How to save for Model 3?

[Camera-Cruiser]

Ok, Since many, many folks are now hundreds of thousandth in line for the model 3 (and sorry, I haven't paid attention on how to type in the Tesla 3 symbol yet), I think we should figure out creative ways to save up for it.

It could be as simple as I'm giving up daily Starbucks at $5.00 a day to people's ideas about a small stock portfolio that you plan to grow to achieve the funds to buy the car. No, I am not talking about people that have blocks of stock that see their portfolio change in value by multiples of model 3 by hour or day – that's no fun.

I am thinking more mad money investments – heck maybe a portfolio that starts out with the same $1,000 that was put down for your reservation.

Keep it real, but fun!

 

[eloder]

1) Buy Tesla stock with all funds you can afford to lose.
2) Buy Model 3 with said funds in two years.
3) Maybe pay off mortgage with leftover funds, depending on initial deposit.

 

[Electric Jupiter]

Ok, Since many, many folks are now hundreds of thousandth in line for the model 3 (and sorry, I haven't paid attention on how to type in the Tesla 3 symbol yet), I think we should figure out creative ways to save up for it.

It could be as simple as I'm giving up daily Starbucks at $5.00 a day to people's ideas about a small stock portfolio that you plan to grow to achieve the funds to buy the car. No, I am not talking about people that have blocks of stock that see their portfolio change in value by multiples of model 3 by hour or day – that's no fun.

I am thinking more mad money investments – heck maybe a portfolio that starts out with the same $1,000 that was put down for your reservation.

Keep it real, but fun!

I litterly put everything I have in savings, because thats a REALLY nice car for the price! Thanks for ideas.

 

[ppardue1]

By continuing to not have car payments while driving my 15 year old daily driver. It's not very glamorous but I have to offset the dumb (financially anyway) decision of buying a new car. I'm 25, and the model 3 will be my first new car.

 

[Camera-Cruiser]

Good start! But I might be thinking Solar City, or other stocks that allow you to have greater # of shares per any given dollar invested. As in 10 shares of TSLA is $2,300 bucks vs 10 shares of SCTY is $240 bucks.

Regardless, I think we should all be creative with this. So, stocks, to selling pet rocks. Let's have fun!

 

[Electric Jupiter]

By continuing to not have car payments while driving my 15 year old daily driver. It's not very glamorous but I have to offset the dumb (financially anyway) decision of buying a new car. I'm 25, and the model 3 will be my first new car.

Very cool! Glad to see another avid tesla owner in the works...

 

[Camera-Cruiser]

By continuing to not have car payments while driving my 15 year old daily driver. It's not very glamorous but I have to offset the dumb (financially anyway) decision of buying a new car. I'm 25, and the model 3 will be my first new car.

I'm trying to convince a friend of mine to do the same. He is driving a 20 year old jeep cherokee that is in great condition and paying next to nothing for insurance. I told him to hold out a couple more years instead of getting a Ford Fusion.

 

[JoRey]

I am also putting everything, and am going to sell my Volt early before depreciation gets worst. Frankly I am going to be saving for the next three years. Its cazy I will get the Tesla when I am 21

 

[kmngq]

Good start! But I might be thinking Solar City, or other stocks that allow you to have greater # of shares per any given dollar invested. As in 10 shares of TSLA is $2,300 bucks vs 10 shares of SCTY is $240 bucks.

Regardless, I think we should all be creative with this. So, stocks, to selling pet rocks. Let's have fun!

# of shares have absolutely no bearing on the value of investment whatsoever.

if you have have 1000 shares of $1 stock
or
1 share of $1000 stock,

its the same thing.

just because you have 1000 shares, doesnt mean youre any richer.

its all about ROI (percentages)

$1 stock going up 2% = $1000 going up 2%

 

[nd4spd569]

By continuing to not have car payments while driving my 15 year old daily driver. It's not very glamorous but I have to offset the dumb (financially anyway) decision of buying a new car. I'm 25, and the model 3 will be my first new car.

Same here. Gonna keep my car that's paid off until the 3 gets here.

 

[Seir]

Will need to check on the lease early termination fee for my silly Leaf...still have a year or so left and could stash that toward the M3. Might depend on where gas prices go in the next few months...

 

[Seesaw]

Was thinking of updating my Camry Hybrid at the end of the year but definately hanging onto it now (plus it's a bloody good car).

Also opening up a savings account and putting a little bit of money in it each week. Certainly cutting down on the coffee and other treats will add up over three years.

 

[WesleyM]

Trying to between now and then eliminate at least 30k in debt extra, that way I can comfortably afford the payment even if I push up to 45-50k

 

[Mod3l 4 me]

1) Buy Tesla stock with all funds you can afford to lose.
2) Buy Model 3 with said funds in two years.
3) Maybe pay off mortgage with leftover funds, depending on initial deposit.

That's not a joke right? Cause this is exactly my plan

 

[Az_Rael]

I actually did put $1000 in Tesla stock. I liked the symmetry of that with the $1000 deposit. Caught it when it was down at $155, so yay me. . But otherwise I am making a savings account specifically for the car and will sock away everything I can between now and then the old fashioned way.

 

[vinnie97]

Trying to between now and then eliminate at least 30k in debt extra, that way I can comfortably afford the payment even if I push up to 45-50k

You and me are in a similar state...though I will probably not be able to shave off that much debt between now and then.

 

[WesleyM]

You and me are in a similar state...though I will probably not be able to shave off that much debt between now and then.

Student loans are a real buzz kill

 

[vinnie97]

Oh yeah...Fortunately, I don't have any of those, but plenty of others (including some unsecured debt).

 

[Camera-Cruiser]

# of shares have absolutely no bearing on the value of investment whatsoever.

if you have have 1000 shares of $1 stock
or
1 share of $1000 stock,

its the same thing.

just because you have 1000 shares, doesnt mean youre any richer.

its all about ROI (percentages)

$1 stock going up 2% = $1000 going up 2%

Yes, but often it is harder to move stocks at higher valuations greater percentages. The Apples and Teslas of the world are aberrations. My point is not to debate market or investment dynamics, that is a different thread.

Please have fun and make a small portfolio. Hair brain scheme, or valid way for an average person to save/invest towards their model 3.

What do you with $1,000 to get you to a model 3 in 24 to 36 months? Along with adding something every month. Let's not say that is $1,000 per month, but the savings of not buying coffee daily. In essence, what are you willing to give up and put towards your model 3?

If I give up my Keurig K cups at .50 per cup and brew a half pot at .75 then I have .75 X 365 days for just coffee savings. Combine that with a few more daily splurges and it starts adding up.

Can you buy a Tesla by giving up coffee? (This is what the thread should be titled) Maybe if you buy it on the street.

 

[Christopher Chan]

1) Buy Tesla stock with all funds you can afford to lose.
2) Buy Model 3 with said funds in two years.
3) Maybe pay off mortgage with leftover funds, depending on initial deposit.

I'm no investment expert but just want to offer another point of view. This plan is sound only if Tesla stock goes up between now and when you need to pay the car. The whole plan will backfire if Tesla stock goes down because not only will be you underwater, you will no funds to pay for the car because the funds are now locked up in Tesla shares which you cannot sell (without realizing a loss).