Schulz1983
Model Y LR AWD: Matte PPF, Vossen HF-1
I totally disagree. I can earn way more in the stock market than the 1.9% rate on our Y.
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How much do you pay for Model Y per month?
- Thread starter hamzah1985
- Start date
With inflation coming, and the mythical wage increases around the corner as employers fight tooth and nail for unskilled, semi-skilled and wizard level workers, its actually better to go into the coming economy with debt and high value physical assets.
The physical assets will appreciate quickly with inflation, and with inflating wages it will be easier to pay off a loan (assuming its fixed rate... no one would take out a variable rate auto loan... but I'm sure someone would call it out in a counter argument).
The worst thing to do is go into inflation with a pile of cash, as the buying power of a dollar yesterday will be less tomorrow.
Granted, the very worst is to go into the economy with nothing at all... then there are college students who will get an education during inflation and come out during deflationary wages...
The physical assets will appreciate quickly with inflation, and with inflating wages it will be easier to pay off a loan (assuming its fixed rate... no one would take out a variable rate auto loan... but I'm sure someone would call it out in a counter argument).
The worst thing to do is go into inflation with a pile of cash, as the buying power of a dollar yesterday will be less tomorrow.
Granted, the very worst is to go into the economy with nothing at all... then there are college students who will get an education during inflation and come out during deflationary wages...
This is one of my fav. quotes:
“You have your way. I have my way. As for the right way, the correct way, and the only way, it does not exist.”
― Friedrich Wilhelm Nietzsche
Exelion
Member
“I’d agree with you, but then we’d both be wrong.”
-some guy
-some guy
Could not agree more.
I just re-financed my home at 2.5% fixed rate, and I wanted to only have a small down payment on the MYP, but my wife absolutely freaked out about the idea of a large car payment. I pointed out that I expect my wages to expand by a huge amount over the life span of the loan but she doesn't understand economics (she would keep $100K in cash in the mattress if I let her) and in the interest of domestic tranquility I put a foolish amount down on the MYP to keep the payment low. If I had the ability to effectively hid my finances from my wife I would have only put down 10K on the car and dealt easily with the payment... but doing the wise thing financially has a tendency to result in you loosing half your $hit eventually.
Keith
Physicslawyer
Member
To the OP, assume you are paying 1k/month. Are you investing that much or more, at a minimum? I would use that as the starting point.
eleven24
Member
On the insurance side, I'm 51, married, own my own home. Insurance policy is homeowners + two autos (with 3 drivers, including a 22 year old). 2018 BMW X5 and a 2020 Ford Raptor. The Tesla would be replacing the Raptor. The Raptor is already higher than the BMW X5, but replacing it with the Tesla would increase the policy by $825 a year. Total for the Tesla is $1750 a year... and all drivers on the policy have a clean driving record. No accidents, no violations in the last 5 years.
I'll shop for better insurance, and likely bring that way down based on what I've read. Like others have said, the Tesla site can give you the monthly payment - but consider the sales tax, which isn't included. Insurance is the bigger unknown as there are too many variables, such as those I listed above.
I am paying around $650 per month for 60 months. Around $275 for insurance per month. Insurance is for 2021 MYP and 2016 Lexus RX in NYC, 2 drivers with decent amount of coverages.
labmixz
Member
This is one of those questions, no one should realistically answer. As questions on past/present loans can be used to determine your identity. I get this may seem like a harmless thing rattle off on the internet, but I would suggest using a loan calculator and doing research, something like: Car Payment Calculator: Estimate Your Monthly Loan Payment - NerdWallet
Assuming a car of similar value ($50k or so), will car insurance go up by a significant amount? I'm thinking of getting a Model Y if it'll save me a decent amount of money. With just putting in the incentive amount ($5500 in my state/county) and my trade in, my monthly will be about $400/month. I spend roughly $600 in gas per month (and going up soon) with all the driving I do. That's not counting the $50ish dollars a month in oil changes and all the other maintenance coming up on my car as it hits those big mile marks.
Schulz1983
Model Y LR AWD: Matte PPF, Vossen HF-1
I switched from a 2014 Grand Cherokee Hemi Overland to a 21 Y LR. Insurance went up $400 a year so we now pay $1600/year. No accidents and both of us are 37.
Get a quote. We can't tell you. Depends on location, company, age, driving record, etc. I have very high limits and pretty low deductibles on the Tesla, and my iinsurance is 1800 a year including liability only on my 20 year old beater, which was 600 a year on it's own.
Schulz1983
Model Y LR AWD: Matte PPF, Vossen HF-1
When your quoting you might check options for no deductible glass coverage. We carry that on our policy for pretty cheap. Front windshield had to be replaced from a huge stone chip. The cost is $1380ish if I remember correctly.
whisperingshad
Active Member
10% down, is about 200 more a month than my prius prime.
If I had 55k in the bank i would have paid cash. Always pay cash if ya can for a car.
If I had 55k in the bank i would have paid cash. Always pay cash if ya can for a car.
El joe
Active Member
Careful, they can read minds.That was me talking to myself in my head while looking at the wife
Keith
Awesome, thanks! That's a lot lower than I was expecting... I have no accidents and I'm 36 so it should be similar jump.
Yeah, I plan on doing that when I'm closer to buying (probably in 2 months). I just moved out of LA County so my insurance is pretty low out here. I was more looking at the difference than the total cost.
I'm more worried about the price difference than the total price. Sounds like everyone is seeing a few hundred a year difference, so I'll probably keep my plan and just change it to the Tesla. It's not so much the total cost as it is will I be paying more money if I swap cars and trying to do the math.
Thanks everyone!
That's how much I would be spending for gasoline, too. If I add up everything, in the end, Tesla Y or Gasoline car will have a similar monthly bill.
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