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Did you Finance or pay in full?

Discussion in 'Model 3' started by ebmcs03, Aug 17, 2018.

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How did you pay for your Model 3?

  1. Cash / in Full. No financing

    65 vote(s)
    47.8%
  2. 36 mo loan - Any amount

    6 vote(s)
    4.4%
  3. 48 mo loan - Any amount

    7 vote(s)
    5.1%
  4. 60 mo loan - Any amount

    25 vote(s)
    18.4%
  5. 72 mo loan - Any amount

    29 vote(s)
    21.3%
  6. 80 mo loan - Any amount

    2 vote(s)
    1.5%
  7. > 80 mo loan - Any amount

    2 vote(s)
    1.5%
  1. ebmcs03

    ebmcs03 Active Member

    Joined:
    Dec 22, 2017
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    1,475
    Location:
    So Cal
    There’s a couple threads about finance rates and such, seems like most people borrow. I’m curious how many just paid for their Model 3 in full.
     
  2. TurnFast

    TurnFast Member

    Joined:
    Jul 2, 2018
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    203
    Location:
    Redmond
    I mean even if you have the means to pay cash. Unless something really crazy happens to the stock market, there's a good chance that investing the money you would have used to pay for the car in full will end up neting you a greater return than the interest you paid on the loan.

    I was originally thinking pay cash in full (which is why I haven't had an edit button for 6 weeks) but after researching things more i'm now thinking I'm going to put 50% down and finance the rest.
     
    • Like x 4
  3. MXWing

    MXWing Active Member

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    Oct 13, 2016
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    USA
    I’d finance $10,000 for 36 months even if I could be free and clear. Credit building and maintaining.

    There’s always two extremes. Overleverege and non at all.

    Kudos to the latter though if you had to pick 1.
     
    • Like x 1
  4. ebmcs03

    ebmcs03 Active Member

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    Dec 22, 2017
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    So Cal
    Maybe for you. Last time I played in the market I lose more than I gain. Sucks to be me.
     
    • Like x 3
  5. SoCalDude

    SoCalDude Member

    Joined:
    Apr 21, 2018
    Messages:
    66
    Location:
    Irvine, California
    I got 2.39% for 60 months. So I put 50% down and financed 50%
     
  6. paladinfello

    paladinfello Member

    Joined:
    Apr 11, 2016
    Messages:
    56
    Location:
    San Francisco
    Could have paid in full but financed $35k for 23 months at 0.99%. Put the money that I would have spent on the car in a high interest account and am getting close to 2% for a net 1% return.
     
    • Like x 2
  7. T34ME

    T34ME Active Member

    Joined:
    Mar 31, 2016
    Messages:
    2,114
    Location:
    Inland Empire
    If you finance, you will have higher insurance premiums and less flexibility on how you want to insure your car, than paying in cash.
     
    • Informative x 1
  8. MXWing

    MXWing Active Member

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    Oct 13, 2016
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    USA
    #8 MXWing, Aug 17, 2018
    Last edited: Aug 17, 2018
    Don’t “play” the market.

    Index funds totally acceptable. Set and forget. Just don’t do only ONE fund. You need baskets of baskets.
     
    • Like x 4
  9. MXWing

    MXWing Active Member

    Joined:
    Oct 13, 2016
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    Location:
    USA
    If you drive a Tesla you generally should have an umbrella which mandates minimums anyway.
     
  10. HopeToGolf

    HopeToGolf Member

    Joined:
    Mar 31, 2016
    Messages:
    141
    Location:
    USA - New Jersey
    Before taxes paid so not quite “net.”
     
  11. Wubbles

    Wubbles Member

    Joined:
    Jul 26, 2018
    Messages:
    90
    Location:
    NJ

    This is what I did. 60% down. Financed the remaining 40%. Will try and get the loan paid off quicker than 72 months.
     
  12. sdrevik

    sdrevik Member

    Joined:
    Jul 14, 2018
    Messages:
    83
    Location:
    Knoxville, TN
    40% down, 60% at 72 months, 4%.

    I would never assume anything about the market. Most days we are at 0% for YTD.
     
  13. sroh

    sroh Member

    Joined:
    Sep 10, 2017
    Messages:
    183
    Location:
    San Jose, CA
    I agree with the idea of getting a loan even if you can afford to pay cash for the purpose of credit building. However, the whole purchase process is so much easier if you pay cash.
     
    • Like x 1
  14. gambit48

    gambit48 Member

    Joined:
    Aug 1, 2017
    Messages:
    804
    Location:
    NorCal
    I've got plenty of other things to help me build credit. My key decision was whether I'd get enough in return in exchange for the hassle and lack of peace of mind of having another payment around.

    Tesla kind of took that decision away from me. Gave me 48 hours notice right before me going out of town so I ended up just paying cash to make things simpler. Financed another other car I had to get later to replace my super old ones.
     
    • Like x 1
  15. RFernatt

    RFernatt Sun powered!

    Joined:
    Oct 13, 2016
    Messages:
    129
    Location:
    Eastern Panhandle, West Virginia
    I would hazard a guess that many buyers are not so young that building credit is a concern and keeping it simple is a factor.
     
    • Like x 1
  16. RandomCony

    RandomCony Member

    Joined:
    Jul 21, 2018
    Messages:
    16
    Location:
    Orange County
    I was able to pay in full but rates are pretty cheap right now so I allocated my full amount with 50 down 25 investments 25 savings.
     
  17. insaneoctane

    insaneoctane Active Member

    Joined:
    Apr 6, 2016
    Messages:
    2,285
    Location:
    Southern California
    Who's got the biggest, long-term payment??? Anyone 60 months or longer, what's your payment?
     
  18. SageBrush

    SageBrush 2018: Drain the Sewer

    Joined:
    May 7, 2015
    Messages:
    6,355
    Location:
    Colorado
    Were you expecting threads about how to pay in full ?
     
  19. RedModel3

    RedModel3 Member

    Joined:
    Feb 19, 2016
    Messages:
    165
    Location:
    United States
    I got a loan because my credit mix was hurting my score - sometime it's bad to NOT have loans or credit cards. But I'm going to not only pay it off sooner, but I just found out my loan was sold to Wells Fargo (BOO HISS) so I'm going to go to the credit union to see what I can get. When I took out the loan, Tesla had the best rate for me.
     
    • Like x 1
  20. SoCalDude

    SoCalDude Member

    Joined:
    Apr 21, 2018
    Messages:
    66
    Location:
    Irvine, California
    Yes on the umbrella policy. But got it before the Tesla.
     

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