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

[wman]

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.

 

[tander]

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.

 

[HanSolo]

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.

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.

 

[dsvick]

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.

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?

 

[Garlan Garner]

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.

1- My final budget = 52K (before tax)
2- Savings so far = 40K

 

[tander]

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?

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.

 

[sickfox]

@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.

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.

 

[Max*]

Budget: Unknown, depends on features I guess.
Savings so far: $0.08

 

[JeffK]

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.

 

[BluestarE3]

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.

Would your lovely bride be amenable to the idea of elopement instead?

 

[JeffK]

Would your lovely bride be amenable to the idea of elopement instead?

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.

 

[JoeCoolMan24]

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.

 

[MTL_HABS1909]

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.

That's what I did!

 

[Garlan Garner]

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.

 

[WileyTheMan]

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.

 

[Warrentt]

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.

 

[alseTrick]

Budget: Undecided
Savings: $3,250

 

[ModelNforNerd]

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?

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.

 

[gigglehertz]

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."

 

[RubberToe]

Started an automatic transfer of $500 every two weeks to an Etrade savings account. By December 2017 I will have the $16k needed to pay off my Soul EV. Will drive that until the Model 3 arrives. So will likely have a small down payment saved up (hopefully VERY small). A rough calculation shows my Model 3 payment might be around $1,000 per month so the automatic transfer will cover that too.

So basically, I don't have to do anything for the next 5 years other than living within my means. The Model 3 is automatically counted in.

Good luck to all who are also looking forward to owning their first Tesla.

RT