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Model 3 monthly Payment?

What do you atcipate spending - monthly?


  • Total voters
    125
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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.

When I helped my father in law do his refinancing, it was still considered a new car loan. Might have to ask prospective bank(s) about the timing of the refinancing as to how they determine the qualifications for a new car loan. For example, for my father in law's situation, we did the refinancing within a few months of the original Toyota financing to get a lower rate. It's just extra paper work and time spent to save some money.
 
Me too. It'd bounce, but I could write one .... :D

Everyone's finances are of course their own business, but I was just highlighting that even though I could pay cash for the car I don't believe it's a prudent use of capital.

Now.... I fear for those who will become seriously overextended and become "Car poor" getting into a Model 3. There were some scary threads about that in the early days of Model S with people doing things like getting 2nd mortgage on their home just so they could get electric car. Talk about priorities being messed up.
 
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?
I'll be adjusting my withholding. It's why I listed an "effective" monthly payment - it takes into account the $12,500 / loan term.

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.
That's a good idea if you can get the same interest rate.

You may want to re-check your math....
Not sure if you're joking or not. There's no way you can know this without more information than what I gave.
 
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Now.... I fear for those who will become seriously overextended and become "Car poor" getting into a Model 3. There were some scary threads about that in the early days of Model S with people doing things like getting 2nd mortgage on their home just so they could get electric car. Talk about priorities being messed up.

Lol, that's always going to happen with some people no matter what hot car we're talking about. The joke (but true) example is the Escalade parked in front of the projects. I know quite a few cities where tons of people overextend themselves to get into a BMW. I'm sure a few of those will do the same with the Model 3.
 
What? Can you be serious for a second?
Completely serious. This is a thread, which you started, asking everyone about their expected monthly payment.

Since you said you sold your Model S because the payment was too high, I'm curious what the monthly difference will be (especially since you said you're getting AWD + stuff). I was under the impression a spec'd out M3 was looking like the same price as a base Model S.
 
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Completely serious. This is a thread, which you started, asking everyone about their expected monthly payment.

Since you said you sold your Model S because the payment was too high, I'm curious what the monthly difference will be (especially since you said you're getting AWD + stuff). I was under the impression a spec'd out M3 was looking like the same price as a base Model S.
gg wants some validation from the Tesla community that his anticipated monthly payment is "OK."

<<shrug>>
 
Completely serious. This is a thread, which you started, asking everyone about their expected monthly payment.

Since you said you sold your Model S because the payment was too high, I'm curious what the monthly difference will be (especially since you said you're getting AWD + stuff). I was under the impression a spec'd out M3 was looking like the same price as a base Model S.
I'm paying cash. Contemplating a loan and not paying cash.
 
I voted 400-500 because I configured a Model S (75D, metallic paint, cream premium interior, comfort package, PUP) and the leasing rate was 581 Euro per month for an RRP incl. tax of 94.8K Euro.
As I would wager to guess that my Model 3 config will come to between 55K Euro and 70K Euro, depending on European pricing in late 2018, I think it is reasonable to expect a leasing rate of between 400 and 500 Euro under the otherwise same conditions.
 
I'm paying cash. Contemplating a loan and not paying cash.
You can't afford the payment for a Model S but you have enough cash to pay for a fully loaded M3 in cash?


I've been wanting to say this,
however I didn't want to get blasted. The S made me struggle financially and that was stupid.
AUGUST 2016 ^^^ Supposedly already purchased and sold...However his M3 Delivery estimate has him with Non-owners (image in quote below screenshot of his M3 Delivery Estimate Nov-Jan for First Production)
That's what mine says and I live in Chicago. LOL

View attachment 238935

... If I could afford the MX or MS,, I would buy those instead
Would rather have S or X than a 3, most of us would agree.
.... Truthfully the MS has very cheap amenities such as it's faux leather and crushed velvet and plastic dash and are a few of the reasons why I haven't purchased a 100K MS. ( I will only buy the best of a particular model ).

You chose not to buy a $100k MS because it felt cheap? Not all the other times when you said you could afford it? BTW, this is after claiming to have owned one already.
...I can afford all of the options. Its fine. I was just about to purchase a MX before the M≡ exposed itself. I'll just hold on to my M6 [Model S] till the ≡ arrives.

Wait...so you CAN afford an ALL OPTION Model X, but would prefer the 3?....and you currently have an S?
(
... One of the reasons I'm not riding in a new MS (even the 60) isn't because I can't afford the car payments.... its because I would have to also eat every now and then.

So confusing. A base model S is too much to afford + eat
I simply can't afford a Model S - or I would have bought one already.
Can't afford it. But had one...never had one...can afford a fully loaded Model X...What?!
Max payment for the car is $60K no matter what options there are.
$60k budget

Can no longer afford a Model S payment.
Sold it a while ago.

I'm getting a white model 3 AWD Ludicrous
I've been in this forum since reservation day
.
Thats gonna cost a lot more than $60k...in fact, a loaded M3 will be more than a base MS (which you previously stated you couldn't afford)
I'm also concerned about my Insurance payment.

$600 for payment combined with Insurance is my max.
You ain't getting AWD Ludicrous + insurance for under $600 lol



So for the purpose of this thread - Are you still planning on your monthly payment to be <$600/month ?
 
To answer the questions of this thread, I never did the math, haven't decided yet. I know my wife wants a M3 + AP + Glass roof + Paint so that comes out to about $49 with tax.

Interest rates are low, so I'll probably try to finance most of it.

If I put nothing down, for 60-months, at 2.59% it comes out to $872/month
If I put 20% down + the $7,500 I'll be getting back, for 60-months, at 2.59% it comes out to $564/month

So somewhere between those 2 sets of number. Might go to a 3-year loan if the APR is significantly lower.
 
I was planning on getting the standard battery Model 3 and selling my LEAF so the monthly payment after selling the LEAF and the tax credit would have been in the $400 range for 60 months. But now I'm thinking about springing for the LR battery and keeping the LEAF so I can rent out the 3 on Turo for the first 6-12 months. Monthly payment would be closer to $900 but I would think the revenue from Turo should cover that for a while. Decisions, decisions ...
 
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You can't afford the payment for a Model S but you have enough cash to pay for a fully loaded M3 in cash?



AUGUST 2016 ^^^ Supposedly already purchased and sold...However his M3 Delivery estimate has him with Non-owners (image in quote below screenshot of his M3 Delivery Estimate Nov-Jan for First Production)



Would rather have S or X than a 3, most of us would agree.


You chose not to buy a $100k MS because it felt cheap? Not all the other times when you said you could afford it? BTW, this is after claiming to have owned one already.


Wait...so you CAN afford an ALL OPTION Model X, but would prefer the 3?....and you currently have an S?
(


So confusing. A base model S is too much to afford + eat

Can't afford it. But had one...never had one...can afford a fully loaded Model X...What?!

$60k budget


Thats gonna cost a lot more than $60k...in fact, a loaded M3 will be more than a base MS (which you previously stated you couldn't afford)

You ain't getting AWD Ludicrous + insurance for under $600 lol



So for the purpose of this thread - Are you still planning on your monthly payment to be <$600/month ?
I couldn't afford my $1200 payment for my S. Correct. I sold it.

Could I have continued to make the payment - yes. But not affording something does not mean that I don't have the money for it. I believe many people in this forum could afford a model S but other things would have to be sacrificed - for some it might be their house or something else.
I can't afford it because I didn't want to sacrifice anything. I'm saying this for the benefit of those who are young here. Don't overextend yourself for a car - EVEN if you can suffer through the payments. There are a few DR's on a Tesla podcast where one of them can afford the car - but he has said multiple times that the payment is killing him. I don't want to be driving around enjoying my car and when the thought of the payment comes to mind......I start to immediately not enjoy my driving experience. That's one of the things that started happening to me with my Model S.

To some people - shelling out $1200 per month for 5 years is the equivalent of being able to afford it. They'll say - "see, you could afford it because you did it". They won't know that in November you started shelling out $1200 for a car and then in February you are met with some unpredicted health care expenses that makes your car payments "unaffordable". You don't always have to tell folks your story in detail, however sometimes its worth it.
I haven't included the "why" of why I could no longer afford the car payment, but neither do I owe it to anyone. Could be health, childs college tuition, loss of job, natural disaster or anything.

For me. I have been blessed with 60K to pay for my model 3 and I'm not going to explain how or why. I can pay 60K and not have a note at all on my Model 3 or I can pay 60K on a model S and have a payment of $600+. Either way I will not pay $1200+ on any car and over extend myself.

I'm trying to live debt free now ( at this point in life ) and 60K cash is my decision. I understand that not everyone has that option available which is why I started the thread.

Many of you have provided some excellent explanations as to why you have made the decisions that you have and I'm sure that many folks in the near future will read them and greatly appreciate them and young folks will benefit as you pay it forward.
 
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Monthly will be $0. Taking the down payment I've been saving up for the past year or so and buying a wedding ring.

Waited a long long (did I mention long time), worked so hard, spent hours of my life learning as much as I could about Tesla, but the time to divert my personal WANT for a revolutionary vehicle to the NEED to be with the best person I've ever met and spend the rest of my life with has come. If my paid for ICE can make it from 100k to 200k, maybe I'll be in the market for a Model Y. Very sad day, but it feels great at the same time. Enjoy your -1 position in line.

Funny though, my mother told me she passed up on buying a Corvette so she to marry my father. Runs in the family hahaha.

Enjoy the car folks!
 
No one should buy a luxury car that would leave them without a buffer. If you used every last penny from your discretionary income to afford a $1,200 a month payment, but saving those $400 to "only" have an $800/month payment on a luxury car makes a difference - then you still made a very stupid* financial decision from the get go. When you're luxury car shopping, $400 a month should not make or break a budget.

*And no, that's not a personal attack, I'm calling the decision stupid, not the OP.