How will you pay for your new model 3?

[NikolasRide]

Imagine having your 1st vehicle being a Tesla???
What a great time to be growing up in!

 

[nd4spd569]

i'm shocked so many are financing. I assumed many would be leasing since battery tech is still new. I'm still undecided myself but i will drop probably close to $20,000 down. I'll get a rebate cheque for $14,000 from the Ontario gov't for getting an EV which is pretty awesome and generous.


If that credit is still around 3 years after the Model 3 is out i may opt to get a newer Model 3 or Y in that time. (hence why i may opt to lease first and then buy/finance another Model 3 or Y then.

I drive too many miles too lease

 

[Dutchie]

I think I just write a cheque

 

[Chrisuk83]

m

I drive too many miles too lease

me too

 

[Menifeer]

Proceeds from sale of short-term TSLA put and call options over the next two years.

 

[wildm011]

At first, I didn't see the relevance of this post. But then I thought about it from a different viewpoint. I'll be paying cash, but then I thought - How? My credit card has a limit which is below the purchase price, so how have people gotten their payments into the hands of the good folks in Palo Alto - Mail fat envelopes of bills? Bank Drafts? Pay Pal? How does the physical transfer of funds work?
Just curious,
Wildm011

 

[Woosie]

A combo of borrowing against the 401K and credit union financing. Since I had a Leaf and I drive 10-12 K per year, a purchase makes the most sense. This is a typical 10-15 year purchase, like every car our family has owned (excepting the Leaf lease and my first car, a Triumph TR-4. I had that one for only 8 years through high school and after college).

 

[MP3Mike]

At first, I didn't see the relevance of this post. But then I thought about it from a different viewpoint. I'll be paying cash, but then I thought - How? My credit card has a limit which is below the purchase price, so how have people gotten their payments into the hands of the good folks in Palo Alto - Mail fat envelopes of bills? Bank Drafts? Pay Pal? How does the physical transfer of funds work?
Just curious,
Wildm011

Ever heard of these things called checks? (Pieces of paper that you write out the payee and amounts on... )

You can also go with a cashier's check, or do a ACH bank transfer. They don't take credit cards for anything but the reservation and deposit.

 

[328GTS]

Write a check.... If interest rates are very low I might finance part. Cheap money is always good.

 

[wildm011]

Ever heard of these things called checks? (Pieces of paper that you write out the payee and amounts on... )

You can also go with a cashier's check, or do a ACH bank transfer. They don't take credit cards for anything but the reservation and deposit.

Ahhh - I HAVE heard of those things! I am just so used to (online) businesses not taking them, I hadn't considered that Tesla would accept them. However, since it's paid in a advance prior to production or shipment, I suppose their risk for NSF cheques would be low. Thanks for the reminder

 

[Josh the German]

Quite easy - robbing some banks. That´s all ...

Regards from Germany

Josh

 

[Chrisuk83]

Ever heard of these things called checks? (Pieces of paper that you write out the payee and amounts on... )

You can also go with a cashier's check, or do a ACH bank transfer. They don't take credit cards for anything but the reservation and deposit.

Funny, in the UK that's are called cheques. Thats English for you

 

[gigglehertz]

500 shares of SCTY, as soon as it gets to $100. Soooo, about 2025?

 

[johnnyS]

I have a jar of quarters, that should do it.

 

[Justmurr]

I would be financing a large portion of my model 3... Just like I've always done with most of the cars I've ever owned.

Of course I wish I started saving years ago when I knew I'd be getting one of these once they became available someday..
And Of course I didn't save for it since it wasn't ever "someday" then this darn thing called life happens and here I am....years later and holding an early reservation and asking myself this exact question.... but not really how are you going to be paying for it? Because I'm financing the thing ......but more how are you going to UPGRADE to get the Model 3 you've always wanted (bigger battery, AWD, performance)

So I took the first step to saving for my eventual upgrades just today. I traded in my 2014 Mustang for a 2003 Volvo and will use the monthly savings for my upgrade fund. Here's to not needing those savings for whatever life brings between now and the glorious day I can take delivery.

 

[longshadows]

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.

Savings, then any additional from my investment account.

 

[JmBHardwood]

I will most likely take out a loan for the model 3 then sell my jeep and put it towards the principle then pay off the rest in increments.

 

[MSEV]

Does anyone have a list of Banks and Credit Unions that offer a discount on rates for purchasing an EV?

I used Energy Federal Credit Union, .5 off for EVs, 1.11% a year ago (.61% a few months before I got mine), I don't know what their rate is now (Home :: Energy Federal Credit Union).

 

[Wolfsburg]

So Tesla takes checks but not cards? I had actually not considered this. I'll probably put down a decent downpayment and finance the rest.

 

[vinnie97]

With so much debt juggling (mortgage, PV system, heat pump, and unsecured credit card debt), I have no leverage for savings. May have to grab one of those 84-month loans when I'm invited to order. ;0 This will make it a de facto 10-year car for me (battery, don't fail me now!).