Should I buy a Tesla as a first car?

[jjrandorin]

These type of threads almost always end up exactly like this (and usually with the OP of said thread chased off, like it appears this one has been). I believe the OP has enough information to try to move forward, so suggest everyone else just let this thread die out instead of going back and forth on debt vs income, etc.

Im not saying this as a moderator (thus no moderator tag), just suggesting that at this point, the prevailing opinions that always come out in these type threads have already been given, and the OP has already been chased off, so its probably best to just let it go.

 

[Pyre]

Work, Save and Buy. No debt. Bank pays me interest. Find a good used car while you save. Might be old school, but it keeps working for this old fart who owes no one and work owes me for two weeks.

I think with the rate of inflation for any millenial this is near impossible to ever own a Tesla on a median salary unless you live like a hermit or are funded by mommy and daddy, or are financially savvy and made good moves.

 

[ramgoat41]

Wow as a first time driver? Hmm not so sure. Just be aware of the power and speed of this vehicle, will take some time getting use to even for experience drivers. The thing I wish Tesla displayed the speed reflected on the windshield at eye level. You have to look down at the monitor a split second. Other than that it's a great vehicle. Get plenty of practice driving this vehicle.

 

[charlieaf92]

This question would be better asked to a loan officer at a bank. See what your interest rate would be currently vs. what it potentially would be after your 2 year buy/pay off plan. I'm not sure the difference will be that much (assuming you currently can qualify for the loan).

 

[T3SLAROD]

Yes, buy it. You'll probably hold on to it for a while which is a good thing.

 

[Xambler]

With car prices what they are right now I would continue with what you are doing now for transportation or spend a couple thousand on a clunker with plans to trade it in in a year or so after EV prices start dropping and used gas car prices start tumbling big time. Bound to happen. And yes, there are always decent buys out there and I’m not talking about vice grips garage type buys . Found the Tahoe below for $3k at a garage sale about 14 years ago (liked the body wrap which you can barely see on the side….just ground it off the hood and had some fun with excess spray paint cans a few months ago ). 250k miles and might actually drive it again someday if the fun of driving the Tesla ever wanes.

 

[Double-O]

Wow as a first time driver? Hmm not so sure. Just be aware of the power and speed of this vehicle, will take some time getting use to even for experience drivers. The thing I wish Tesla displayed the speed reflected on the windshield at eye level. You have to look down at the monitor a split second. Other than that it's a great vehicle. Get plenty of practice driving this vehicle.

He's not a first time driver. 15+ years experience.

Power and speed are highly overrated. Anyone who has sat behind the wheel of a car can drive any mass production vehicle, regardless of HP. We're not talkin about a boosted 2000hp drag car. The guy is referring to whether he'd get approved for a loan or not, not if tesla is a good first car.

 

[pipp]

I think many of the posters on here had their parental radar sensors go off, so they impulsively delivered their best prepared speeches about saving money and driving fast cars. It’s really too bad the OP bailed, otherwise we could have seen if OP was some old guy who some reason had never had a loan before, or if it was actually somebody’s young kid…

 

[NorrisClodah]

Yes, the answer is simple!

 

[M3BlueGeorgia]

This question would be better asked to a loan officer at a bank. See what your interest rate would be currently vs. what it potentially would be after your 2 year buy/pay off plan. I'm not sure the difference will be that much (assuming you currently can qualify for the loan).

The OP should buy it using a 6 year loan and the lowest down payment possible.
Get "gap insurance".

Nothing wrong with a Tesla being your first car.

 

[MG535]

The OP should buy it using a 6 year loan and the lowest down payment possible.
Get "gap insurance".

Nothing wrong with a Tesla being your first car.

What is the gap on a Model 3 or Y that needs to be insured against?

 

[afadeev]

What is the gap on a Model 3 or Y that needs to be insured against?

 

[CaptUAL]

No. Buy a used Chevy van and see how many girls you can get on your adventures.

 

[father_of_6]

Since the latest software update, I would not recommend a Tesla to anyone.

 

[M3BlueGeorgia]

What is the gap on a Model 3 or Y that needs to be insured against?

"Gap insurance" is for low equity loans, so if the car is crashed and totalled, you don't owe the bank money after the insurance settlement.

 

[MG535]

Why would a Model 3 bought today be a low equity loan even if you financed 100%? They are valued at trade-in above MSRP.

In other words there is no “gap” that exists or needs to be insured against.

 

[sgong6]

As long as you have a convenient charging place, Tesla can always be the first car.

However, it might not be the best case if it becomes your only car.

I would prefer something like a Rav4 Prime as the all-purpose gasoline backup.

 

[M3BlueGeorgia]

Why would a Model 3 bought today be a low equity loan even if you financed 100%? They are valued at trade-in above MSRP.

In other words there is no “gap” that exists or needs to be insured against.

The insurance company won't give that value if they total it. That's why you need gap insurance for a low equity loan

 

[MG535]

The insurance company won't give that value if they total it. That's why you need gap insurance for a low equity loan

Why would anyone settle for anything less than wholesale value (above MSRP) or replacement value (MSRP)?

Besides, the expected value is so small (probability of the event X loss suffered)