Ordered a LR AWD on mid-October, got a call from Tesla yesterday asking me to fill out the payment information ASAP. Total cost of the vehicle after incentives is around $48,650. I have never financed a car yet.
Finance: got a 2.49% rate, and my bank doesn't care how much I put down and how many months I plan to finance. Since I plan to move out of this country in 3 years, I might do 30 or 36 months loan and borrow $30,000. This way I'm more flexible with the money and it helps building my credit, too. However, if I need to pay it off early, then I'm paying more for the interest. The bigger issue is I have to get full insurance, which is not cheap for under 25. I'm expecting above $200/mo for full coverage.
Pay in full: more flexibility on when to sell the car, more flexibility on insurance plans, but less flexibility with money, especially since the interest rate seems low these days.
I drive ~1000 miles a month and half of the time I'm in heavy traffic, makes me a little nervous if I don't get collision coverage when the car is worth something, but consider that saving in premium if I only get half insured though...
What do you guys think?
Finance: got a 2.49% rate, and my bank doesn't care how much I put down and how many months I plan to finance. Since I plan to move out of this country in 3 years, I might do 30 or 36 months loan and borrow $30,000. This way I'm more flexible with the money and it helps building my credit, too. However, if I need to pay it off early, then I'm paying more for the interest. The bigger issue is I have to get full insurance, which is not cheap for under 25. I'm expecting above $200/mo for full coverage.
Pay in full: more flexibility on when to sell the car, more flexibility on insurance plans, but less flexibility with money, especially since the interest rate seems low these days.
I drive ~1000 miles a month and half of the time I'm in heavy traffic, makes me a little nervous if I don't get collision coverage when the car is worth something, but consider that saving in premium if I only get half insured though...
What do you guys think?