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Anyone want to team up on a savings thread to keep each other motivated?

Discussion in 'Model 3' started by Wes!, Jul 28, 2016.

  1. Wes!

    Wes! Member

    Joined:
    May 24, 2016
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    Location:
    Las Vegas
    HI, new to the board and super excited about the model 3. Definitely not filthy rich, but do make a comfortable living. I'm hoping some people are in the same boat of trying to save as much as possible to buy the car flat out or to make a large down payment. I'd like to check in here in this thread with others in the same situation to help keep each other motivated. Is anyone interested? I guess I'd go first and would want to list as follows:
    1- final budget for car: 42,000
    2- current savings: 10,900

    I'd like to check in every month if anyone is interested.
     
    • Love x 4
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  2. tander

    tander Member

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    Please take this with a grain of salt, I'm not a financial advisor and it's a pretty volatile stock. But think about putting some of your 11 grand into Tesla stock and letting TSLA pay for part of your Tesla.
     
    • Like x 7
    • Dislike x 4
  3. HanSolo

    HanSolo Member

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    That could very well be dangerous. There is no guarantee. With the volatility of Tesla as well as their finances, it would take just one really bad piece of news to destroy the stock price. That would literally be gambling. I am in it for the long run and even then have only put in a small amount of money that would not kill me should Tesla succumb to market forces.
     
    • Like x 5
  4. dsvick

    dsvick Member

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    Be careful with that, it would be hard to make up any loss in share price with such a short term investment. I know savings and money market rates suck right now, but there is also no risk of loss. Maybe a 6 - 12 month CD?
     
    • Like x 1
  5. Garlan Garner

    Garlan Garner Active Member

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    1- My final budget = 52K (before tax)
    2- Savings so far = 40K
     
    • Love x 2
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  6. tander

    tander Member

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    Yeah that's why I said some of your savings not all, but I probably still didn't caveat it enough. I don't think this will happen I'm pretty bullish about Tesla over the next few years, but just to ad some perspective, Amazon is a really similar company to Tesla in their corporate DNA. If you invested in them I think in 2001? it would have taken like a decade to break even after the dotcom bubble. I don't think we're in that sort of thing right now, but still the market is the market.
     
  7. erthquake

    erthquake Member

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    Location:
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    I bought my first 10 shares of Tesla stock at the bottom right after the Brexit vote at about $190, but I didn't really intend it for my car savings. For me, it's the first stock I've ever owned besides my index-fund-based IRA. It's more just a feather in my cap to support the company, and I'm just going to hold onto it for the long term.

    Other than that, I've got $2400 saved for the car and I'm putting away $600/month, which is about my expected loan payment assuming the car is delivered in early 2018 with a budget of $42000.
     
    • Like x 1
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  8. sickfox

    sickfox Member

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    @tander - That's exactly what i'm doing right now. Your advice is not for everyone but if you have experience playing the stock market, it's a another way to to grow your M3 deposit, rather than putting it in a CD where it makes 2-3%. (Nothing wrong with CDs). ;)

    I have about $22K saved up before i put my deposit last April. Reinvested $15K to some biotech stocks (short term) and tsla (long term) entry point @ $206/share. I'm still saving too but a few thousand from the profit would also help, hoping to have enough to pay off the car when it's time for delivery.

    Things to consider:
    Taxes & market volatility
    Financial vehicle where you're putting your future deposit (what's the interest rate)
    & more...

    Anyway, my budget for the car is $60K with all the bells and whistles and for any additional things i want to add (clear bra, wheels, etc.) So far, I'm at $23,800.

     
  9. Max*

    Max* Autopilot != Autonomous

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    Location:
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    Budget: Unknown, depends on features I guess.
    Savings so far: $0.08
     
    • Funny x 9
  10. JeffK

    JeffK Active Member

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    I'm going to pay for my own wedding with cash so I'm starting at negative savings. I'll start saving in a two months.

    I want to get all the (cow)bells and whistles so I'll probably still end up financing over half of it. :(
     
    • Love x 2
  11. BluestarE3

    BluestarE3 Active Member

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    Would your lovely bride be amenable to the idea of elopement instead? :)
     
  12. JeffK

    JeffK Active Member

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    haha I wish life was so simple. More money for the Tesla!

    I do tell her that I've had love for Tesla long before I met her.
     
    • Funny x 2
  13. JoeCoolMan24

    JoeCoolMan24 Member

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    Since March or so I set up a reoccuring transfer of $450 in to a Tesla Fund savings account. Then I will also put my tax return money in to that as well, and any money I make from sidejobs. I expect to have about $13,000 or so saved up for a down payment.
     
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  14. MTL_HABS1909

    MTL_HABS1909 Member

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    That's what I did!
     
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  15. Garlan Garner

    Garlan Garner Active Member

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    I hope Tesla takes the opportunity to publish some of the factors of the M3 when it can. Such as the wheel size and bolt patterns. That way I can purchase my aftermarket wheels early.
     
  16. WileyTheMan

    WileyTheMan Member

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    I am hoping I don't have to go beyond $60k for my build. For a deposit, I am parting ways with my old MTG trading cards which should net a healthy amount to build on. My goal is to have at least 1/2 the total price available in cash and finance the rest through our credit union.
     
    • Love x 1
  17. Warrentt

    Warrentt Member

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    May 22, 2016
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    Location:
    Oregon
    My budget is $42-45k.

    Saving = $0

    My plan it to wait on my long term investment in biotech and cash out next year for down payment. I'm actively trading stocks to get more money for down payment. There are plenty of biotech companies to get big gain if you do your own research. I will not invest on Tesla as it is way overpriced.
     
  18. alseTrick

    alseTrick Member

    Joined:
    May 17, 2016
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    445
    Location:
    Florida, USA
    Budget: Undecided
    Savings: $3,250
     
  19. ModelNforNerd

    ModelNforNerd Active Member

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    Ayer, MA

    I've been dumping my savings into renewable 6 month CD's. Current total available for my Model 3.... $47,000


    I'm just saving up for options at this point.
     
    • Love x 2
  20. gigglehertz

    gigglehertz Member

    Joined:
    Sep 11, 2013
    Messages:
    164
    Location:
    Bellingham, WA
    Budget - completely unknown
    Savings - 563 shares of SCTY

    Currently looking for work so not sure when I'll be able to save. Was hoping to pay cash once SCTY turned profitable and the stock shoots up, but the merger really throws my plan into chaos since the exchange ratio is based on current very low valuation of SCTY. Plus I bought a used Leaf so I may just wait it out until Tesla is "as big as Apple."
     
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