Confused between Model S or Model 3

[azashabab]

HI Model S Owners,

I am planning to book my first Tesla and I am a bit confused about which one to buy. Financially, I am doing ok and I assume I can afford any of these two cars.

The reasons I want to buy S:
1) Performance.
2) Better suspension
3) Range
4) Look

The Reason I want to buy 3:
1) Economical
2) Government rebate (8000 from Quebec and 5000 from Federal)

My financial status:
Age - 31/M
Salary(base) - 155,000
RRSP(Pension account) - over 100K
TFSA(Tax-free saving account) - 56K
I already own a house so I don't need to save for a down payment
Monthly expenses(including Mortage) - 3000
Credit score - 862/900 (Equifax)
No other debts
I live in Montreal and it is one of the affordable cities in Canada.

Now, I would request Model S owners to look at my finance and guide if I should get a model 3 or model s.

 

[EVRider-FL]

This isn’t the place to ask for financial advice. It sounds like you prefer the S, so if you think you can afford it, buy it.

 

[BrianBigNFun]

Assuming you get the S LR, then it’s 1/2 your yearly salary, that isnt to say that people will spend that much on a car all the time, but personally I think it's wiser to be more prudent on a depreciating asset. $150K/yr aint what it used to be
But ultimately it's your money

 

[PCMc]

The first advice I would give you is to not post such personal financial details on-line in a public forum.

As for which car is best for you, only you can answer that question based upon your needs and preferences. The two cars are quite different. Model S more a touring sedan, smoother ride, larger overall form factor, and utility of hatch back. Model 3 smaller, more nimble, but with stiffer ride and conventional boot. Which is "best" is a matter of personal preference.

I've always found the lowest cost solution for me is buying the car that best meets my needs because then I am satisfied owning it for many years (12-15 on average). Also don't buy what you cannot comfortable pay for with cash. Any car is a depreciating asset. If you have to worry about financing, or how much the insurance costs, then you can't afford it.

Sorry if I sound like I'm talking to my child, but then again ... I am twice your age, so guess I could be giving advice to one of my kids!

 

[jjlawyer]

$13,000 seems like too much govt money to pass up.

 

[AMPd]

Get the S, it’s the overall better car and if you can afford it then buy it.

 

[Crutonius]

Comparing a new 3 to a new S, it's hard to justify the price difference.

But life is short. If you're financially set then follow your heart.

 

[JimmyB]

Financially, I am doing ok and I assume I can afford any of these two cars.

New or used?

Regardless, test drive them, buy the one you want - they’re very different - and then enjoy it

 

[Tam]

$13,000 seems like too much govt money to pass up.

...2) Government rebate (8000 from Quebec and 5000 from Federal)...

I prefer Model S but as @jjlawyer mentioned, I would override my preference and get a Modle 3 instead due to $13,000 incentive which is not small change.

I would trade in the Model 3 when its 50,000 mile/4 year warranty will be almost up and get Model S at that time.