down or you are taking out a mortgage length auto loan.

In which case, why wouldn’t you put that cash towards the student loans and re up the bank account for a year or two?

Your numbers don’t make sense to me.

View Quote

You’re confused. My current car payment listed is on a different vehicle not a Tesla.

Quoted:
Not after watching Rich Rebuilds on YouTube. Parts problems, software intrusiveness, repair problems, etc.

View Quote

I’ll check into this

Posted: 8/4/2019 9:00:28 PM EDT

[#11]

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Quoted:
I'm pretty sure he means on a $110k note.

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Quoted:

Quoted:
That's a huge monthly payment unless you're throwing a shitload of cash down on this thing. Seems like you already have a fuckload of bills too.

$436? What decade are you bro?

I'm pretty sure he means on a $110k note.

Maybe if he's putting like $80k down on a 5 year loan lol.

Posted: 8/4/2019 9:00:48 PM EDT

[#12]

It depends on where you live. If you live someplace where there are superchargers and decent weather for most of the year, yes. Otherwise, I'd advise against it. There are other cars, just as nice, which would be better values.

Posted: 8/4/2019 9:00:55 PM EDT

[#13]

How can you make so much money and be so dumb?

Posted: 8/4/2019 9:01:04 PM EDT

[#14]

Quote History

Quoted:
Why though?

They’re inconvenient for the aforementioned long road trips.

They’re worse for the environment than dino-powered vehicles.

The constant software updates must be maddening.

I don’t get the appeal (Sure, they’re nice inside, like a fancy hotel lobby, but boring, fast, but boring.)

View Quote

You can get a Mercedes S class, Quatroporte, or a Tesla. I pick the Tesla.

Posted: 8/4/2019 9:01:43 PM EDT

[#15]

The S and X are starting to get long in the tooth.

I’d either pick us a new Model 3 standard range plus for $40k or, wait 2 years for the Model Y...

Posted: 8/4/2019 9:02:03 PM EDT

[#16]

Quote History

Quoted:
No not normally, stuck on an island right now
You’re confused. My current car payment listed is on a different vehicle not a Tesla.
I’ll check into this

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Quote History

Quoted:

Quoted:
Do you frequently take long road trips?

No not normally, stuck on an island right now

Quoted:
Either you’re putting a lot of money down or you are taking out a mortgage length auto loan.

In which case, why wouldn’t you put that cash towards the student loans and re up the bank account for a year or two?

Your numbers don’t make sense to me.

You’re confused. My current car payment listed is on a different vehicle not a Tesla.

Quoted:
Not after watching Rich Rebuilds on YouTube. Parts problems, software intrusiveness, repair problems, etc.

I’ll check into this

Yes, I get this. So do you have $20k to easily pay off the student loans or not? “Trying” says no. If you can’t stick away enough money to easily pay off $20k, well, see above.

Posted: 8/4/2019 9:03:26 PM EDT

[#17]

Yeah but a low mileage one that’s a few years old. From what I’ve read it seems Tesla quality was good a few years ago. I’d steer clear of new.

Posted: 8/4/2019 9:03:31 PM EDT

[#18]

Quote History

Quoted:
No not normally, stuck on an island right now
You're confused. My current car payment listed is on a different vehicle not a Tesla.
I'll check into this

View Quote View All Quotes

View All Quotes

Quote History

Quoted:

Quoted:
Do you frequently take long road trips?

No not normally, stuck on an island right now

Quoted:
Either you're putting a lot of money down or you are taking out a mortgage length auto loan.

In which case, why wouldn't you put that cash towards the student loans and re up the bank account for a year or two?

Your numbers don't make sense to me.

You're confused. My current car payment listed is on a different vehicle not a Tesla.

Quoted:
Not after watching Rich Rebuilds on YouTube. Parts problems, software intrusiveness, repair problems, etc.

I'll check into this

How much are you paying down? That's a $2k a month car note on a 60 month loan at my credit unions current APR.

Posted: 8/4/2019 9:04:41 PM EDT

[#19]

Lol no. Tesla is garbage and you don't make enough money. You can buy a nice 911(or damn near anything else) for that kind of money.

I wouldn't even consider it. I make more money and my bills are half of yours. I might, doubt it though, but a new Vette once the hubbaloo dies down.

Posted: 8/4/2019 9:05:07 PM EDT

[#20]

Your electric bill will take a huge hike. President of the division my wife works at bought one. He wanted to go to Napa, CA. He had to rent a car because it wouldn't make it there on 1 charge.

Posted: 8/4/2019 9:05:21 PM EDT

[#21]

Tesla are unreliable and the company will be bankrupt in 2-3 years. Then what will you do?

Posted: 8/4/2019 9:05:29 PM EDT

[#22]

Quote History

Quoted:
The S and X are starting to get long in the tooth.

I'd either pick us a new Model 3 standard range plus for $40k or, wait 2 years for the Model Y...

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I'd buy a used Model S sight unseen before I bought a new Model 3.

Posted: 8/4/2019 9:06:16 PM EDT

[#23]

No, keep burning gasoline or diesel like an American.

Posted: 8/4/2019 9:07:05 PM EDT

[#24]

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Your electric bill will take a huge hike.

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Maybe he can get 15 mpg like us truck drivers cause that's so much cheaper.

Posted: 8/4/2019 9:11:47 PM EDT

[#25]

Quote History

Quoted:

Yes, I get this. So do you have $20k to easily pay off the student loans or not? “Trying” says no. If you can’t stick away enough money to easily pay off $20k, well, see above.

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Yes have the $20k to pay off student loans. Wife doesn’t like spending that much at once. So them being paid off by years end is the plan.

Posted: 8/4/2019 9:13:00 PM EDT

[#26]

gross

Posted: 8/4/2019 9:14:03 PM EDT

[#27]

You shouldn't buy a car that expensive on that low of an income.

A low mileage Audi A7 or Porsche Panamerica would be a far better car for significantly less.

Posted: 8/4/2019 9:15:14 PM EDT

[#28]

Quoted:
Yeah but a low mileage one that’s a few years old. From what I’ve read it seems Tesla quality was good a few years ago. I’d steer clear of new.

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Quoted:
Lol no. Tesla is garbage and you don't make enough money. You can buy a nice 911(or damn near anything else) for that kind of money.

I wouldn't even consider it. I make more money and my bills are half of yours. I might, doubt it though, but a new Vette once the hubbaloo dies down.

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Quoted:
Tesla are unreliable and the company will be bankrupt in 2-3 years. Then what will you do?

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These are the type of responses I was curious for!

Posted: 8/4/2019 9:16:07 PM EDT

[#29]

Yes.

Posted: 8/4/2019 9:16:48 PM EDT

[#30]

Quote History

Quoted:
You shouldn't buy a car that expensive on that low of an income.

A low mileage Audi A7 or Porsche Panamerica would be a far better car for significantly less.

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Maintenance costs on both are huge. Ask me how I know.....however, a new or one year old A3 is very affordable and you would have years of warranty.

Posted: 8/4/2019 9:16:50 PM EDT

[#31]

do you have cold winters? Batteries dont do well in cold climate

Posted: 8/4/2019 9:17:06 PM EDT

[#32]

You have 20k of student loan debt and you're considering spending $100k + car on credit?

Absolutely not! Drive a beater, or at best something that's used and already taken a depreciation hit and put that extra money towards your debts.

After you pay off your debts, do the same thing and invest the savings. Instead of spending your money on a fast depreciating liability, you should be investing that money and allowing it to grow until retirement.

Posted: 8/4/2019 9:17:34 PM EDT

[#33]

I wouldn't. I wouldn't be surprised at all to see Tesla go bankrupt and disappear.

Posted: 8/4/2019 9:18:08 PM EDT

[#34]

OP Hawaii right?

Posted: 8/4/2019 9:18:22 PM EDT

[#35]

Short answer: no.

Posted: 8/4/2019 9:21:20 PM EDT

[#36]

Quote History

Quoted:
Do you frequently take long road trips?

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I have a model 3 long range and have done many road trips and love it. It’s flip phone to iPhone. OP go drive one if you haven’t already

Posted: 8/4/2019 9:22:57 PM EDT

[#37]

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Maintenance costs on both are huge. Ask me how I know.....however, a new or one year old A3 is very affordable and you would have years of warranty.

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Not so high that paying $40-60k more for a Tesla makes financial sense.

OPs income really isn't that high for a $100k car, especially in light of the high rent.

Posted: 8/4/2019 9:23:09 PM EDT

[#38]

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How much are you paying down? That's a $2k a month car note on a 60 month loan at my credit unions current APR.

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For thread sake let’s say: 0 down, 72month term, 2% rate, payment $1671ish. My credit union hit my wife with a better payment for 20% down, 60month, .8% rate.

Posted: 8/4/2019 9:24:07 PM EDT

[#39]

Quote History

Quoted:

Yes have the $20k to pay off student loans. Wife doesn’t like spending that much at once. So them being paid off by years end is the plan.

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You're gonna pay 7% interest on 20k for another few years when you could just pay it off?

Pay that shit off and stop giving more money to the government instead of buying a fancy electric car.

Posted: 8/4/2019 9:24:37 PM EDT

[#40]

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OP Hawaii right?

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For the next 3-6year brother

Posted: 8/4/2019 9:25:39 PM EDT

[#41]

I would yes, but pay off all of the school loans first. Plus any other shit you may have excluding housing. Then do it. Makes life easier.

Posted: 8/4/2019 9:26:09 PM EDT

[#42]

Quote History

Quoted:

Not so high that paying $40-60k more for a Tesla makes financial sense.

OPs income really isn't that high for a $100k car, especially in light of the high rent.

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If I made his money I would target an Audi A3. Heck of a car for cheap. Warranty, reliability for years, good in gas, decent performance. No brainer.

Posted: 8/4/2019 9:26:10 PM EDT

[#43]

Quote History

Quoted:

You're gonna pay 7% interest on 20k for another few years when you could just pay it off?

Pay that shit off and stop giving more money to the government instead of buying a fancy electric car.

View Quote

While he said years end which would be months, I agree with the rest of this. OP could benefit greatly by taking a basic finance class or two.

Posted: 8/4/2019 9:26:12 PM EDT

[#44]

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How can you make so much money and be so dumb?

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Posted: 8/4/2019 9:27:14 PM EDT

[#45]

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good luck getting parts when they go out of business

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This, you can’t get them now either.

Posted: 8/4/2019 9:27:34 PM EDT

[#46]

Yes, you should buy a Tesla. Tomorrow, as soon as the dealer opens it's doors. Pay more than they ask, because Tesla!

Posted: 8/4/2019 9:27:46 PM EDT

[#47]

Quote History

Quoted:

For thread sake let’s say: 0 down, 72month term, 2% rate, payment $1671ish. My credit union hit my wife with a better payment for 20% down, 60month, .8% rate.

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My mortgage, taxes, insurance, and car payment combined are less than that.

Horrible financial decision.