Please check these numbers for loan

[ajinsocal]

Hi all, newbie here seriously considering a 75D model X if we can get the numbers to work! I would really appreciate it if someone could tell me if my figures make sense?

Purchase price of car is $93K plus CA taxes + roughly $100K
100k - 5k deposit = $95k
95k loan financed for 72 months (through Tesla financing) = $1319 per month plus 1.49% interest
Deductions of $2500 CA state rebate and $7500 federal deduction
Heavy vehicle $25k tax reduction for vehicles over 6000 lbs (I would be purchasing through my LLC) = $10k in total 'real' tax benefi.

Taken over a 3 year period the $20K total, equates to $555 a month from the state and federal rebates plus the heavy vehicle deduction

Use Tesla's Buy Back Guarantee after 3 years

Average cost per month over 3 year period: $764/month (plus the 1.49% interest on the loan).

Have I got this wrong? If I can get it down to this figure we will definitely pull the trigger. Thanks a lot in advance.

 

[MonsterCarter]

I believe Teslas buyback is only available if you finance through Tesla. Their rate is definitely not 1.49%

 

[ajinsocal]

Apologies if I've got it wrong but on the Tesla Lending page it says their loan rate is 1.49%? Regardless, I would really appreciate it if someone could check the rest of the figures to see if my ballpark range looks correct?

Estimate your Loan Payment

Your ZIP xxxx
Vehicle Tesla X 75D - All Wheel Drive
Vehicle Subtotal $93,000 Design your Model X
Delivery $1,200
Total $94,200

Term 72 months
APR % 1.49
Down Payment $4,710

 

[nexsuperne101]

Would anyone know what the % rate is in the UK? I am toying with buying a 70D (Model S) whilst I wait for my 3.

 

[Wshowell]

I would suggest really looking into the "heavy vehicle" tax deduction. I've read a bunch of "opinions" but I don't recall seeing any from CPAs or tax attorneys. This could have serious ramifications on you decision, tax liability and even audit trail if you're not absolutely sure of the accuracy. I'd love for it to be true for my own LLCs but I don't think it is.

 

[James Anders]

Only a 5% down payment?

Usually it's 20% or at least 10%.

 

[ajinsocal]

Only a 5% down payment?

Usually it's 20% or at least 10%.

Again I apologize if I have got this wrong but going by the Tesla Finance calculator I have based my figures on the down payment of $4710, which their system accepted?

 

[ajinsocal]

Would appreciate some feedback

 

[loganintx]

You can plug your numbers into my spreadsheet and see what you get. Let me know if you have any questions!
Tesla Model X Finance

 

[chloedog]

Unless you trade in the car for another business vehicle at the end of 3 years I think you'll need to recapture some of the section 179 deduction back so it may not be quite accurate to calculate the full 10k tax savings for that over 3 years.