Not a fan of Dave Ramsey method, because you only live once and you never know what's going to happen. But $85k vehicle on a $115k yearly salary sounds absolutely insane. It's not worth it. That coolness will wear off a bit after a while but those payments are going to be brutal for a long time.
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In the face of a recession, should I buy a Y now or wait?
- Thread starter Macgyverfever
- Start date
What happens if the company goes bankrupt? I've worked for a hospital system before that literally just closed a busy hospital. Just because not enough profit. Anything is possible. They don't owe you anything.And believe me, if I were to get such a vehicle, I have 0 plans of ever trading or selling it (I still have my note 9 as my phone and before that was using a note 3 until the battery was replaced for the 2nd time) - I would drive this car 'til the wheels fell off, and then repair it and drive it some more.
I suspect from the comments my biggest hurdle is not having an emergency fund set aside. Should a life event occur now, I won't be prepared, even by the time I receive the vehicle which is due this Sep. I do know confidently, however the conservative family-oriented company I work for wouldn't dare think of letting my wife or I go (and I swear to you all I am not trying to brag but I don't just play the role of System Admin, DBA, Help Desk, Veeam, vCenter, and Network Admin for them, but I am (and have been) also their eyes and ears through this crazy rollercoaster of a pandemic; I analyze sales data, item cost increases, contract pricing, I build reports, etc so that sales reps can not only maintain but improve upon their GPs which helps the company's bottom line, and apparently as a result, I've done so well that company profit margins have increased by 8% compared to our best year ever and are on-track to do even better. They've therefore promised a 15% raise the beginning of next year).
I'm concerned though because if my wife or I were to ever wreck, we won't be able to pick the other up, and being dependent on one vehicle for 5 years really does wear on you mentally. So therein lies the problem: I need a second vehicle, I will do anything and everything to get the debt paid off promptly, yet I am gambling the risk of unemployment until say, June of 2023 to have a proper 6 month emergency fund. Maybe if I switch to ramen noodles I can pull this off...
In addition to having a healthy amount of money on hand to cover our monthly expenses should something a) catastrophic come up b) my wife or I lose our job(s), put aside a car payment every month after ordering. Didn't know it would take 6 months to get the damn car, but having that buffer set aside specifically for the car made me sleep better. Something to consider, in addition to a general emergency fund.
Could have just paid cash for the car, but 1.74% interest rate is cheap money and as it turns out, had cash to invest some more during the dip including a few shares of TSLA.
Could have just paid cash for the car, but 1.74% interest rate is cheap money and as it turns out, had cash to invest some more during the dip including a few shares of TSLA.
I actually turned this car down before at a 2.79% and 6k less back in March.. but they wouldn't give me the damn Ryzen chip and 15v li battery - I just couldn't commit to it. Anyway I've had this vehicle reserved for a second time since May 31st and is due Aug-Sep. I'm hiding it in another parking lot so people at work don't see me drive it (interestingly enough, the manager of the lot next to me who gave me permission is doing the same exact thing with his Hyundai Ioniq 5 ev lmao). My wife was the one who talked me into it even after looking at finances and the anecdotal evidence from this thread.
If I may digress - wow 6 pages worth of comments! I'm once again very thankful for all your comments and suggestions! I needed to really think about it. Will post pics.
If I may digress - wow 6 pages worth of comments! I'm once again very thankful for all your comments and suggestions! I needed to really think about it. Will post pics.
Misterbee
Member
The OP is not concerned about cost, he made this thread to be reassured that he is making the right choice... nothing said in the thread in the negative direction will dissuade him, and everything in the positive direction will reassure him. His mind was made up before he ever touched the keyboard to make the original post.
Keith
Even Rich Symmons is questioning the high prices and he sells Tesla’s for a living. I would look to buy a cheaper EV’s today or go back to ICE until prices drop and then shell out on a Tesla when their closer to the pre-increase prices. Their is profiteering happening at the moment and paying mortgage payment sums for car is getting ridiculous.
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I just go by what people say, but you may be right that they just wanted to get talked into a decision they've already made for the most part. $4k disposable income a month is plenty to afford a model y payment though it is hard to understand why emergency savings would be zero with that much extra money floating around. It really isn't my decision though, I just threw the Bolt idea out there because it'll do 90% of what the model y will do for less than 1/2 the price.
Oven replacement got me - this happened last month.
I made the mistake back in March 2020 to test-drive a MYP and accidentally fell in-love (don't tell the wife).
I'm willing to test-drive a bolt - making the appointment today.
Happens to the best of us. I test drove a M3P in October 2019 and that was all she wrote for my Nissan Leaf. There was nothing wrong with the Leaf but nothing drove like the Model 3. By January I was flying to Savannah Georgia to buy a used one.
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Ho - Lee - *sugar*
Kinda looks like the 3 won?
Sorry that happened to you ugh
Kinda looks like the 3 won?
Sorry that happened to you ugh
Yeah it sucked for sure. Worse for the lady in the Murano she had to get cut out of the windshield by the fire department and taken to the hospital. Jackass that caused it all walked away somehow unscathed and his 2002 Chevy Cavalier wasn’t worth much to begin with. All this at 7am on a holiday in a 25mph residential neighborhood…
I changed my response when I saw it is $4000 of money remaining after all expenses. I think I get about $5k a month after taxes, health, and retirement before any expenses; and my spouse is on unemployment. ... Yes, we just got a second Tesla (Model Y), so who am I to judge you? Good thing about Tesla is that the car's value is immediately exceeds the loan. Also, we somehow pay $1600 a month on TWO Teslas. $1300 for one sounds a lot.
SmhYeah it sucked for sure. Worse for the lady in the Murano she had to get cut out of the windshield by the fire department and taken to the hospital. Jackass that caused it all walked away somehow unscathed and his 2002 Chevy Cavalier wasn’t worth much to begin with. All this at 7am on a holiday in a 25mph residential neighborhood…
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I believe it's the 12k FSD and the 4.5% current interest rate @ 72 mo with no downpayment. I'll make extra payments after emergency savings are attained and will re-finance as soon as interest rates drop.
Why am I so passionate for FSD you may ask? One word: 'Timecop'
