Carlvs
Member
I would not recommend the purchase. Buy a used S or model New model Y. If you”must” have it I would look into a lease option.
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Help! Should I buy a model S??
- Thread starter greatgatsby
- Start date
Thanks for all the input guys! I have decided to cancel the order and will look at it down the road after I’ve made some smart investments. Thanks again! You were all very helpful!
mbhforum
Active Member
Smart move. Blowing half your savings on a car is just financially irresponsible regardless of which car it is. This is the equivalent of myself buying a new roadster now. I put down 15-20k on my Tesla’s and that helped me keep my payment sound the $700 mark.
Cheburashka
Active Member
He's asking because he knows better. He didn't get $100K in the bank by spending it.
Good decision. Depending on where you live in Canada, a consistent salary of $150k (it sounds like your wife doesn’t work?) isn’t really enough. If you’re in Toronto or Vancouver, $250k is good, but not really good enough to be spending that much on a car.
Good idea waiting for now. I’d say wait a couple of years to build your business, build up credit, and then you can buy a model S with a much smaller down payment (or none) and get a good interest rate. My rate that I got from Tesla was below prime and I out down a down payment that I was comfortable with without taking any money from my investments.
And in regards to some of the comments and suggestions from others on here, the used car market in Canada is very different from the states, as there isn’t as many to choose from and they are often very low mileage as we have to drive a lot less, so the prices stay a lot higher for a couple years used (ie no used Model S’ available does $50-60k. They’re still usually in the $80k+ range).
Good idea waiting for now. I’d say wait a couple of years to build your business, build up credit, and then you can buy a model S with a much smaller down payment (or none) and get a good interest rate. My rate that I got from Tesla was below prime and I out down a down payment that I was comfortable with without taking any money from my investments.
And in regards to some of the comments and suggestions from others on here, the used car market in Canada is very different from the states, as there isn’t as many to choose from and they are often very low mileage as we have to drive a lot less, so the prices stay a lot higher for a couple years used (ie no used Model S’ available does $50-60k. They’re still usually in the $80k+ range).
Personally, I would say to open a trading account and buy some Tesla stock and concurrently I would buy a used Tesla with as little money as possible financing as much as you can while allowing you to keep as much money in Tesla stock as possible. 
That is what worked for me and I got the double whammy happy! A great Model S to drive and stock that has gone up 137%. Wow! Just wow!
With the projections on where the stock is headed the next few years, I had to hitch onto that rocket! Real estate ownership is far short of what the likely potential return is on this relatively near term stock profit.
Good luck on your decision!
That is what worked for me and I got the double whammy happy! A great Model S to drive and stock that has gone up 137%. Wow! Just wow!With the projections on where the stock is headed the next few years, I had to hitch onto that rocket! Real estate ownership is far short of what the likely potential return is on this relatively near term stock profit.
Good luck on your decision!
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Uncle Paul
Well-Known Member
Another out of the box option would be for OP to invest some of his savings in rapidly inflating Tesla stock. Will some good fortune it could grow enough that he could purchase his Tesla for cash. No loan required at all of depletion of his original $100,000. Have some friends that earlier bought Tesla stock. Now they are selling 1/2 and using the funds to buy their Model 3s with the profits.
Guess the point is that few know the future, only the now.
Guess the point is that few know the future, only the now.
