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Investing To Get A Tesla

Discussion in 'The UK and Ireland' started by JAH021197, May 1, 2018.

  1. JAH021197

    JAH021197 Member

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    Hi, I am a 20 year old and am literally obsessed with Tesla. If I tried my best to save up for a Model 3 it would be possible but with insurance it'd probably be a massive struggle.

    I have been doing some research and am thinking of doing some investments to make it more feasible. I was just wondering if anyone else has done the same thing?
     
  2. azred

    azred Active Member

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    I have a 3 and an S and both are great cars. But if I couldn't afford them I would be driving something I could afford. They are just transportation.
     
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  3. ewoodrick

    ewoodrick Active Member

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    It must be a great world if you can invest money that you don't have to make a lot of money for no effort.

    It reminds me of the self help seminars that can teach anyone to make millions of dollars. If the folks know this secret way to make money, then why are they travelling city to city putting on seminars? If I can make millions of dollars, why do I need to charge people to come to the seminar. Or wait, maybe it is the seminar that makes me money.

    While there are a number of YouTube and Facebook millionaires, there are many more millions of people who don't make it.

    Love a Tesla, then look hard and go to school to lean a profession that can pay you enough to get one. That means that you'll probably need to be making well north of $100k/year.
     
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  4. ww73

    ww73 Member

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  5. JAH021197

    JAH021197 Member

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    I totally get what you mean, what you say is sensible
     
  6. JAH021197

    JAH021197 Member

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    I never said it would be easy but I could invest about £100 a week quite easily and as long as I'm careful where I put it I could make a lot of money. By the way I don't watch a youtuber's video then go out and do what they say, I know half of them don't have a clue.

    I want to make it clear that I don't think for one second that I can just invest and make a *sugar* load of money, I know you need to put a hell of a lot of time and effort in to it and it's risky but it is possible for someone my age to do. If anything it's easier at my age as I have less bills and can afford to lose larger amounts
     
  7. Mobius484

    Mobius484 Supporting Member

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    Save your money, set goals, stay out of debt, the cars keep getting better and easier to get cheaper(CPO)... drove “beater” cars till 41 and got my S year and a half ago.... even now it’s a stretch and I make a good salary with good profession. There were a lot of other checked boxes on the financial/life goals card before I could reason the price.... But I appreciate it every day...... grin....
     
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  8. JAH021197

    JAH021197 Member

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    A
    Also I want to make it clear that I'm not saying I'm trying to be a millionaire because I'm not. I'm on about £22k a year and a Model 3 is believed to be around £35k. I'd only be looking to make a couple thousand just to make it a bit easier. I'm not going for a Model S or anything. Just a basic 3 would be amazing for me
    Thanks for the words of wisdom! I'm so happy you managed to get one☺️!
     
  9. WannabeOwner

    WannabeOwner Active Member

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    A Rich Barsteward mate of mine says that if you want to make money the first thing you have to do is stop working ... then you a) have time to make investments and b) incentive - to survive!
    • Pay off all your debt
    • Stay out of debt
    • Buy a house (OK, you are going to need a mortgage for that)
    If you are able (skills and "an eye for") to buy a house cheap and do it up, and then move on, the tax advantages are significant (no capital gains tax on the your primary residence).

    If you can do the house up, AND have accumulated enough to buy another (and retain & rent out the first) even better.

    Skip spending money on depreciating assets, like cars / holidays / drunken nights out until you can afford it from spare cash.

    I didn't do any of that :), I had a succession of sports cars etc. in my 20's, and was self employed I bought the cars cheap - e.g.a Lotus Esprit that a Porsche and Ferrari dealer had taken in Part Ex and stood on their forecourt for months ... I made them a ridiculous offer and they took it ...

    You could invest your spare £100 a week in Tesla (using an ISA). its a one-way-bet. if Tesla do well you sell the stock and buy a car. If Tesla tank you won't want the car anyway ... but its a gamble, not shrewd investment and, as of today, you are "late to the party".

    Why not? A million is not a lot these days. Seems like a reasonable target to me. The conventional maths aren't great though:

    £100 a week invested at a high rate of return is 40 years to £1M

    The first 7 years get you to £50K ... enough for a posh car perhaps (although inflation will have eaten some of that ... but your investments can increase, with your salary ... but the money you put in early will grow the most). Its a long wait for the car ... but a reasonably approach to a Pension.

    Clearly you need a strategy that doesn't take as long, and the more you put in, and lock away, on day one will work the hardest for you.

    People who I know who have made money (who didn't Inherit, Marry or Win it ... or do all three!) work hard, and have their own business, and obviously more than 50% of their decisions were good ones ... but IME that route is pushing a tax-rock uphill, so what you ought to take-home and actually do are different things, so its no quick win either. But I reckon its the route with the most likely upside

    Having Kids is an expensive project. If you have your own business by then my advice would be to find a wife who will, also, run her own business. With enough earnings you can pay other people to do the humdrum ... with a conventional wage any earnings will go on the cost of child-care whilst at at work ...
     
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  10. JAH021197

    JAH021197 Member

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    Thanks for the reply☺️! Thinking of a lot of options!
     
  11. JAH021197

    JAH021197 Member

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    I know what my plan is, I'll let you all know in a year or two. I believe I can prove people wrong but we'll have to wait and see:p!
     
  12. WannabeOwner

    WannabeOwner Active Member

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    Wish you the best of luck.

    I've proved a lot of people wrong in my lifetime ... so has Elon :)
     
  13. Peteski

    Peteski Active Member

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    It's good that you are thinking of investing some money. But I wouldn't rely on that alone to pay for your Tesla. You might even lose money investing as it's inherently risky and more so for high returns.

    What you really need to do is focus on your work/career/business plan for your main income. You need to work out a plan to take you from your current £22K a year to more like £50K+ a year to make a Model 3 much more affordable. For example if you are in a dead-end job, get out of it and do something else before it's too late. If however your current job has great prospects, then work hard and realise that potential.

    Also remember that what you want today might change drastically in a few years time. When I was 20 I was into Ferraris and Lambos, but by the time I could afford them I'd totally lost interest in the whole thing. But there will be something you still want to spend money on, so it is still worth earning it!

    Good luck!
     
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  14. WannabeOwner

    WannabeOwner Active Member

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    I did have a couple of 2-seaters in my Youf!, but affordability, back then, was Lotus :)

    When I could afford Ferrari etc. I could never persuade myself that I wanted to pay all that money for a high-days and holy-days car ... so I never bought one. Had a (version-1) RS4 ... and then went all Eco and moved to hypermiling instead ...

    MS for me is definitely the solution, Supercar quick, use it every day, carry 4/5 adults and all the luggage you can imagine ... and save £4,000 a year on fuel (no, I didn't divide the price different between VW Golf and P90D by £4,000 to see what the pay back was :) ) ... "Green" too.
     
  15. jaguar36

    jaguar36 Active Member

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    Simple, take the £100 a week and throw it in an index tracking fund. In 7 years or so you'll have enough for a Tesla. There is no get rich quick investment strategy.

    If you want to speed it up, while you are investing your £100 a week, work your ass off at your current job. Spend your free time doing something to improve your income. Take a second job, start a youtube channel, go back to school. Something besides hanging around drinking and watching tv. Also work to cut your expenditures, particularly things that have a recurring monthly fee. They can end up costing a fortune in the long term.
     
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