Need advice & can't decide. Should I buy?

[jamessmooth007]

I'm coming here looking for help because my family and friends are sick of hearing me talk about it
I want a Model 3 long range with autopilot and self driving options (obviously.) That can get to be a pretty penny. My current situation in a nutshell: I have a 2016 SUV that's paid off. My daily commute is just less than 20 miles total. My work pays for my fuel, so saving money on that isn't an issue. It will actually cost me MORE to pay for the electricity to fuel the Model 3. I can pretty easily make the monthly payments (I got a deal for 1.87% APR for 4 years), but it still hurts to go from no car payment to, well... car payment, you know?
So why do I want the car? Because it's just so darn cool! I'm a huge techie and love that aspect of the car. I've test driven a model 3 twice, and even rented off Turo for a few days to see how the car would feel in my normal work week flow. I completely understand why everyone says this car is the car to drive. It's simply an amazing vehicle and I've never driven another car like it.
So what do you all think? Is the car just so amazing that I should take the plunge, or am I crazy for giving up no car payment and free gas? Any and all advice is appreciated. Thank you!

 

[TexasEV]

With a 20 mile commute, the cost of electricity is trivial. Don’t let that expense vs. free gas affect your decision one way or the other.

 

[Slaughter]

Depends how much you value "cool" and "tech" against money. I just got my LR RWD last week, and I still have my leased car for another couple of months. So I squarely fall into the category of "cool" and "tech" greatly overshadow money ... to a point. For you find that point... are car payments going to make your life worse? If so, don't do it. If not, do it.

The car is amazing, you'll love it, just don't sacrifice other happy parts of your life for it.

 

[Thomas Edison]

One thing’s for sure. You’ll be driving a lot more. You’ll be looking for reasons to drive after you get one.

 

[jonotastic]

I didn’t read the details on your post but if you are thinking about buyone one... do it. You will never want to go back to an ICE car again, trust me!

 

[75Shappyt]

go for the model 3!!!, you will be so happy

 

[Big Earl]

I'm coming here looking for help because my family and friends are sick of hearing me talk about it
I want a Model 3 long range with autopilot and self driving options (obviously.) That can get to be a pretty penny. My current situation in a nutshell: I have a 2016 SUV that's paid off. My daily commute is just less than 20 miles total. My work pays for my fuel, so saving money on that isn't an issue. It will actually cost me MORE to pay for the electricity to fuel the Model 3. I can pretty easily make the monthly payments (I got a deal for 1.87% APR for 4 years), but it still hurts to go from no car payment to, well... car payment, you know?
So why do I want the car? Because it's just so darn cool! I'm a huge techie and love that aspect of the car. I've test driven a model 3 twice, and even rented off Turo for a few days to see how the car would feel in my normal work week flow. I completely understand why everyone says this car is the car to drive. It's simply an amazing vehicle and I've never driven another car like it.
So what do you all think? Is the car just so amazing that I should take the plunge, or am I crazy for giving up no car payment and free gas? Any and all advice is appreciated. Thank you!

Life’s short; buy the Tesla. You’re already going to be asking yourself why you didn’t do it sooner, so just get it over with and enjoy it.

 

[LPLP]

It really just comes down to your finances and whether or not you can afford the monthly payment. Without knowing your income and other expenses or debt, it's hard to say.

I also went from not having a car payment to now having a car payment. However, I also put about 60% down to bring down the monthly payment to an acceptable amount for my comfort. I wouldn't have bought the car if I had to finance 100% of the cost as while I COULD technically afford to do so, I want more cushion room in my finances.

So it really depends on your specific situation.

 

[jamessmooth007]

It really just comes down to your finances and whether or not you can afford the monthly payment. Without knowing your income and other expenses or debt, it's hard to say.

I also went from not having a car payment to now having a car payment. However, I also put about 60% down to bring down the monthly payment to an acceptable amount for my comfort. I wouldn't have bought the car if I had to finance 100% of the cost as while I COULD technically afford to do so, I want more cushion room in my finances.

So it really depends on your specific situation.

I'm in the same position as you actually. I can put down about 60% of the cost of the car.

 

[LPLP]

I'm in the same position as you actually. I can put down about 60% of the cost of the car.

Well, I obviously bought the car, love it and I don't regret it (except that I should have waited 1 week because the price dropped a few days after I took delivery but that's another story). If you can afford it, go for it!

 

[MTSN]

No offense, but it sounds like you're young and likely don't have a lot of cash or savings. It always makes me nervous to hear people talk about whether they can make payments or not because that usually means if something bad happens like you lose your job or get sick, you'll likely lose your ability to make payments quick. The Tesla is amazing, but no car IMO is worth going into debt for. I'm not trying to be preachy, but without getting more personal financial details about your situation it's very difficult to say whether you should or shouldn't buy a Tesla. If your Tesla has an actual up front purchase price of say $40k and you have the ability to park $40k in an account that earns well above your financed rate of 1.87%, I'd say your risk is pretty low, but if you can't do that, my perspective is don't do it. Yes you only live once, but you're going to live a long time and need to be able to enjoy life the whole time, not just when you're young

 

[jamessmooth007]

With a 20 mile commute, the cost of electricity is trivial. Don’t let that expense vs. free gas affect your decision one way or the other.

You know its funny, because as much as I've gone back and forth on this I never gave that consideration. I'll be charging probably once a week maybe? It really is trivial.

 

[jamessmooth007]

No offense, but it sounds like you're young and likely don't have a lot of cash or savings. It always makes me nervous to hear people talk about whether they can make payments or not because that usually means if something bad happens like you lose your job or get sick, you'll likely lose your ability to make payments quick. The Tesla is amazing, but no car IMO is worth going into debt for. I'm not trying to be preachy, but without getting more personal financial details about your situation it's very difficult to say whether you should or shouldn't buy a Tesla. If your Tesla has an actual up front purchase price of say $40k and you have the ability to park $40k in an account that earns well above your financed rate of 1.87%, I'd say your risk is pretty low, but if you can't do that, my perspective is don't do it. Yes you only live once, but you're going to live a long time and need to be able to enjoy life the whole time, not just when you're young

No offence taken at all. I guess it depends what your definition of young is, but I'm in my mid 30's. I can put down about 60% of the purchase price and fairly easily make the monthly payments. I could put more down, but why if the interest rate is so low you know?

 

[TiggerTime]

Had a Honda Civic Si which I had paid off about 6 months prior to deciding to buy my Tesla and I'm totally happy I did.

Now I don't pay for gas and where I work there is free EV charging. I have only charge at home 3 times for about $10 total and have about 5000 miles since 1-29-19 when I picked my Tesla up.

Do It!

 

[Steph614]

I'm coming here looking for help because my family and friends are sick of hearing me talk about it
I want a Model 3 long range with autopilot and self driving options (obviously.) That can get to be a pretty penny. My current situation in a nutshell: I have a 2016 SUV that's paid off. My daily commute is just less than 20 miles total. My work pays for my fuel, so saving money on that isn't an issue. It will actually cost me MORE to pay for the electricity to fuel the Model 3. I can pretty easily make the monthly payments (I got a deal for 1.87% APR for 4 years), but it still hurts to go from no car payment to, well... car payment, you know?
So why do I want the car? Because it's just so darn cool! I'm a huge techie and love that aspect of the car. I've test driven a model 3 twice, and even rented off Turo for a few days to see how the car would feel in my normal work week flow. I completely understand why everyone says this car is the car to drive. It's simply an amazing vehicle and I've never driven another car like it.
So what do you all think? Is the car just so amazing that I should take the plunge, or am I crazy for giving up no car payment and free gas? Any and all advice is appreciated. Thank you!

 

[Trevor B]

Relying on strangers to help you decide on perhaps the most (or next to most) expensive purchase isn't the best idea.

 

[Tam]

...advice...

You have tried it out extensively already so if you can afford it, go for it.

If you can afford it but you still want to nickel and dime for free gasoline, then, of course, skip Tesla.

What counts is your happiness!

 

[Steph614]

I was in a similar situation: not at all needing a new car, but obsessed with Teslas for a long time. When they came out with the Midrange Model 3 last year, and helped by a 1.99% credit union auto loan, I took the plunge. No regrets! Tesla Model 3 is not just transportation, it's the automotive experience of a lifetime. I'm still in love. Do it, you'll never look back.

 

[WallyB]

after you get the 3 you are still going to be talking about it, my poor wife was sick of me talking about getting the "y" so I got the 3 while waiting for the Y and now she has to hear me talking about the 3. I have been driving and buying cars for almost 70 years [and racing a few], I have never enjoyed a car like the 3 and looking forward to the Y, pickup and roadster...so you still need to make up your own mind and no one can do it for you. You did not say if you could charge at home, that for me would make the difference, it would not cost you if you did it at home with the EV electrical rate. I love my 3

 

[MTSN]

No offence taken at all. I guess it depends what your definition of young is, but I'm in my mid 30's. I can put down about 60% of the purchase price and fairly easily make the monthly payments. I could put more down, but why if the interest rate is so low you know?

I personally think you should put down as little as possible with an interest rate that low assuming you have the personal liquidity to cover 6-12 months of living expenses, pay off the car if necessary, still contribute to savings/retirement, etc.. I picked up my car last week and financed it even though I usually do not finance cars (we currently have 5 and none had loans to begin with other than the Tesla - and I'm selling 2 because my wife's patience is running thin oops). I got 1.70% for 48 months and financed all but my down payment, so while my payment is "high" I put cash in a high interest savings account equal to the original loan balance earning 50bps more than I'm paying in interest which means I'm effectively profiting from the loan. I know not everyone can or even should do that, but that's my personal comfort requirement and how I structured it. I would just caution anyone from getting in over their head financially or buying a car they're emotionally attached to but haven't fully thought out what living with the car is like. See here for what I mean: Might be returning AWD 3 (advice request)