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unfortunately, I think the focus has shifted from my intended target. I wished to focus on the car buying portion of the decision. Not the should I take the job question. It basically comes down to, my current job will not be available any longer.
My advice is a definite NO because my intuition is that a 125k salary is not enough to buy a tesla and support a comfortable life of 5. It does not seem you have counted income tax, housing expense, child care, etc in your budget yet. On top of that, you need to save for college tuition x3 and your retirement. I don't think this board will give you a realistic financial view. Maybe you need to sit down with a good financial adviser and figure out the monthly amount you ought to spend on transportation and go from there.
Canuck
Well-Known Member
Yes, you are blinded by your dream. Don't do it. I am financially independent today partly because I purchased the cheapest cars while investing my hard earned money.
I know you're not a doctor (neither am I) but there's a lot to be learned from this post, which I happen to feel is one of the best posts ever on this site. Read it few times and really digest it:
Guidance aimed at those in the medical field, when financing while in Res/Fellowship. - Page 5
There will be a time for you to have the car of your dreams, especially if you invest wisely. It's just not right now.
I agree with the above. Dave Ramsey would definitely advise against a new Model S at this time; however, the Model 3 might be an option when it arrives; or a used Model S.
Here's an experiment: get another Prius and see if you can bank the difference between the payment on the Prius and the payment on a Model S for a solid year. (Betcha ya can't - but if you can, you may be frugal enough for the Model S).
Except that a 150 mile commute of a long period is going to blow through the warranty. I have a Prius too with 215K miles on it. I'm pretty sure I can expect at least another 100K more trouble free miles out of it. I would not make the same bet that a Tesla could go anywhere near that without something major breaking and costing a lot of money.
I wouldn't buy an $75K car (reasonably optioned 70D after federal tax credit) without making at least double or triple that in yearly salary before taxes. There's no financial scenario where that makes more sense than continuing to drive your Prius which should last many more years and hundreds of thousands of miles. Plus the Prius has practically paid for itself now and every mile that it goes from now on has almost no depreciation.
Super_Popular
Well-Known Member
One piece of this I haven't seen discussed yet is the impact of Autopilot. If you're thinking that the opportunity is one you should pursue and you're going to live with the 150 mile daily commute regardless, having Autopilot would be a huge advantage - in both safety and in arriving to work/home relatively stress free.
Having said that, the money sounds marginal. With a family of five to support and colleges to think about in only a decade, that's a huge chunk to be spending on a car. Is it worth it? I think I'll have to join the general trend and say you'll have to weigh that for yourself.
If you aren't sure, keep in mind that the Model 3 is only two years away - and once you get to that point, it'd be an easy yes given your circumstances.
Having said that, the money sounds marginal. With a family of five to support and colleges to think about in only a decade, that's a huge chunk to be spending on a car. Is it worth it? I think I'll have to join the general trend and say you'll have to weigh that for yourself.
If you aren't sure, keep in mind that the Model 3 is only two years away - and once you get to that point, it'd be an easy yes given your circumstances.
wraithnot
Model 3 VIN #2942 Model S VIN #5785
If you are going to have a 150 mile round trip commute then your life will be much improved with a car you really like to drive. I used to spend at least an hour and a half per day commuting (most of it in heavy traffic) and the commute in my Model S was a HUGE improvement. I went from dreading the drive to actually looking forward to it. You obviously have to make sure it fits into your budget with enough breathing room to handle the unexpected things life tends to throw at you so you don't trade an improved commute for constant anxiety about making ends meet. But if your impending raise (after taxes) will cover the extra cost of the car when savings on gas and maintenance are figured in then you should be just fine.
I have absolutely no regrets after 3 years and 70k miles even though the Model S was 3 times what I paid for my previous car and at least twice what I was expecting to spend for a new car. I got more enjoyment out of owning the car than the things I would have otherwise spent the money on. But your mileage may vary.
I have absolutely no regrets after 3 years and 70k miles even though the Model S was 3 times what I paid for my previous car and at least twice what I was expecting to spend for a new car. I got more enjoyment out of owning the car than the things I would have otherwise spent the money on. But your mileage may vary.
I drive 130 miles a day for my commute. Mostly in a vanpool. I just bought a new Tesla and the commute is great. I make less than you, but I am in my 30s with a working wife who gets free housing and great pay too (military) and no kids planned in the near future. If kids were in the picture the Tesla would not be in my garage.
i say don't take pay raise and enjoy your life or do take pay raise and get a car with Tacc to hold you over for a couple years.
i say don't take pay raise and enjoy your life or do take pay raise and get a car with Tacc to hold you over for a couple years.
Todd Burch
14-Year Member
Whether 60% of your income is too much depends on a ton of factors. My P85 is about 80% of my income, and I'm a family man (two kids), but I paid cash for mine, because I saved up and was lucky enough to invest in TSLA early on. (And I hate car loans!)
It depends on a lot of factors. How much debt you have, your savings, cost of living, whether you have an emergency fund, how many high risk investments you carry, your other costs (mortgage), etc.
Probably nobody here can give you a good answer for your personal situation without you baring all of your private financial details here. And even then, there are factors such as your risk tolerance and your expected standard of living to consider.
In other words, think about these things, run the numbers, and if YOU are comfortable with the results, go for it.
It depends on a lot of factors. How much debt you have, your savings, cost of living, whether you have an emergency fund, how many high risk investments you carry, your other costs (mortgage), etc.
Probably nobody here can give you a good answer for your personal situation without you baring all of your private financial details here. And even then, there are factors such as your risk tolerance and your expected standard of living to consider.
In other words, think about these things, run the numbers, and if YOU are comfortable with the results, go for it.
Your latter days are not guaranteed. Don't be stupid with your money but do enjoy the life you have now rather than sacrificing everything for a time in the future that's not guaranteed.
Here's some food for thought... Since you're in a part of the country where it doesn't snow and since you're going to be out of the original warranty relatively quickly, why not consider a cheaper used S85? If you're in search of something with Autopilot than a 2014 S85 might be in order. It sounds like miles aren't going to be a chief concern for you on this car so why not save a substantial amount of money, get an S85 with some miles on it and have a faster car with more range as icing on the cake?
Here's some food for thought... Since you're in a part of the country where it doesn't snow and since you're going to be out of the original warranty relatively quickly, why not consider a cheaper used S85? If you're in search of something with Autopilot than a 2014 S85 might be in order. It sounds like miles aren't going to be a chief concern for you on this car so why not save a substantial amount of money, get an S85 with some miles on it and have a faster car with more range as icing on the cake?
Considering you have children that age having a fancy Tesla will not make up for the number of events that you will miss that your children would rather have you at. There is no way in hell I would take that job. When I turned 41 I had a 3 year old and realized I worked too much and hired someone to run my business. So I could spend as much time as possible with her and not having to work but 3 hours a week has made my life much better. That was 4 years ago now that she is 7 that was the best decision I ever made.
jcaspar
Member
I would work 3 jobs and eat top ramen every night NOT to drive a Prius! If you don't get a Tesla, at least get something else...
I hear you on that, but I need to keep the question on the transportation side of it. It is not a question of if I will take the job or not if offered. I will take the job if offered as my current job will cease to exist on 7/1. The question becomes, do the commute in a Prius or a Tesla. Am I justified in putting weight in the advantages of autopilot, reduced fuel cost, the unlimited warranty on the battery.
ElectricTundra
P85D AP1
For me, I put the kids and wife in the Tesla and commuted by bike.
The safety of the Tesla is what sold me. There is simply nothing safer for the family and I was very comfortable knowing that.
What do you drive now? Without knowing any financial details its a tough for us to provide any help. Will you put $ down? What are your other monthly expenses ie mortgage, wife's car payment, student loans, credit cards, etc?
I know you said that your current job will end but why must you take the 150 mile commute job? If I knew my job was ending, I would either look for a new job or take the severance when my current job ends and find a new job with a shorter commute. The time I spend with my daughter is priceless. With a commute like that and the assumption you're working full time hours, there's a good chance that you will won't see your kids during the week. No car or job is worth that to me.
If I were to make some basic assumptions like ~$2000/month for mortgage or rent, 15% for retirement, $500/month wife car payment, $500 per month for misc expenses (utilities), $800/month for groceries, and $300/month employee contribution towards health insurance. This would leave you with ~$2000 to go towards the Tesla payment and whatever auto insurance would be. Based on these assumptions, my personal opinion would be to not go with a Tesla.
I know you said that your current job will end but why must you take the 150 mile commute job? If I knew my job was ending, I would either look for a new job or take the severance when my current job ends and find a new job with a shorter commute. The time I spend with my daughter is priceless. With a commute like that and the assumption you're working full time hours, there's a good chance that you will won't see your kids during the week. No car or job is worth that to me.
If I were to make some basic assumptions like ~$2000/month for mortgage or rent, 15% for retirement, $500/month wife car payment, $500 per month for misc expenses (utilities), $800/month for groceries, and $300/month employee contribution towards health insurance. This would leave you with ~$2000 to go towards the Tesla payment and whatever auto insurance would be. Based on these assumptions, my personal opinion would be to not go with a Tesla.
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