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

[Zorg]

The rational financial decision is to keep your car. The fun decision is to buy the 3. All about your priorities and financial means.

 

[Runnergirl]

If you have to ask, then no, you're not ready for a Tesla. It's like asking people if you should have kids... and I'd NEVER talk anyone into having kids... what if they turn out to be terrible parents?! I'd feel terrible forever!

 

[jamessmooth007]

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)

This is really good stuff, thanks for taking the time!

 

[jasondlr]

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!

This! I've had my AWD non P for 4 days now and I'm never looking back.

 

[Blu Angel]

@jamessmooth007,

"MoneyPenny: Oh James....may I call you James?
You are a true man, looking to the future!
I really love a man, especially a 00, that has no limits!
You know, Q of Q branch is giving you that special Aston Martin Rapide....an EV for some extra oomph!
James, oh my sweet James, may I be your first....... to drive your EV?"


QED: You just gotta get yourself a new Tesla 3!"

Btw, you get to take advantage of the $2500 extra CA EV incentive in addition to the $3750 Federal Rebate.
There's an extra ~$6000 grand to incentive your Tesla purchase

 

[Leafdriver333]

I would buy one before the tax incentive goes -50% again.
But you will lose the cargo space of the SUV.

 

[sml5556]

Aside from everything, you will help saving the environment with an EV (TM3 that is it). No regret getting one even though I already own a car and have to make payments for the next five years.

 

[turok3000]

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

Was going to say the similar.. When you can get a loan from fairwinds for up to $50k at 1.87%, you're far better off taking this and putting your cash into something like an s&p 500 index fund (average growth is around 9-10% per annum but of course depends what time period you look at). Honestly, I don't understand fairwinds business plan here. They're effectively *giving* you money.

 

[gavine]

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.

This

 

[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!

Did you order it yet?

 

[jamessmooth007]

Did you order it yet?

Ha no not yet. I'm getting closer and closer though! I just chatted with someone from my local Tesla and they said they have the exact same car I want EXCEPT it has aero wheels instead of the 19" ones. they're taking 1500 off the price (it only has 3 miles on it). Considering this option and just using that extra 1500 towards a wrap or something.

 

[jamessmooth007]

What a great community this is, thanks so much everyone for your comments! Have really enjoyed reading them. I'm getting closer to a decision and will update.

 

[Big Earl]

Ha no not yet. I'm getting closer and closer though! I just chatted with someone from my local Tesla and they said they have the exact same car I want EXCEPT it has aero wheels instead of the 19" ones. they're taking 1500 off the price (it only has 3 miles on it). Considering this option and just using that extra 1500 towards a wrap or something.

The aero wheels are very nice and require less expensive tires. I think the extra $1,500 off really sweetens the deal. Add that to the $1,500 wheel savings and you have enough for a partial paint protection film wrap and full ceramic coating.

 

[jamessmooth007]

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.

Now with the Sleeper (P3D-) out I’m kind of glad I waited... Seriously what a deal that is!
I get closer and closer to taking the plunge every day

 

[jebinc]

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!

"You can always make more money, but you can't make more time.... Life is not a dress rehearsal…." If you can swing it, do it!