670 Credit score and 50k for Model 3 RWD.

[astrn]

Your example does not account for cost of living. For example, cost of living in greater Los Angeles is probably double what it is in Louisiana.

$500,000 buys a so-so condo in LA and probably not even in a great neighborhood. $500K buys a 4,000 square foot mansion on an acre of land in Baton Rouge.

If OP is paying $1500-$2000 a month just for rent and utilities then suddenly his purchase looks a lot more foolish. Maybe though he has a great love of eating ramen noodles.

Anyways, people can do whatever the hell they want as long as they don't lean on me for "help" while doing it. I personally think it's insanity to spend 2/3 of a year's pre-tax income on a new car purchase, but that's the OPs choice to make.

Forgot to mention. My 70000 a year income is after taxes! So its around 100k actually

 

[MXWing]

Forgot to mention. My 70000 a year income is after taxes! So its around 100k actually

Hahaha. @voip-ninja will be leaning on you for help.

 

[JavaLemonade]

Yes it is for credit purposes, depending on how much of approximate net income is going on existing debt payments it could affect the terms - longer terms usually have higher APR.

Interesting. Is my employer/bank reporting these numbers to the credit check companies?

 

[ebmcs03]

Now how many people actually paid cash for their car in full?

 

[outie]

Interesting. Is my employer/bank reporting these numbers to the credit check companies?

Not that I know of. Credit bureaus don’t have income info. Banks usually ask for these items and in some cases need that prove of income.

 

[MXWing]

Now how many people actually paid cash for their car in full?

Even if you could, it’s great to have an installment loan just to build / maintain credit.

Interest rate too low not to use OPM within sensible leverage levels.

 

[Ahzuz]

Wow, in my head anyone that makes over 120k (not in sf Bay, NYC, etc area obviously) before tax can easily afford a model 3 and even a basic model s... I am in Canada Montréal where cost of life is fairly low and all the folks I know that drives model S makes in the 90-150k range. They have monthly payments of 1.1k-1.4k. Which is quite reasonable.

 

[voip-ninja]

Now how many people actually paid cash for their car in full?

How many could have paid cash but chose to finance at least part of the purchase and keep their money invested?