This is excellent information
@jkirkwood001!
I completely understand what you're saying. I've actually never used your calculator before. I've been using CIBC's car payment estimator for the last year or so in preparation for this.
A worst case scenario being to downgrade to a used care is not bad at all. I've never owned a new car. Currently driving a 14' Santa Fe Limited that I bought for $35k cash to avoid the ridiculous 6% interest rate.
You're right, your estimate is nearly spot on. It's actually been appraised at $16,000 by Hyundai but I'm assuming Tesla will offer less so all of my numbers I've run with a valuation of $14,000. If it was any less I would have sold it to Hyundai and added the $16,000 to the $4200 down payment.
Would you say a refinance with the full payment of the car included within would be the "safest" option. My mortgage is VERY little in comparison to many friends and family I know. I'm currently paying sub $900 a month for my mortgage. Even if it went up by $300 (as estimated) or more, id be comfortable with that.
Ultimately, I still think I'd wait for a Federal incentive. It's bound to come to fruition and I don't NEED a car. I have 100K KM on it and have warranty to 180,000 KM. The car has been rock solid and in 4 years I've only done oil changes, tires once and brakes once.