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How will you pay for your new model 3?

Discussion in 'Model 3' started by Chrisuk83, Apr 4, 2016.

  1. Chrisuk83

    Chrisuk83 Member

    Joined:
    Apr 2, 2016
    Messages:
    60
    Location:
    Uk
    OK, so I was think how everyone will pay for the car. Cash? lease? Loan?
    I was always in the frame of mind I would never buy a new car due to initial cost and depreciation. However with the model 3 things are different (for me at least) I do around 70k miles a year so the car will almost pay for its self in a year or so (fuel is around $7 dollars a gallon here in the UK) leasing is out of the question for me due to the high mileage.
     
  2. wallet.dat

    wallet.dat Member

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    Location:
    SW
    Probably sell a few Bitcoins, I dunno.
     
  3. Bimbels

    Bimbels GoldMember

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    Jan 18, 2016
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    Location:
    Newport, RI
    Cash money.
     
  4. Enadler

    Enadler Member

    Joined:
    Nov 29, 2012
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    Location:
    Westchester, NY
    If interest rates remain where they are for car loans, under 2% I will take out a loan, otherwise cash money!
     
  5. Socom

    Socom Member

    Joined:
    Apr 4, 2016
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    Location:
    Maryland
    I'll be putting down a good amount and then financing the rest. Can't hurt to have a loan for more credit :)
     
  6. StudMuffin

    StudMuffin New Member

    Joined:
    Apr 2, 2016
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    3
    Location:
    Salisbury NC
    I'm buliding a house a year from now doing a lot of work myself I will just roll the 50k in the house payment. No car payment!
     
  7. Smokkelaar

    Smokkelaar Member

    Joined:
    Mar 29, 2016
    Messages:
    28
    Location:
    The Netherlands
    I go for lease.

    In the Netherlands EV leasing is the cheapest way to ride a EV.
    If i lease for my work, i don't have to pay income taxes on what i spend on the model3. so that is a ~36% (41% - 4% "bijtelling")profit. for the dutch guy under us, i have no intention to explain the complex dutch tax system :).
    The company itself that leases my the car get also a 36% profit trough other rules. So that is almost 49% off.
    Yes the lease company makes some profit and some marges... it is equally expensive as a Renault Clio leasing what im doing right now. The way people are buying this car will very depend on the local tax rules.
     
  8. AU1985

    AU1985 Member

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    Apr 4, 2016
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    24
    Location:
    Atlanta, GA
    I will be getting a loan and the only money I will put down is the 1k I used to reserve and whatever additional $$$ they make you put down when you sign the purchase agreement...I'm in sales/marketing and drive 150 miles per day - 60 for commuting miles and my company reimburses me .50 a mile...I will just use my expense checks to pay for the monthly payments...savings will continue to go into my emergency fund
     
    • Like x 3
  9. Chrisuk83

    Chrisuk83 Member

    Joined:
    Apr 2, 2016
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    Location:
    Uk
    Think I will do cash. It's crazy to think that my current fuel bill (around$25k) will almost pay for the base model . can wait to get it. Tick tock...
     
  10. JoeDesmo

    JoeDesmo New Member

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    Apr 5, 2016
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    Location:
    New York
    with some Tesla stock capital gain proceeds
     
  11. pinski

    pinski Going Plaid

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    Location:
    Greensboro, NC
    Combination of cash and financing. More financing if the rates stay very low.
     
  12. zer0cool

    zer0cool Member

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    Apr 26, 2015
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    Location:
    charlotte, nc
    Depends on a lot of things, interest rate, lease rate. If lease rates are attractive (particularly early due to tax credit), then probably lease. If lease is not attractive and interest is good, then just borrow the full amount. If interest rate is not good, then can do a combo of loan and down. I highly doubt rate will be high enough to entice me to pay cash.
     
  13. Tigr2003

    Tigr2003 New Member

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    Mar 11, 2016
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    Location:
    Toronto, Ontario Canada
    We are saving for our Model 3. Then all cash!
     
    • Like x 1
  14. vinnie97

    vinnie97 Member

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    Jul 24, 2014
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    Location:
    southwest
    Fully financed unless I chance upon some financial windfall.
     
  15. manitou820

    manitou820 Member

    Joined:
    Apr 6, 2013
    Messages:
    36
    Location:
    Colorado
    A combination of cash and financing. Depends on too many factors between now and then.

    The interesting thing is I expect a lot of pre-orders to be canceled when the time comes to buy because of financing. A $40k loan (small amount down with tax) at 6 years and 4.5% interest is $635 a month. I have a feeling a lot of people will back out when they see the monthly payment. Regardless, Tesla will sell boatloads of Model 3s. I just hope this means I'll move up the line a little sooner. :)
     
    • Like x 1
  16. EBenke

    EBenke New Member

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    Location:
    Where it's warm and sunny
  17. HenryNDH

    HenryNDH Member

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    Location:
    California
    Lots of Benjamins
     
  18. ShockZen

    ShockZen Member

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    Dec 26, 2014
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    Location:
    Calgary, Alberta, Canada
    The Idea is to save up as much as I can be for production starts and then do a combo of cash and financing.
     
    • Like x 1
  19. Philcasi

    Philcasi Member

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    Mar 20, 2016
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    Location:
    San Antonio
    A sizable down payment from selling a car and saving until drop date and finance the rest.
     
  20. tvuolo

    tvuolo Member

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    Sep 8, 2013
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    230
    Location:
    Colorado
    Does anyone have a list of Banks and Credit Unions that offer a discount on rates for purchasing an EV?
     

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