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Racked with indecision...

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If you're going with a purely financial argument, then probably any car over a Camry probably doesn't make sense. It's a good, safe car with a good track record. Most are buying for many reasons, financial reasons included of course.
 
... 2) I made at least 3-4x the cost of the car or could buy the car without financing b/c the economy is in a tenuous situation and not very stable or able to withstand much geopolitical or financial shock. Income 3-4x the cost of the car should give you enough cushion in case economic badness happens. Maybe I'm too conservative, but conservative in this case is being safe, not sorry. Don't get in over your head on a vehicle that provides no more utility than a Prius (which comes with cup holders for rear seat occupants by the way).

In another of my threads, it shows that of those that responded, over half are financing more than 50% of their annual salary, and 22% 80%+. Depending on the spec level I finally decide on, I'll be between 50-70% I guess, so quite a bit higher than your level of tolerance, but not particularly unusual compared to other forum members.

I agree with you, obviously the most sensible decision would be to get a Volt on a cheap lease, and get the V2 Model S, but as has been said elsewhere, with this type of car there's other emotions and principles/ambitions involved. I've read and watched everything Cinergi has posted, there's nothing in there that scares me, most things can be fixed through software, and I would hope that some of the other 'dumb' things are already being worked on my Tesla (lighting for the trunk, wiper speed etc). I still have faith that Tesla will continue to develop the product, but also respect the early adopters and not leave them high and dry with a V1 product.
 
I would expect some V2 items won't be able to be retrofitted to V1 Model S but for a price, I'm sure Tesla will try to sell what they can. I'm hoping power folding mirrors are among those items even though they aren't much use to me but are to many other people.