Dont take offense here but its just a ride, shell with wheels. Not critical to life , if you have to ask and make such plans around it maybe its not the right move? It is certainly NOT a investment and will loose value greatly just remember that , nor is it a cheap car to own let alone outside of warranty.
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For those that own a Model S Ludicrous without breaking the bank, what is you total comp or job?
- Thread starter Drizzle
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Dont take offense here but its just a ride, shell with wheels. Not critical to life , if you have to ask and make such plans around it maybe its not the right move? It is certainly NOT a investment and will loose value greatly just remember that , nor is it a cheap car to own let alone outside of warranty.
Archduke
Member
If you can take the money you'd spend owning a P100D, light it on fire, and still be okay financially and mentally, then I'd say go for it. You only live once.
But if you wouldn't be okay with that financially and mentally, I'd say choose another Tesla.
As the owner of a Model S P100D with Ludicrous mode, I'm here to tell you the only thing that sets it apart from other Model S's is the speed. And at the end of the day, that's just an overpriced party trick. It's totally unnecessary. My next Tesla will probably be a Model 3 Performance or a Model S 100D. Though that new Roadster does look awfully enticing, doesn't it?!?!
If you create an anonymous poll, I'll weigh in with my average compensation (mine is not a salary and, thus, bounces around depending on earnings). But I don't care to put that information out in a public forum.
But if you wouldn't be okay with that financially and mentally, I'd say choose another Tesla.
As the owner of a Model S P100D with Ludicrous mode, I'm here to tell you the only thing that sets it apart from other Model S's is the speed. And at the end of the day, that's just an overpriced party trick. It's totally unnecessary. My next Tesla will probably be a Model 3 Performance or a Model S 100D. Though that new Roadster does look awfully enticing, doesn't it?!?!
If you create an anonymous poll, I'll weigh in with my average compensation (mine is not a salary and, thus, bounces around depending on earnings). But I don't care to put that information out in a public forum.
Being able to make the payment (even if it is just one big payment) and being able to afford the purchase are two different things. Ultimately it is your decision and your money.
Do something today that the “Old You” in the future will thank you for.
P.S. Difficult to drive Corvettes? Really? Mine makes driving easy with its handling.
Oh, and if you can get to the Maldives as mentioned above, do it. I really like the Conrad so you can dine underwater at Ittha.
Do something today that the “Old You” in the future will thank you for.
P.S. Difficult to drive Corvettes? Really? Mine makes driving easy with its handling.
Oh, and if you can get to the Maldives as mentioned above, do it. I really like the Conrad so you can dine underwater at Ittha.
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BIG ACH
Member
I lived in Northern California for 4 years before I requested (and got approved) to relocate to our company's Florida office.
While out in California I certainly had a decent salary with a big tech giant, but I still felt very stretched out... some colleagues of mine drive absurdly nice cars, and although I had a nice car at the time (before the Tesla) it wasn't like them...
We all pretty much made the same... The difference... I am married, with two kids, and now a third on the way, they are single.. no wife, no other responsibilities but themselves.
That was part of the reason I moved, yeah I made a great salary out there... But with a family of 4 going on 5, on a single income... Florida is much more forgiving than the San Francisco Bay area.
Good luck with your decision it seems you'll find answers all over the place here but hopefully this will help.
While out in California I certainly had a decent salary with a big tech giant, but I still felt very stretched out... some colleagues of mine drive absurdly nice cars, and although I had a nice car at the time (before the Tesla) it wasn't like them...
We all pretty much made the same... The difference... I am married, with two kids, and now a third on the way, they are single.. no wife, no other responsibilities but themselves.
That was part of the reason I moved, yeah I made a great salary out there... But with a family of 4 going on 5, on a single income... Florida is much more forgiving than the San Francisco Bay area.
Good luck with your decision it seems you'll find answers all over the place here but hopefully this will help.
I'll start just by saying my income is a lot more than yours and I live in a place with relatively low living expenses compared to the coasts. I wouldn't make a purchase like this until I had 1-year of expenses saved up, was putting away more than 20% of my income into retirement accounts, and could purchase it in cash. For my Tesla purchase (my personal fifth car all paid for in cash) I used completely discretionary money that I wouldn't miss if it burned up in a fire. I already have two investment properties besides a house with no mortgage. My only regret in making purchases like this is that I didn't donate that money to a needy cause (which I also do with around 5-10% of my income each year and the bulk of my estate when I pass). And while I could easily purchase a P100D with ludicrous in cash, I opted for a gently used 90D. What I've learned in buying things like fast cars (and I have several) is that next year their will be something faster and better. You will never "win the game". Buy a used 60D for $35k and remove the badges. You'll have a great car and no one will be any wiser.
What in the world does income have to do with expediture, and why in the world would you ask such a question? Such info is meaningless unless you are trying to compare swords, which is what fools do.
If you have to ask such a question, my guess is that you are *already* extended beyond your means. Stick with your iphone, pay off your credit cards, save your money and maybe one day you can truly afford the lifestyle you want and pay for it in cash.
Here's some advice I give wannabees:
1. No one one gets rich by spending money.
2. No one stays rich by spending money.
3. Earning money is one thing. Learning to keeping it is a skill some people never learn.
4. Do not be fooled by what other people have. They can't afford it either.
If you have to ask such a question, my guess is that you are *already* extended beyond your means. Stick with your iphone, pay off your credit cards, save your money and maybe one day you can truly afford the lifestyle you want and pay for it in cash.
Here's some advice I give wannabees:
1. No one one gets rich by spending money.
2. No one stays rich by spending money.
3. Earning money is one thing. Learning to keeping it is a skill some people never learn.
4. Do not be fooled by what other people have. They can't afford it either.
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I make a lot but I consider myself frugal and financially savvy. I'm an automotive business owner and my car purchase is tax deductible. I believe I was about 160k with 40k down and the rest financed at 4%. I wrote off the entire purchase first year so I was paid initially to buy the car. Top income bracket, 160k reduction of my income.
Did the same the next year with my 75d but it was about 1/2 the price.
Did the same the next year with my 75d but it was about 1/2 the price.
BIG ACH
Member
You can't tease us like that - curious minds want to know what else you're rocking - pics are good too friend
Brettski
Member
The lesson I’ve tried to teach my kids is “just because you can buy something doesn’t mean you can afford it”; the answer to your question is all about your threshold for debt or spending cash on a rapidly depreciating asset. Unless long term retirement investments are in place, perhaps monthly income is somewhat irrelevant.
Having a financial advisor may or may not be good. Some will be “conflicted” as to your best interest and theirs. For that reason you need to become expert in all areas in which he advises you. Seemingly small percentages in fees become hugely important as time goes on. Funds that pay advisors can severely cripple your return. So if you have to become an expert in these areas, why do you need him? If it is because you don’t have the inclination to learn, to understand and to follow your investments, you’ll eventually find that decision hugely expensive.
There’s nothing magical about a fast car. It is neat to dip your foot into it but over time the need for this acceleration becomes less important. I cannot speak for others but I’m juvenile enough to enjoy acceleration. I modified a Nissan 300ZX twin turbo. There was a kit from Jim Wolf Racing, it was a bolt on kit and a new chip. It changed the turbo waste gate resulting in more boost. It took that car from 299HP to 399HP. So it was a relatively light car with about 400 HP and a manual transmission. 80 MPH came up very quickly. I enjoyed it. But the need to get to 80 very quickly just doesn’t arise very often. The power was there but the car became transportation as our cars do.
Fast forward to now. There’s a car that will get to 60 in 2.7 seconds or so (that 1 foot rollout makes the 2.3 second claim false). It’ll out accelerate the quickest of the supercars. Do I want it. Well, a little. But it isn’t worth $60K to me. I’d enjoy it occasionally but I think of what else I could do with that extra $60K. I bought a 75D. It has strong acceleration, plenty really. It is 95% of that more expensive car, for me anyway.
That’s what is right for me, perhaps not for you. I’m not going to tell you “c’mon man...”, (but I’m certainly not going to suggest you buy a vacation home either).
There is financial quicksand around every corner for you right now. All I can do is tell you where I would not step. One day you’ll be old, telling someone younger what you’d do, based on what you’ve done and what you’ve learned. Some will listen, most probably won’t. They’ll learn you were right. They’ll eventually get old and wise, and so it goes.
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Just wanna say thanks for the responses everyone.
For the people where this is a tough decision that could potentially weigh on them for years, this helps calibrate their priorities.
For the people where this is a tough decision that could potentially weigh on them for years, this helps calibrate their priorities.
StealthP3D
Well-Known Member
Now I generally agree strongly with all of those. But, if you take those 4 to heart, there is a #5 that will probably come into play at some point of your life:
5. You can't take it with you.
The problem is you don’t know when you are leaving.
I recommend this book:
Happy Money: The Science of Happier Spending
https://www.amazon.com/Happy-Money-Science-Happier-Spending/dp/1451665075
“Two professors combine their fascinating and cutting-edge research in behavioral science to explain how money can buy happiness—if you follow five core principles of smart spending.
Most people recognize that they need professional advice on how to earn, save, and invest their money. When it comes to spending that money, most people just follow their intuitions. But scientific research shows that those intuitions are often wrong.
Happy Money offers a tour of research on the science of spending, explaining how you can get more happiness for your money. Authors Elizabeth Dunn and Michael Norton have outlined five principles—from choosing experiences over stuff to spending money on others—to guide not only individuals looking for financial security, but also companies seeking to create happier employees and provide “happier products” to their customers. Dunn and Norton show how companies from Google to Pepsi to Charmin have put these ideas into action.
Along the way, Dunn and Norton explore fascinating research that reveals that luxury cars often provide no more pleasure than economy models, that commercials can actually enhance the enjoyment of watching television, and that residents of many cities frequently miss out on inexpensive pleasures in their hometowns. By the end of this “lively and engaging book” (Dan Gilbert, author ofStumbling on Happiness), you’ll be asking yourself one simple question every time you reach for your wallet: Am I getting the biggest happiness bang for my buck?”
Happy Money: The Science of Happier Spending
https://www.amazon.com/Happy-Money-Science-Happier-Spending/dp/1451665075
“Two professors combine their fascinating and cutting-edge research in behavioral science to explain how money can buy happiness—if you follow five core principles of smart spending.
Most people recognize that they need professional advice on how to earn, save, and invest their money. When it comes to spending that money, most people just follow their intuitions. But scientific research shows that those intuitions are often wrong.
Happy Money offers a tour of research on the science of spending, explaining how you can get more happiness for your money. Authors Elizabeth Dunn and Michael Norton have outlined five principles—from choosing experiences over stuff to spending money on others—to guide not only individuals looking for financial security, but also companies seeking to create happier employees and provide “happier products” to their customers. Dunn and Norton show how companies from Google to Pepsi to Charmin have put these ideas into action.
Along the way, Dunn and Norton explore fascinating research that reveals that luxury cars often provide no more pleasure than economy models, that commercials can actually enhance the enjoyment of watching television, and that residents of many cities frequently miss out on inexpensive pleasures in their hometowns. By the end of this “lively and engaging book” (Dan Gilbert, author ofStumbling on Happiness), you’ll be asking yourself one simple question every time you reach for your wallet: Am I getting the biggest happiness bang for my buck?”
Maybe they have no job...just a lot of cash in the bank.
Or they don't want to brag.
Or they don't want all that info about them out for everyone to see
(I own the M3 and don't even know what the price is of a Model S Ludicrous is)
That is a sweet condo! Much better investment than an expensive car.
Naekuh
Member
single... not married... no kids... helps a lot..
I think raising a kid though college is easily a P100D, and then college would probably be another one.
SBDPlaid
Member
I really don't understand those that say they'd only buy a car if they pay cash for it; surely you know that cash is much better invested assuming the loan rate on the car is good. For me, my rate on my MS P100D was under 2%, so that's a no brainer to take that loan instead of tying up that much cash in a rapidly depreciating asset.
Also, I worked my rear off and was in school straight up until I turned 30 to be in the career I'm in (I'm a Dr and make $400k a year of that matters to you). I am a total car nut, so for me "splurging" on an expensive car is reward for all the hard work it's taken to get here (I'm now almost 40). Granted, I have thousands "extra" left over each month after all bills, investing, etc, so a car this expensive does not hurt the bank.
SO, in summary, I'd first make sure you're investing what you need to and still have extra left over each month after all other expenses are paid (including the car payment), and if that's the case and having a sweet car is important to you and "means" something (it's not just a mode of transportation), then go for it!
Also, I worked my rear off and was in school straight up until I turned 30 to be in the career I'm in (I'm a Dr and make $400k a year of that matters to you). I am a total car nut, so for me "splurging" on an expensive car is reward for all the hard work it's taken to get here (I'm now almost 40). Granted, I have thousands "extra" left over each month after all bills, investing, etc, so a car this expensive does not hurt the bank.
SO, in summary, I'd first make sure you're investing what you need to and still have extra left over each month after all other expenses are paid (including the car payment), and if that's the case and having a sweet car is important to you and "means" something (it's not just a mode of transportation), then go for it!
ucmndd
Well-Known Member
More than anything else said in this thread, this sentence resonated with me.
Now that you've done this, what are your thoughts? Is it worth it? Do you want to feel like you HAVE to work that hard to fund lifestyle decisions? Honest question. For some, the answer is an easy yes. Higher in some locales than others, and SoCal is definitely one of them.
For me, the only reason to work that hard - to the point of needing to balance your own sanity - is as a temporary means to an end. What are you gaining in the future for today's sacrifice?
I earn in the ballpark of what you do. I have a nice pension and 9 years left on a 3% mortgage at $1500/mo. I purchased a Model S 75 in 2016, partly as an environmental statement and vote of confidence in Tesla, and partly as an unfathomable "you can't take it with you" luxury. One of the best purchase decisions I've made of any product at any price, and I love it every time I get in it (to the tune of 70,000 miles over the last 2 years). But I'd never compromise my own sanity or work myself to the bone to finance that feeling of satisfaction.
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