How did you Justify 95k car purchase?

[AC1K]

Quite simple, since I am single, I just got one ........ actually its much more complicated

now normally i wouldn't spend more than $40K CAD on a car, my old vehicle was $32K CAD
so for me to buy a new vehicle it must be an upgrade to my old vehicle in nearly every way, my old vehicle is as follows

2010 Hyundai Genesis Coupe
306HP
Regular oil and Regular fuel
6 Speed
RWD
Limited Slip Diff
25MPG (what i get city driving)
Bluetooth/USB/VoiceCmd/etc
>4.5 Star crash rating
>5yr powertrain warranty (this was half accomplished as the pack has an 8yr warranty)

so to upgrade i would need all of those specs to be better, but more than >300 HP & >25MPG made the Tesla the only real upgrade as no other car could accomplish that.

The only upgrade to RWD would be AWD, im never going to a FWD again.
I was very skeptical about going back to an automatic, the 6 speed is not really about "gears" but speed control, precise power delivery and the reduction of brake use, that being said, nothing comes close to how the Tesla is setup.
Oil and Fuel? lol no brainer
crash rating? yep, nothing comes close

now the money is a big problem as I am just a "Helpdesk Guy" at the time of looking for a new car i was making $64K/yr, all normal financial advice would say no, but i still wanted to make it happen since this is my chance to contribute to a change for the better.
I still had a mortgage of ~$100K but no payments on the genesis so i just went "full throttle" paying off my mortgage before putting a down payment on the Tesla

Cut all expenses literally except cell phone and internet (no going out period, no eating out)
cell phone plan is $35/mo unlimited calling/data on Wind Mobile, internet was $50/mo
got another side job fixing computers, unlocking blackberries, misc computer related stuff
eventually i got it down too...

100% of my main jobs paycheck going to the mortgage
100% of any gifted money from birthdays and Christmas went straight into the house
50-70% of my side job's income going to the mortgage
sold everything in my house i didn't touch in 3 months (computers, furniture, stuff around the garage)
nearing the delivery of the Tesla i sold my Genesis to my Dad since he wanted to drive a stick shift again, it was a big chunk off the mortgage with that one.
offered to wash peoples cars for $15 on my drive way (no soap of course but i made those cars look like it just came out of the factory)
the rest was for utility bills, house and car insurance and food

I was able to clear the mortgage in about 15 months, but cheated and put a despot on the Tesla around the 9 month mark, but now i am mortgage free with only $70K owing on the Tesla after 1 year, so i think i'm doing good, original purchase price was $121.5K CAD.
Once i pay off my car ill try and buy another Tesla for my parents, or the other way around, ill buy one for myself and give my old Tesla to my parents like i did with the Genesis, this is assuming the new Tesla has AWD, 600HP, etc, etc.

In the end, TOTALLY WORTH IT.

 

[sub]

Quite simple, since I am single, I just got one ........ actually its much more complicated

now normally i wouldn't spend more than $40K CAD on a car, my old vehicle was $32K CAD
so for me to buy a new vehicle it must be an upgrade to my old vehicle in nearly every way, my old vehicle is as follows

2010 Hyundai Genesis Coupe
306HP
Regular oil and Regular fuel
6 Speed
RWD
Limited Slip Diff
25MPG (what i get city driving)
Bluetooth/USB/VoiceCmd/etc
>4.5 Star crash rating
>5yr powertrain warranty (this was half accomplished as the pack has an 8yr warranty)

so to upgrade i would need all of those specs to be better, but more than >300 HP & >25MPG made the Tesla the only real upgrade as no other car could accomplish that.

The only upgrade to RWD would be AWD, im never going to a FWD again.
I was very skeptical about going back to an automatic, the 6 speed is not really about "gears" but speed control, precise power delivery and the reduction of brake use, that being said, nothing comes close to how the Tesla is setup.
Oil and Fuel? lol no brainer
crash rating? yep, nothing comes close

now the money is a big problem as I am just a "Helpdesk Guy" at the time of looking for a new car i was making $64K/yr, all normal financial advice would say no, but i still wanted to make it happen since this is my chance to contribute to a change for the better.
I still had a mortgage of ~$100K but no payments on the genesis so i just went "full throttle" paying off my mortgage before putting a down payment on the Tesla

Cut all expenses literally except cell phone and internet (no going out period, no eating out)
cell phone plan is $35/mo unlimited calling/data on Wind Mobile, internet was $50/mo
got another side job fixing computers, unlocking blackberries, misc computer related stuff
eventually i got it down too...

100% of my main jobs paycheck going to the mortgage
100% of any gifted money from birthdays and Christmas went straight into the house
50-70% of my side job's income going to the mortgage
sold everything in my house i didn't touch in 3 months (computers, furniture, stuff around the garage)
nearing the delivery of the Tesla i sold my Genesis to my Dad since he wanted to drive a stick shift again, it was a big chunk off the mortgage with that one.
offered to wash peoples cars for $15 on my drive way (no soap of course but i made those cars look like it just came out of the factory)
the rest was for utility bills, house and car insurance and food

I was able to clear the mortgage in about 15 months, but cheated and put a despot on the Tesla around the 9 month mark, but now i am mortgage free with only $70K owing on the Tesla after 1 year, so i think i'm doing good, original purchase price was $121.5K CAD.
Once i pay off my car ill try and buy another Tesla for my parents, or the other way around, ill buy one for myself and give my old Tesla to my parents like i did with the Genesis, this is assuming the new Tesla has AWD, 600HP, etc, etc.

In the end, TOTALLY WORTH IT.

You brought this thread back from the dead. Nice job though, you made the commitment and sacrificed to get the car and normally buying a car that cost that much on your salary would be a bad idea, but you clearly have the discipline to get it paid off quickly and have it not be detrimental to your long term finances. If my wife and I were that willing to sacrifice everything as you did the car would be an easy purchase. I'm in debt pay off mode but also like to have a big cash reserve, makes sleeping at night much easier.

If the rest of this year stays on track I want to get a good look at and test drive the X. If we decide we like that X I may be willing to put down a deposit, the long wait will actually be a good thing. We have already put 14k miles on our latest car in ~6 months so the Tesla would cut costs there, my concern is there are still not enough superchargers even in California to make it work worry free, need 3-4 more in Norcal, there are not many in the central valley and zero in the foothills/east side of the state.

 

[jthompson]

I'm going to own this car for 20 years (my last car, a 1987 IROC Z, I owned for 23 years!), so at $5000 a year it's a bargain!

 

[nakedsushi]

I'm not a big car person at all, but after the test drive, I _must_ have this car. I'm passing my current car (2013 Prius) on to my husband, he's going to sell our old 2005 Corolla. I plan to never buy a car for myself ever again. I also hate taking cars in for service/oil change, so the cutdown on service on the MS was a plus for me.

 

[DieAbetic]

You brought this thread back from the dead. Nice job though, you made the commitment and sacrificed to get the car and normally buying a car that cost that much on your salary would be a bad idea, but you clearly have the discipline to get it paid off quickly and have it not be detrimental to your long term finances. If my wife and I were that willing to sacrifice everything as you did the car would be an easy purchase. I'm in debt pay off mode but also like to have a big cash reserve, makes sleeping at night much easier.

If the rest of this year stays on track I want to get a good look at and test drive the X. If we decide we like that X I may be willing to put down a deposit, the long wait will actually be a good thing. We have already put 14k miles on our latest car in ~6 months so the Tesla would cut costs there, my concern is there are still not enough superchargers even in California to make it work worry free, need 3-4 more in Norcal, there are not many in the central valley and zero in the foothills/east side of the state.

Same boat here, but I also some student loans to still pay off. Wife and I make enough to swing the financing if we put 10-20%+ down, but we need to keep our emergency cash reserve to sleep at night. Going to put down a reservation on a Model X, and keep in touch with Tesla rep just in case an inventory Model S pops up sooner with everything we want at a decent price.

I like the S (and I'm impatient), wife likes the X. Wife usually gets what she wants... lol

 

[gavine]

So did the OP buy one or not? The suspense is killing me.

 

[GDH]

If the bank approves it, it's justified!....that's my motto!

 

[bareyb]

You brought this thread back from the dead. Nice job though, you made the commitment and sacrificed to get the car and normally buying a car that cost that much on your salary would be a bad idea, but you clearly have the discipline to get it paid off quickly and have it not be detrimental to your long term finances. If my wife and I were that willing to sacrifice everything as you did the car would be an easy purchase. I'm in debt pay off mode but also like to have a big cash reserve, makes sleeping at night much easier.

If the rest of this year stays on track I want to get a good look at and test drive the X. If we decide we like that X I may be willing to put down a deposit, the long wait will actually be a good thing. We have already put 14k miles on our latest car in ~6 months so the Tesla would cut costs there, my concern is there are still not enough superchargers even in California to make it work worry free, need 3-4 more in Norcal, there are not many in the central valley and zero in the foothills/east side of the state.

So did the OP buy one or not? The suspense is killing me.

sub is the OP. Sounds like he's waiting for the Model X.

 

[scaesare]

How do you justify a $95K car?

 

[Madartist]

@sub: In case you haven't discovered this yet, here's a recent thread and story about "why a Model S is cheaper than a Honda Odyssey." From a financial standpoint, buying a new car, any new car, is not the best use of the financial resources. Having said that, most of us brought a Tesla simply because WE LOVE IT.

 

[Skotty]

From my point of view, it's not just buying a car. It's investing in the future of all mankind.

For sustainability. For moving emissions off the streets. For reducing unnecessary noise. For reducing emissions due to efficiency and the growing ability to use clean energy sources. For advancing the frontiers of technology. For supporting a man and company with a dream of making the world a better place, and not just making more money. To support a man who put his entire fortune on the line for the dream. For something that inspires us. For a company that represents the best in all of us. For a mission that shows our children they can change the world, and a brighter future is within reach.

As an additional bonus, you also get a really nice car.

 

[JonathanD]

I couldn't justify 95k. That's why I got a 60

 

[eciti.com]

I can't do any better than that, Skotty. You pretty much read my mind.

 

[Zythryn]

Damn Skotty, we ought to put that on billboards!

 

[bareyb]

I'd say Skotty hit the main points for me too. Well said.

 

[StephenM]

Well said, Skotty. Supporting Elon and his vision is definitely a factor.

 

[jerry33]

Skotty's reason was a big factor for me too. Supporting someone who was actually doing something.

 

[MitchL]

My justification in a nutshell:

- it's a car designed and built right here in Silicon Valley, the way we do things out here.
- I'll be part of the first generation that leaves internal combustion behind.
- powered by the sun, no noise, no emissions.
- my wife amazingly said "yes". Don't know what possessed her, but that part was my favorite

I was a signature buyer towards the end, it was a leap of faith for me but nothing like the early sig and especially the roadster owners who were true believers (thank you, by the way!)

It was absolutely insane for me to spend this kind of money on a car. I've driven minivans the past 15 years. The day we drove the Model S home, all regret about the money vaporized instantly, and I'm never going back to gas. People ask me: "Is that your tesla?" I respond: "yes, that's my first tesla."

/Mitch.

 

[AmpedRealtor]

+1 Skotty!

I could not justify my purchase on paper. My Prius hit 122,000 miles and I knew it was time to move on. I made a promise to myself in 2010, halfway through my Prius ownership, that my next car would be all electric. In May of 2013, Tesla announced financing for Model S which made it a viable option for me. I started researching it, and those at TM forums will tell you that I had gone through quite a decision making process. In the end, I spent double what I had otherwise considered spending on my Prius replacement. Ultimately for me, it was more important to support Tesla's vision and to live the change in my own life that I want to see in the world around me.

The turning point for me was when, on a whim, I sent an email to Elon Musk asking some questions about the car. The next morning I received a prompt reply from Mr. Musk himself. This reminded me of the time many years ago when I received a personal email response from Steve Jobs regarding an issue with my Mac Pro. The idea that the CEO of Tesla would take a few minutes out of his day to answer questions from a nobody realtor in Arizona instantly sold me on this car, this company.

I paid extra, much more than my financial advisor would say was smart, in order to be an example and show others - including friends and family - that we can do better than oil. If we don't collectively get behind this sort of change, it will never happen. Not everything has to make sense on paper and offer a payback, there are some things that are more important than that and which deserve our financial support. The extra money paid is nothing when you consider that we are helping fund the next generation of transportation for our children and grandchildren, and to help them breathe cleaner and healthier air.

 

[gene]

I paid extra, much more than my financial advisor would say was smart, in order to be an example and show others - including friends and family - that we can do better than oil. If we don't collectively get behind this sort of change, it will never happen. Not everything has to make sense on paper and offer a payback, there are some things that are more important than that and which deserve our financial support. The extra money paid is nothing when you consider that we are helping fund the next generation of transportation for our children and grandchildren, and to help them breathe cleaner and healthier air.

I agree with this 1,000%