For those that own a Model S Ludicrous without breaking the bank, what is you total comp or job?

[Drizzle]

Just wondering what I need to aim for if I want to go this route. I see plenty on the road in SoCal but I don't have any friends to ask what they do for a living.

At around $185k a year, the model 3 performance was doable without much issue. The mortgage was the biggest part to fit in but we have my wife's salary to help with that.

 

[Drizzle]

Wow, nothing? We have a bunch of tax evading gangsters in here?

 

[Kuhz]

I’m just a trophy husband.

 

[ucmndd]

Wow, nothing? We have a bunch of tax evading gangsters in here?

Individual situations are unique to the point that any data you collect is practically meaningless.

 

[Drizzle]

Individual situations are unique to the point that any data you collect is practically meaningless.

Sorry, but that is not the case. It's as simple as cash flow in and out per month. I'm asking people what their cash flow is like, or as you call it, their situation.

 

[commasign]

Definitely stretched to get my P85D with Ludicrous. My previous car was an Acura TL. 1.84% financing for 8 years helped. We rarely eat out, don't take expensive vacations, and have no credit card debt. Note that you can get a used P85D now for about $50-$55k, and P90D for just a little more.

 

[redgt]

it's all about percentages in lending. if your debt payments take up to much of your income no one will lend to you

if you have a 30 year mortgage and a 84 month car loan your payments will be almost half of a 15 year mortgage and 3 year car loan. same principal balances

 

[Drizzle]

it's all about percentages in lending. if your debt payments take up to much of your income no one will lend to you

if you have a 30 year mortgage and a 84 month car loan your payments will be almost half of a 15 year mortgage and 3 year car loan. same principal balances

Thanks, I know that but I'm asking for real numbers. I wanted a consensus from people who live comfortably with this car and a mortgage without worrying about the little things.

Example: "We bring home 10k a month in cash flow, and we spent 6k a month before the car. Now we spend 8k a month, leaving us with 2k to save. We feel fine unless we wanted to buy a rental property".

 

[redgt]

you cant compare my situation to yours or really anyone else's. they would have to have borrowing habits identical to yours

you should only be concerned with your percentages

whats your total monthly payments currently? pretty sure mortgage lenders want DTI at 43% or lower. if you are happy in your home I'm sure an auto lender would go higher

 

[D.E.]

It only matters if you have the means and whether you choose to use your assets this way.

Whether I can afford a Honda, a Tesla, a yacht, or a Citation makes absolutely no difference to your decision, nor should it.

It doesn’t surprise me no one is forthcoming, I for one feel such an inquiry is not something one asks in polite company.

 

[sorka]

I won't tell you how much I make but if you have a poll with ranges where I can vote anonymously I'd do that.

 

[AMPd]

There’s what I make and then there’s what I report to the IRS









both are equal numbers.

 

[aerodyne]

Here is a data point that may be hard to believe but true...

54k a year gross solid family income. Pension, SS...

No debt. No mortgage.

Paid cash for used MS, about 65k. Not a P100DL, but one can extrapolate.

How? My cash portion of my retirement portfolio (Three bucket rule) is several times the Tesla cost. The loss of rate of return on CD's plus depreciation of the car is about 260 a month. Gas savings, plus a little belt tightening, and I can make that work.

In summary, if you have a cash reserve significantly larger than what the car costs, consider using that, and paying your portfoilio what you are looking in loss of money and car depreciation.

In case of a serious emergency, excepting Zombies, one can convert a car into cash easily. No need to have 100k in a bank making 1% after taxes.

 

[SoCal Buzz]

What’s the expression... if you have to ask?

 

[Drizzle]

Not sure why I'm getting hate. Maybe the older crowd are the ones that can afford one? I see this at work too. The people over 40 are afraid to share compensation while the ones below talk about it at every happy hour.

 

[appleguru]

Well, let's start with you.. you said you make $185k/year.... what do you do?

 

[ACA Man]

Well, let's start with you.. you said you make $185k/year.... what do you do?

What he said.

 

[Drizzle]

What he said.

Sure, IT consulting, where at least 30% of the total comp is based off of a bonus around how much you work.

But I just wanted to know the numbers. As I said, I have nothing else to compare to. Family and friends don't make this much and I have no idea to know when it's "right" to buy one.

 

[Drizzle]

you cant compare my situation to yours or really anyone else's. they would have to have borrowing habits identical to yours

you should only be concerned with your percentages

whats your total monthly payments currently? pretty sure mortgage lenders want DTI at 43% or lower. if you are happy in your home I'm sure an auto lender would go higher

Not sure why you keep bringing up percentages. Why is that better ot know than cashflow?

 

[ucmndd]

But I just wanted to know the numbers. As I said, I have nothing else to compare to. Family and friends don't make this much and I have no idea to know when it's "right" to buy one.

I think the best answer you got was the one about debt to income. That’s really all that matters. 43% is the max for a conforming mortgage and a reasonable bar for being able to afford something.