If you can write off the car as a business expense you should purchase it. If you are spending more than 10,000 dollars a year in Insurance gas and maintenance on your car than by all means get the Y. If you get the Y you will be paying 15k a year in car payments plus insurance. I'm not telling you what to do but 1300 a month for a car payment is crazy.
-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
In the face of a recession, should I buy a Y now or wait?
- Thread starter Macgyverfever
- Start date
Your individual situation sounds risky, I wouldn't suggest moving forward if you'll have no cash reserves after the purchase. However, everyone's way too focused on the cost of the loan payment here.
I'm a proponent for putting down as little as possible on the lowest interest rate and shortest repayment period loan that you can afford monthly. This lets you keep cash for mothlys and emergencies while reducing the overall cost of the loan.
At the end of a loans repayment period I want to have spent the least overall for my asset, not the least per payment.
I'm a proponent for putting down as little as possible on the lowest interest rate and shortest repayment period loan that you can afford monthly. This lets you keep cash for mothlys and emergencies while reducing the overall cost of the loan.
At the end of a loans repayment period I want to have spent the least overall for my asset, not the least per payment.
I agree with Legendsk as well. It's a plan and a challenge I accept.
My wife won't get used to anything here no matter what (the steering wheel is on the wrong side, and I can't tell you how many times she's turned the wiper on when she meant to signal a turn).
I also agree with you - if I could, I'd invest heavily in Tesla.
Also like you, I too am tired of waiting for the Cybertruck. However (and this is where me and the rest of the world disconnect), I am position ~475,000 in line. I'm not super far in, but I'm also not too far out. No one knows what the CT will be priced at, but my grand plan is to get that as a second vehicle if not priced too high, not only because of its rich functionality but because I honestly do believe it will last for 1,000,000+ miles. If that assumption is true, and if the Y lasts long enough, then I won't have to replace the truck or car EVER. I am, therefore, wanting to hedge against inflation with my house and vehicles while they're still relatively cheaply priced. Huge expenses and risks I know, but especially if the CT stays priced at 77k including fsd, then I could come out ahead.
This whole plan is stressful yes, but it's a eustress and it makes me feel alive, optimistic, and I want to see how far I can go (I think I get a high from it and to reiterate love a good challenge). The only thing I hate is how I sometimes get stressed around the kiddos, but that's mostly because they chase each other with the dinosaur tails aimed right at their eyes.
CaptUAL
Member
Since you came to a public forum for financial advice, I would recommend buying a large, twin engine gas boat. Be sure to park it in salt water. 
I think I’m right around 500,000 reservation w Cybertruck. I added the FSD at $8,000 so I hope they honor it. My original plan was to sell the Y when trucks ready in a couple years, I hope we are both gainfully employed and can keep both! My utopian fantasy is fully electric everything powered by solar panels. I bet in next 5 years that plan won’t be near as costly w battery and solar cost declines.
Good luck! Tons of storage btw for 2 kids. The frunk is wonderful.
Good luck! Tons of storage btw for 2 kids. The frunk is wonderful.
gx9901
Active Member
I initially thought the OP would be nuts to buy the Model Y. But after reading through the thread I think he could swing it if he’s as driven/motivated as he seems to be.
I would suggest not getting FSD though, especially for an MYP. My reasoning is that I personally don’t think current hardware will be sufficient to reliably run actual release of FSD if/when it happens. And I would rather drive the MYP myself versus having it drive itself.
I would suggest not getting FSD though, especially for an MYP. My reasoning is that I personally don’t think current hardware will be sufficient to reliably run actual release of FSD if/when it happens. And I would rather drive the MYP myself versus having it drive itself.
I agree with gx. I think you can swing it, but if I were in your shoes I'd set aside emergency $$$ and put everything available into TSLA while Tesla gets manufacturing and the supply chain ironed out. The EV tax credit will be a bonus for waiting too.
Having written that, I'm one who leased a 2013 LEAF waiting for the Model 3. Ended up buying Model S because I was stupid enough to bring my wife with me to a test drive. I really wanted to get a taste of what the "hype" was all about.
In retrospect, I should've put my foot down and placed that S money into TSLA. Why did I have to put my foot down on that accelerator...
ElectricAnt54
Active Member
No. You must have at least 6 months of savings left over after any major purchase in my opinion.
I am unhappy to be moving to an area of the country where my rent will be $1300 a month on $6,000 a month gross income (around $4,500 net) no way in hell would I pay a car payment that big. Wait until Jan when the tax incentives come back, and get a Chevy Bolt for under $20,000 after incentives.
Keith
OK, different situation, $4000 a month of "fun money"... in this situation why do you have credit card debt? How much credit card debt? If you really want to get a car as a toy (no objection here) pay off all of your non-mortgage debt (should take less than a year) and then go for it. You are talking about the taxes on your MYP with FSD wiping out your savings... that means you have less than $5,000 in savings and you have credit card debt while making $4000 a month in disposable income? Sorry, but the oven and washer / dryer don't explain credit card debt, they should be less than one month of your disposable income.
I suspect that you are over estimating your disposable income, or under estimating your monthly expenses if you couldn't purchase a stove, washer, and dryer out of petty cash.
Keith
$4500 for the kid-safe induction oven/stove (my old one turned its heating element on by itself - was in the 'off' position)
$2000 for the induction-compatible cookware
$400 on new breaker since the induction oven is so powerful it tripped the bad 40a
$1200 on a Honda Accord tuneup/timing belt/brake calipers/oil change this last go
$300 on a doll for my 4 year old (she tricked me- shes good)
$800 washer /dryer for my in-laws
Weird how it all happened like that within a month
Physicslawyer
Member
Credit card debt and only 5k in the bank and they want to buy an 80k car. How is anyone recommending this? After the 5k is gone, there is nothing left...ugh
Please speak with a fee based financial planner (someone who is a fiduciary). You need to set your priorities.
Watch some of the videos by "The Money Guys" (they are based out of TN)
This is another good channel:
I have induction compatible cookware- for my induction burner. It was $15 at Aldi, great quality, I bought two of them. You bought a $4.5k stove, yet you have no savings and put this on a credit card? And, two kids plus planning on buying a 80k car?
Please speak with a fee based financial planner (someone who is a fiduciary). You need to set your priorities.
Watch some of the videos by "The Money Guys" (they are based out of TN)
This is another good channel:
Last edited:
Skip FSD, could always pay later for EAP, when economy looks strong again. Also skip performance and pay $2,000 for acceleration boost again, when your job future looks more secure.
And who cares what the monthly payment is (mine is about $770). My down payment was only taxes and fees on my MY because the interest rate was only 1.24% a year ago. Pay what you can afford.
But seriously, if you have $4,000 a month, then you can easily wait 6 months, get 2023 Federal Tax credits, have $24,000 to put something down for a down payment and also make sure your credit cards are paid off by then.
Good luck!
And who cares what the monthly payment is (mine is about $770). My down payment was only taxes and fees on my MY because the interest rate was only 1.24% a year ago. Pay what you can afford.
But seriously, if you have $4,000 a month, then you can easily wait 6 months, get 2023 Federal Tax credits, have $24,000 to put something down for a down payment and also make sure your credit cards are paid off by then.
Good luck!
Never ever jeopardize your financial situation over a car. Wait until you can truly afford it.
On the surface the answer is a hard NO.
That said, $4K AFTER all expenses, all CC's paid off, all debts paid off, retirement accounts fully funded, is actually a healthy chunk of disposable money compared to the average American.
However, you didn't share what your monthly operational expenses were on the Accord.
I mean, if by some insane chance you currently spend $2K/ month on the Accord, then you might have a legitimate financial argument.
However, I bet your total Accord expenditures are <$500/ month.
Another thing that is tough is depreciation. Your Accord is essentially depreciated out so there is very little loss there. even if you don't feel it monthly, new vehicle depreciation is a real expense over time.
Traditionally all new cars depreciate a lot, but there are no tables to look at because Teslas haven't been depreciating over the last 3 years. I don't expect that to maintain however. I mean, no cars have depreciated much over the last 3 years if you think about it.
No. Wait to see if there will be an EV Tax rebate, also consider a Chevy Bolt.
ElectricIAC
Good-Natured Rascal
If you really wanna set your money on fire. Get a Bolt.
Jagownernomore
Member
And it’s this thinking that increases the problem and causes a recession.