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Model 3 monthly Payment?

Discussion in 'Model 3' started by Garlan Garner, Sep 27, 2017.

Tags:
?

What do you atcipate spending - monthly?

  1. 200-300

    3.2%
  2. 300-400

    9.7%
  3. 400-500

    17.7%
  4. 500-600

    26.6%
  5. 600-700

    17.7%
  6. 700-800

    8.9%
  7. 800+

    16.1%
  1. Garlan Garner

    Garlan Garner Well-Known Member

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  2. Runt8

    Runt8 Member

    Joined:
    May 19, 2017
    Messages:
    553
    Location:
    Colorado
    I will be getting the LR+PUP in Blue with the Aero wheels.

    $51,000 + $3430 taxes
    ~$4000 from the sale of my current car + $12,500 in tax credits + $15,000 down payment

    Leaves me with an "effective" monthly payment of ~$340 (~$525 without taking tax credits into account).
     
    • Like x 1
  3. 206er

    206er Member

    Joined:
    Feb 21, 2017
    Messages:
    303
    Location:
    Seattle, WA USA
    I'm going with the base model, but given current interest rates I can't see this costing any less than around $500. Minimal downpayment.

    Would love to be offered a loan rate better than 2.48%, or a lease option bringing the payment down to the $300s, but not optimistic either of these scenarios will come to be.

    Definitely planning to use the full federal tax credit to cover my monthly payments as soon as it becomes available to me after I file my taxes (assume this will be in Feb 2019, but sure would love for it to be Feb 2018). Also hoping that guy in the white house and his goons don't somehow eliminate the federal tax credit early before it expires on it's own. After failing at health care, tax reform is now their central focus.
     
    • Disagree x 1
    • Funny x 1
  4. eSpiritIV

    eSpiritIV Member

    Joined:
    Mar 24, 2016
    Messages:
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    Location:
    Portland, OR
    Ben's payment testimator is based on no tax credits so you can figure what your payment will be for A YEAR before your Taxes get filed for 2018.

    You can just refinance in a year to bring your payment down
     
  5. Runt8

    Runt8 Member

    Joined:
    May 19, 2017
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    553
    Location:
    Colorado
    No way I would take the fee hit in order to refinance. Stick the tax credit money in a bank account and use it to supplement your monthly payment.
     
    • Like x 6
  6. hoang51

    hoang51 Member

    Joined:
    Aug 22, 2013
    Messages:
    475
    Location:
    NoVA
    Earlier this year, I helped my father in law refinance his car loan with no refinancing fee. This was through my work's credit union though.
     
  7. Runt8

    Runt8 Member

    Joined:
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    553
    Location:
    Colorado
    That's a really nice thing to offer - I wonder if my credit union does the same?
     
  8. WileyTheMan

    WileyTheMan Member

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    Apr 20, 2016
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    413
    Location:
    Los Gatos, CA
    I'm looking at high $600s, low $700s I think. We shall see.
     
  9. zer0cool

    zer0cool Member

    Joined:
    Apr 26, 2015
    Messages:
    361
    Location:
    charlotte, nc
    I mean an LR version with premium and AP and non-black color is 55k. So on a normal 60m loan that's 917/m without considering any taxes and interest.

    Add some interest and tax and initial fees, basically you are at $1k/m.

    Tax benefits is not part of monthly payments. It's a one time balloon when you get your refund or just a reduction of how much you owe. You still need to pay that 1k/m regardless of tax benefits.
     
  10. SageBrush

    SageBrush Active Member

    Joined:
    May 7, 2015
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    4,171
    Location:
    Colorado
    Nothing stopping you from putting the tax credit in the bank and applying 1/60th of it each month to your payment. So while the total payment stays ~ 1k a month, you out of pocket is reduced ... which I think is the point here.
     
    • Informative x 1
  11. dsvick

    dsvick Active Member

    Joined:
    Jun 10, 2016
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    1,385
    Location:
    NE Ohio
    How are you applying the tax credits to the initial cost of the car? Did you adjust your withholding in anticipation and will use that?

    Or use it to pay off other, higher rate, debt.

    Most places I know do not have a refinance charge for car loans. What you may run into though is that for the second loan they won't consider it a new car so you would end up with a higher rate for a used car.
     
  12. Phrixotrichus

    Phrixotrichus Member

    Joined:
    Jul 31, 2017
    Messages:
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    Location:
    Germany
    this thread kinda reminds me that there were reports about the next big credit catastrophe in the usa probably being due to 100s of billions in fould car loans.
     
  13. Chewy3

    Chewy3 If MacGvyer had a beard

    Joined:
    Apr 30, 2016
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    Location:
    San Diego
    • Funny x 5
    • Disagree x 1
  14. Garlan Garner

    Garlan Garner Well-Known Member

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    Location:
    Chicagoland
    What? Can you be serious for a second?
     
    • Disagree x 1
  15. Foxhound199

    Foxhound199 Member

    Joined:
    Jul 3, 2015
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    359
    Location:
    Seattle, WA
    My plan is to take out the loan for a year longer than I intend (assuming the rates are comparable), then dumping the entire credit into the loan as soon as I get it. I end up with both the term and the monthly payments I wanted with the credit factored in.
     
    • Like x 1
  16. stan23

    stan23 Member

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    Location:
    Santa Clara, CA
    You may want to re-check your math....
     
    • Like x 1
    • Disagree x 1
  17. voip-ninja

    voip-ninja Member

    Joined:
    Mar 15, 2012
    Messages:
    743
    I could write a check for the car but would rather invest the money. Having said that I'm not comfortable with a $1K auto loan obligation.

    So what I will do is pull the $12,500 in rebates I am getting along with $4,000 in security deposits from my BMW and put all of that down then replenish the savings from the taxes for 2018 once they are filed.

    If the 1.99 72 month rate holds then that would put me at a payment of about $600 a month (I will pay taxes up front at time of purchase and will pay the $1000 initial registration out of pocket too).

    +$49,900 (initial production)
    +1,000 (paint)
    +1,500 (wheels)
    +1,000 (delivery)

    -4,000 (BMW security deposit refund)
    -7500 (full fed tax credit)
    -5000 (colorado tax credit)
    -1000 (initial deposit)

    Total "down" payment is $16,500 + sales tax of about $2,000 plus another $1,000 for plates and registration.

    leaves me with $38,900 financed at 1.99 over 72 months at $591 per month.
     
    • Like x 2
    • Informative x 1
  18. N5329K

    N5329K Member

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    764
    Location:
    California
    $200-300, assuming a base model, not black, with a large-ish down payment. We'll pay our tax refund to ourselves through reduced estimated payments against the year-end tax bill.
    If I like the car.
    Robin
     
  19. siggyfreud

    siggyfreud Member

    Joined:
    Aug 8, 2017
    Messages:
    178
    Location:
    Oregon
    LR + PUP and software options. I plan on putting 20k down, and borrowing another 10k from myself that will be repaid from the tax credit and local state rebate. I expect my payments to be in the mid-high $400s depending on what I decide about paint and wheels.
     
  20. hoang51

    hoang51 Member

    Joined:
    Aug 22, 2013
    Messages:
    475
    Location:
    NoVA
    I just helped with the paper work. He qualified on his own to do the refinancing. Best bet is to ask your credit union. That's what I did.
     

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