The OP's vehicle is 8-9 years old and with an early battery pack.
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Am I being an idiot by not taking delivery before year end?
- Thread starter tubaprde
- Start date
ElectricIAC
Good-Natured Rascal
If someone can afford to pay 1k a month in car payments, yet neither has cash on hand OR the ability to use a credit card for car repairs (even large ones like battery replacement) thats a completely different discussion.
ElectricIAC
Good-Natured Rascal
Sounds like a Dave Ramsey type of problem to have since he doesn’t believe in using credit.
If you can prove that the car randomly accelerates, not only would you be the first person to prove that in all of the claims of unintended acceleration, you would also end up very very rich. If thats the case, you need to submit it to the NHTSA as "randomly accelerates without driver input" and be prepared for all the scrutiny that would come with that.
Making that claim waters down your other claim about the vehicle.
ElectricIAC
Good-Natured Rascal
I could see that happening if somebody mistakenly applies TACC by single pull of the stalk.
But that certainly doesn’t mean it was uncommanded, but that negligent application was commited. Kinda like a negligent discharge.
Black306
Active Member
Really smart thing to do would be to take the S equity, pay cash for a 2-5 year old reliable used car (not a Tesla), and wait for APRs to come back down. Personally, I wouldn't pay 5+% APR on a new car. Plus, get a house first. Higher APRs are going to drive down home prices. Then, when APRs drop, refi the house and buy a Tesla.
I was looking at it from a step change cost 10k-20k verses amotized over long period view $250/month.
I've had many used cars, and paid multi-k to keep them running. Some were cost effective, some not.
Which is better to finance: a new pack attached to an old car, or a new pack attached to a new car?
@tubaprde, you're definitely not an idiot whichever path you choose.
Back to the OP...
In a general sense, I agree that a brand new vehicle is almost always a splurge (luxury or otherwise). As was stated, even if the OP has a battery replacement to pay for, that does not equal 5 years of 1k a month payments. Where people get lost is in what the OP said later in the thread which amounts to "I dont want to throw good money away repairing this car if it has to be repaired".
The thing is, the OP has also said the car has been pretty solid, and is in pretty good shape.
The thing to do is to put the new car in the category it belongs in, which is "I WANT" a new car. A lot of times people try to justify this to themselves as a need ("I NEED a new car before this one breaks down") when its actually a want, not a need, from a financial perspective.
Nothing wrong with "I WANT" at all, one reason we work is to buy the things we need, and also, if able, the things we want. But, categorizing it properly helps put it in the right bucket to compare against.
"I WANT" a new car, "I WANT" to buy a house. Assuming for a minute that the OP has basic living arrangements somewhere (thus "buying a house" is not a NEED but a WANT), it can be balanced against other wants. In San Fran (or many many other places in NorCal), even people who make what others would see as "plenty" of money (op states they wont qualify for any tax credits on EVs for example) have to make sacrifices to buy a house, because of the cost of housing.
OP has a simple decision actually. Do they want to buy a house (and the sacrifices that entails to save to do it) more than they want a new car? Once that decision is made, they can act accordingly.
In a general sense, I agree that a brand new vehicle is almost always a splurge (luxury or otherwise). As was stated, even if the OP has a battery replacement to pay for, that does not equal 5 years of 1k a month payments. Where people get lost is in what the OP said later in the thread which amounts to "I dont want to throw good money away repairing this car if it has to be repaired".
The thing is, the OP has also said the car has been pretty solid, and is in pretty good shape.
The thing to do is to put the new car in the category it belongs in, which is "I WANT" a new car. A lot of times people try to justify this to themselves as a need ("I NEED a new car before this one breaks down") when its actually a want, not a need, from a financial perspective.
Nothing wrong with "I WANT" at all, one reason we work is to buy the things we need, and also, if able, the things we want. But, categorizing it properly helps put it in the right bucket to compare against.
"I WANT" a new car, "I WANT" to buy a house. Assuming for a minute that the OP has basic living arrangements somewhere (thus "buying a house" is not a NEED but a WANT), it can be balanced against other wants. In San Fran (or many many other places in NorCal), even people who make what others would see as "plenty" of money (op states they wont qualify for any tax credits on EVs for example) have to make sacrifices to buy a house, because of the cost of housing.
OP has a simple decision actually. Do they want to buy a house (and the sacrifices that entails to save to do it) more than they want a new car? Once that decision is made, they can act accordingly.
There are so many things to consider only you can make this choice. Are you already pre-qualified for a house if that is possible where you live? I assume you will be financing all or the majority of the house. Keeping your debt-to-income ratio lower is good.
In my opinion, for someone to tell you what you should have done is not entirely fair or an educated recommendation. While it's almost a moot point now since the end of the year is almost here. Think about long term, and what your priorities are. It sounds like buying a house is your priority. If so, then focus on what works best for buying a house. There are several indicators that the global economy is going to fall. Try searching YouTube for channels for financial investment. I'm not a financial planner or pretend to be. Best wishes, I hope things go well.
In my opinion, for someone to tell you what you should have done is not entirely fair or an educated recommendation. While it's almost a moot point now since the end of the year is almost here. Think about long term, and what your priorities are. It sounds like buying a house is your priority. If so, then focus on what works best for buying a house. There are several indicators that the global economy is going to fall. Try searching YouTube for channels for financial investment. I'm not a financial planner or pretend to be. Best wishes, I hope things go well.
Is it really an either-or choice though?
Rate of savings should be higher without a car payment, but they'll have a car payment (for a time) unless they sell the S.
If a car payment (or repair) is the differential between affording a house or not, which is the problem, the house or the car?
True, however 057 is 2500 miles away, Recell is 1500
Right, a bolt ev would be a nice solution, but it’s a bolt ev. Decisions, decisions! I love fun cars too much
ElectricIAC
Good-Natured Rascal
Tam
Well-Known Member
I also vote to keep the car if you want to save money.
Let's say you'll have to pay for all the broken parts:
20,000 for the main battery
4,500 for the Cabin Heater
4,000 for the A/C
4,000 for the steering wheel issue
3,000 for the MCU
3,342 for the 12V issue (DC-to-DC converter)
2,350 for the onboard charger
That's $41,192.00
Your equity is: 24K, which means you still need to pay $41,192-$24,000=$17,192 more after all those repairs above.
On the other hand, your new car costs $55,450, minus your $24 equity , which means you still need to pay $55,450-$24,000=$31,450 more.
Remember your older DMV and Insurance fees are lower than your new car
And after 4 years, you might have to deal with a broken heat pump and other things for your brand new car too!
Slight correction to your post and the other post, the new car will be 60k with taxes and delivery (plus another 4k to finance for 5 hrs at 5.3%). So really 64k
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HAHAHAHA Bolt EV? Then he would be without a car since they are all being recalled, given the repair should be quick. Should be.......
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