Need Advice on Model 3!!

[jordanM3]

Okay so here is my story.....

I am 19 years old and I currently drive a 2018 Toyota Camry XSE with red interior. The car was $38,000 when purchased late 2018. I paid the car off in less than 4 months of owning it so I have not paid a car note in a year and a half. Don’t get me wrong I love my car and I know I am lucky to not have a car note, but why not want better. Most people think I want a Tesla cause I’m a “Millennial” and just want to look “rich”. Well I can say at 19 to have a paid off car and refuse to finance any longer than 60 months is pretty good. Anywho, The trade in value for my car is $23,000 and I plan on paying the $2,500 with my card so shouldn't be any issues there. Where I run into the issue is which one should I purchase? So here is my weekly travels. I rounded up the miles just to be safe. Also, I work in Nashville so traffic is a major thing, so do Teslas do well in traffic??

Home - Work: 40 mi Round Trip
Home - Gym: 15 mi Round Trip
Home - School: 25 mi Round Trip
Work - Supercharger: 15 mi Round Trip
Total: 95 mi

I am stuck between the Standard Range M3 or the Long Range M3. With the Standard Range I am looking at about $300/month for 60 months. Compared to the Long Range for $385/72 months! Now, I know the Long Range is faster and obviously a bigger battery, but is it something I need?? Looking at my miles I feel the standard range will get the job done. I also plan on getting the wall mount installed at home, and later some additional mods added to my M3. I just feel like the Standard Range will open up more options for me to customize my M3 to my liking, but I am already stressing "range anxiety".

There are some additional issues I have as well.... My issue with Tesla is the charging. How much will my electric bill go up if I install a charger at home? Should I save and pay up for the Long Range Model 3? Will stop and go traffic affect my battery/miles? I’m all for Tesla I just need an expert to help me out!

Thank you!!

(SORRY IF IN WRONG TOPIC IM NEW)

 

[gilscales]

So definitely get the SR, best bang for your buck, charging at home is cheap (think 3 cents per mile or less) Teslas do better in traffic than Ice cars and you may get better than rated range depending on the traffic conditions.

 

[Akikiki]

SR will work just as gilscales said. But our oft repeated recommendation is Range, Range Range. Got for the longest range and largest battery you can afford.

On average, your increased ele bill will be equal to 1/3 of your current gasoline bill.

And this is true regardless even if your Camry's interior is black, white or beige.

 

[sceptic]

So if you're willing to lose 15k from having a car for less than a year why are you worrying about electric costs? I'd think insurance costs might be a bigger concern.

 

[ewoodrick]

Lots of worrisome parts here. If you can make $38,000 in 4 months, then why didn't you wait 4 months and pay cash?
If you are looking at $300/mo, then that's not the payment of someone that paid $38,000 in 4 months.
If you paid it off in 4 months and haven't paid anything in 18 months, then you should have the cash to get a top end Model 3.

I just hear enormous waste of money and bragging here.

 

[gilscales]

Lots of worrisome parts here. If you can make $38,000 in 4 months, then why didn't you wait 4 months and pay cash?
If you are looking at $300/mo, then that's not the payment of someone that paid $38,000 in 4 months.
If you paid it off in 4 months and haven't paid anything in 18 months, then you should have the cash to get a top end Model 3.

I just hear enormous waste of money and bragging here.

Maybe the young man is smart enough to want the safest sedan out there, I mean it is possible?

 

[jordanM3]

Lots of worrisome parts here. If you can make $38,000 in 4 months, then why didn't you wait 4 months and pay cash?
If you are looking at $300/mo, then that's not the payment of someone that paid $38,000 in 4 months.
If you paid it off in 4 months and haven't paid anything in 18 months, then you should have the cash to get a top end Model 3.

I just hear enormous waste of money and bragging here.

so there is history behind the car.
1. No bragging intended let me clear that up
2. I saved 15% of the total cost of the car before purchase.
3. My family helped me pay off the car as a graduation gift.

Just to clarify I am thankful for my car and thankful that my family helped me pay it off. i should edit post to show that I had some help because I now see how it can come off as bragging, so apologizes there, but I do make $50,000 a year and have saved up the $2,500 deposit so I think I will go with the long range.

 

[mswlogo]

That trade seems really low for a car like that. My guess is your car is worth more like $28K.

Goto CarMax and get an estimate. Tesla will match it.

Consider selling your car private, at least test the waters.

That might cover the LR difference.

 

[ewoodrick]

so there is history behind the car.
1. No bragging intended let me clear that up
2. I saved 15% of the total cost of the car before purchase.
3. My family helped me pay off the car as a graduation gift.

Just to clarify I am thankful for my car and thankful that my family helped me pay it off. i should edit post to show that I had some help because I now see how it can come off as bragging, so apologizes there, but I do make $50,000 a year and have saved up the $2,500 deposit so I think I will go with the long range.

Oh, sorry, in that case you are definitely throwing your family's money away.

 

[mswlogo]

Oh, sorry, in that case you are definitely throwing your family's money away.

Agreed.

With that salary he should stick with what he has (which is already above his pay grade)
His family helped him be debt free then he turns around and racks up more dept and takes a huge depreciation hit on his graduation gift.

Wonder what the family thinks.

Wow he saved up a whole $2500.00

And NOBODY should ever take a 6 year loan (or 5) on a car, period. That is another red flag that your over your head.








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[gilscales]

And NOBODY should ever take a 6 year loan (or 5) on a car, period. That is another red flag that your over your head.

depends on whether or not you can make more money with it, in my case I could have easily paid cash but chose to get a 6 year loan at just over 3%, the money I kept to get the loan makes enough to pay my car payment, well almost.

 

[mswlogo]

depends on whether or not you can make more money with it, in my case I could have easily paid cash but chose to get a 6 year loan at just over 3%, the money I kept to get the loan makes enough to pay my car payment, well almost.

I guarantee that’s not his reason.

Good luck finding an auto loan for 6 years at 3%

5 Reasons to Say No to 72- and 84-Month Auto Loans - NerdWallet

 

[gilscales]

I guarantee that’s not his reason.

Good luck finding an auto loan for 6 years at 3%

5 Reasons to Say No to 72- and 84-Month Auto Loans - NerdWallet

You said NOBODY should ever get a 5 or 6 year car loan, the 3% was in April of 18' and I said it was a tad over 3%, I was just pointing out that there are instances where borrowing money at a low interest rate even on a longer term can be beneficial to the borrower, that's all.

 

[mswlogo]

You said NOBODY should ever get a 5 or 6 year car loan, the 3% was in April of 18' and I said it was a tad over 3%, I was just pointing out that there are instances where borrowing money at a low interest rate even on a longer term can be beneficial to the borrower, that's all.

Don’t fog my point.

Nobody should borrow the funds for 6 years because they lack the income to pay for it.

If someone has spare cash hanging around that they can invest at a guaranteed higher rate than what they are borrowing should bring that up in the investment forum or off topic forum. Because it’s completely off topic and the point I was trying to make.

Someone always brings up that same point in these discussions and I bet most that do bring it up don’t take out 6 year loans. And invest the that exact difference.

Should you rent or buy a home? Should you lease or buy the car? Note how leases don’t go 6 years either.

We are talking about someone that pointed out he had to “save” just to make the $2500 deposit. I’m speaking to those folks. Don’t over extend yourself.