tl;dr: You don't know me, or everyone else on this board, so don't paint EVERYONE with one general brush stroke.
The majority of the "general Tesla population" that answered one poll here expect to pay over $70K for their Model 3.
TMC forums aren't a good representation of the overall "general Tesla population". This is the enthusiast forum.
Go to a digital photography forum, you'll see people having all sorts of lenses that cost thousands of dollars. But that's not the "general" digital photography population (just an example, don't shred this example to pieces about how different that is from the car --> the point I'm trying to make is that any
enthusiast forum is not the
general population).
However, a smart buyer doesn't pay a higher interest rate on an auto than what he can get on an investment unless somebody wants to offer no interest financing for say, five or six years.
Lots of auto loans are 1.xx% now. If you invest the money in, and let it ride, you can easily beat that bench mark.
I respectfully retract that they are "idiots".
Thank you.
However, these folks have a lot to learn about money and finance.
Some of these folks, sure.
If you're in your 30's or 40's and financing a Tesla, you should first look to see how much money you will need to live 30-40 years down the road and how much you've saved already. It's an eye opener. Sadly, many here also live for the moment, Carpe Diem, and to hell with tomorrow.
I'm in my 30s, I have a house, a car, a rental property, well funded retirement accounts, a decently funded 529 for my kids, etc. etc. etc.
O yeah, and I drive a lot (in the first year with the Tesla I put on about 25k miles). I used to spend $200-$300 on gas a month + whatever money on road trips
Tell me again, what exactly am I doing wrong?
Even then, only 1 out of 6 will pay cash for their autos. I suggest the rest also throw in gap insurance to cover their unexpected lost in the event that occurs. I also wish them luck.
I think that people who are financing more than 80%ish should get GAP insurance, so yes, I agree with this.
Also, Michelle Singletary is very much like Dave Ramsey. Her advice is aimed at the older/poorer crowed. She makes a lot of good points (I occasionally read her columns), but she's so far off the deep end because of the fact that she grew up poor and her grandmother instilled the principles of finances in her. People who ask her questions are often living paycheck to paycheck. Why don't you conduct a survey of how many Tesla owners, on this forum, are living paycheck to paycheck? I bet it's <5%. So you can't take her financial advice and apply it with a broad stroke to everyone.
If you read some of her other columns, the average American doesn't have $400 to cover an emergency expense and would have to go in debt to cover it. How many people that own a Tesla don't have $400 to cover an emergency expense without going into debt? I'd guess <1%. So again, linking a story from her blog where the
average american doesn't understand finances doesn't necessarily apply to the
average Tesla owner. Just like a poll on TMC
enthusiast forum about the cost of the Model 3 doesn't necessarily apply to the
average Tesla owner.
There's also opportunity cost, if you can afford it. And most people on this forum can afford it.
And if you're curious, I got a 6/6 on that quiz. It was very basic stuff. Again, the average Tesla owner should get 5/6 or 6/6 on that quiz, because most people who have money, know how to use money/save money/etc. They didn't get here by being financially illiterate.
Anyways, this reply turned out to be a lot longer than I expected. People form their opinions from previous life events, and it's nearly impossible to change anyone's opinion, especially online. So I wish you the best, enjoy your Tesla.