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670 Credit score and 50k for Model 3 RWD.
- Thread starter astrn
- Start date
Depends on where you live, where you get the loan (CU vs big bank) and the term of the loan. For example, in the state of Washington, Chase would give you a 4.99% APR for a 60months loan.
Not sure your annual salary is a factor?
People seriously buy cars that cost 2/3ds of their annual income?
That´s completely nuts!
Don`t do it. It`s just a car and you´ll regret it.
That´s completely nuts!
Don`t do it. It`s just a car and you´ll regret it.
JoeCoolMan24
Member
My Model 3 will be about 133% of my annual income. LULZ
But my month payments should be under $300 a month, so I'm not worried.
Pure craziness and financially about the same as shoveling money into an oven, but everyone needs a hobby I guess
Acutally I made my calculations long before that.
I currently have 2 cars (15 Corolla and 15 Fiesta one of them belongs to my wife) and both of them putting me around 1000-1100 a month (including maintenance, gas, insurance, loan and depreciation which much higher than Tesla sadly, etc.) and I used to make 30k a year about 1 year ago while paying those 2! I know its crazy but if you live in LA its necessary to have a car!
I am planning to sell one of my car which causes me alot of headaches ( I wont ever buy or use a Ford again!) right now and refinance the Corolla (current APR is %15 which is super ridiculous). I dont have any credit score back then since I came to USA 4 years ago with greencard and that was my only choice to buy a car. In the long run with tax credit and gasoline, maintenance savings it will only costs me around 200-300 extra a month.
I dont pay any mortgages or taking care of any child or babies and does not plan todo both of these anytime soon, so I can easily afford a Tesla M3.
Funny. I had similar thoughts. When combined with the 670 credit score I thought, buy a cheaper car. In two years the Model 3 will be the BMW 3 series of 2000-2015...they will be everywhere.
Yea. People buy whatever they want. I don’t care as long as they don’t require bailout or declare bankruptcy and have all their debt wiped out for free and then go claim EBT. As long as they are responsible and don’t get free lunches from the tax payers I don’t care.
I love how we feel it is acceptable to tell people what they should and should not do with their life and their money, and how we assume to know about their personal situations on a forum about cars. To put in my opinion, with a 670 you would probably be offered in the 5% range depending on the length of your loan, and how much you have saved for the down payment. The bigger the down payment the better (obviously).
2/3 is nothing, I know people that buys car worth 100% of their annual income... in fact, most people I know do that.
Median take home pay in the US $59k, and the median new car transaction is ~$36k - so at least some number of people are likely.... completely nuts!
Debt to income has a factor of getting approved. 40% utilization is pretty high. What would it be when you tack on another $40k+?
I would advise against purchasing a car that is 2/3 your income. Especially if you can only put 10% down. are other alternatives such as a Nissan Leaf or Bolt, or wait for the SR version if you can.
I would advise against purchasing a car that is 2/3 your income. Especially if you can only put 10% down. are other alternatives such as a Nissan Leaf or Bolt, or wait for the SR version if you can.
Yea I bought a p3d+ and only am in the 80k's But then again I live at home still and have no expenses other than my food costs at costco(I dont really go out as i dont drink/party either and I dont eat out)...I could pay the car off in a year but interest is too too low these days and have higher returns elsewhere. But regardless I'm still nervous about this purchase as I just am not use to spending more than 200 bucks a week to stay alive lol (my current cadillac lease is only 249/month) but after a cost analysis of the savings it brings. My net operating costs will only increase by 450 a month vs current. (Off peak charging is key) this value will only further to drop and offset as long as we continue to have gas prices increase over time. So I don't think it's fair to say it's a bad idea for me vs someone that I work with that eats out for every meal and goes to pubs on the weekenda(as many Americans do). I think I'm in a solid position. My gf is low maintence too and in school for another 1.5 years so I'm not under any pressure to move out yet. Autopilot may be a wise investment for me though as I will have to travel 1 hour each way to visit on the weekends.lol
My largest purchase I have made in the last 12 months is a $400 3d printer and 12k in tesla stock options lol
My largest purchase I have made in the last 12 months is a $400 3d printer and 12k in tesla stock options lol
We all have different financial situations... if you crunched the numbers, got approved for your loan... then I wouldn't worry about it. It's just a car and you can always sell it (if something happens to your income), or pay it off sooner (if you get a fat bonus... hehe). Enjoy your new car
OP asked for opinions on interest rates, and was advised to not buy the car. Who asked for that?
Lol thats what I was thinking now. Problem solved, they approved around %4 APR which is not bad in my terms.
Glamisduner
Active Member
it's not quite 2/3 of his income if he can take advantage of the $7500+ tax credit + $2500 CA rebate..
So this makes the car closer to 40k, then power consumption costs and maintenance might be lower than an ICE, so that makes it closer to buying a 35k car? We do knot know if he has high rentals costs or anything else about the op other than he lives in LA so he probably does.
I bought a 32k truck when I got my frist job out of college, and I was not making close to 75k back then. I rented a bedroom, and was ok. My Credit to debt ratio was lower before buying the truck though. I got by just fine at the time.
In general buying a new car is hardly ever a good financial decision IMO.
Sorry I have no input on your original question.
So this makes the car closer to 40k, then power consumption costs and maintenance might be lower than an ICE, so that makes it closer to buying a 35k car? We do knot know if he has high rentals costs or anything else about the op other than he lives in LA
so he probably does.I bought a 32k truck when I got my frist job out of college, and I was not making close to 75k back then. I rented a bedroom, and was ok. My Credit to debt ratio was lower before buying the truck though. I got by just fine at the time.
In general buying a new car is hardly ever a good financial decision IMO.
Sorry I have no input on your original question.
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