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This^^The decision has nothing to do with the car. Specifics matter, but generally a 54k loan at 4% for 4 years will cost you ~$4.5k over those 4 years.
- can you invest that 54k and make more than $4.5k in that same 4years?
- can you absorb losing 1/2 your savings over those 4 years? IE, any other big purchases or investments such as real estate coming up in that 4 years?
How are you getting to 54k on a RWD? Can you go without Enhanced Autopilot and have them turn it on later (presumably at the same price)?A RWD will cost me around 54k after tax assuming the new ev credits don't apply.
you probably shouldn't drive a $54k vehicle when you make $85k / year... savings are super important and congrats on having already saved $100k. I would definitely not advise to cut your savings in 1/2 with a (usually) depreciating asset or take out a very high interest loan. Plenty of EVs can be had for less or get a ICE vehicle until prices have normalized.A RWD will cost me around 54k after tax assuming the new ev credits don't apply. I make 85k a year and will have around 100k in savings by the time I get the car. Loan means I'll pay more, but cash means my savings basically get cut in half. Loan or cash?
*NOT* if you make $85k a year... jeeze... recommending a $65k vehicle plus tax (once you add FSD) for someone making $85k / year. that's a super unhealthy ratio...Def get FSD
While interest rates are much higher than they were, they're not onerous. Also, the market has fallen a tremendous amount, and if you're young, this is the time to invest. Can your investments beat the interest rate you'd be paying? For me, it's a no-brainer, borrow for the car, and invest the cash. To be honest, at your income level, I'd consider something cheaper. If you don't take long roadtrips, I'd think about a Bolt. Save more to put in the marketA RWD will cost me around 54k after tax assuming the new ev credits don't apply. I make 85k a year and will have around 100k in savings by the time I get the car. Loan means I'll pay more, but cash means my savings basically get cut in half. Loan or cash?
Bolt / ID.4 etc... all more reasonable on the wallet. and the ID.4 range = Model 3 RWD rangeEVs surely save money on transportation costs long term but at that savings level and income I'd highly also recommend a cheaper car. Bolt for next year with tax credit is your answer although you might not want to hear that.
But YOLO and FOMO*NOT* if you make $85k a year... jeeze... recommending a $65k vehicle plus tax (once you add FSD) for someone making $85k / year. that's a super unhealthy ratio...
*NOT* if you make $85k a year... jeeze... recommending a $65k vehicle plus tax (once you add FSD) for someone making $85k / year. that's a super unhealthy ratio...
This is considered a controversial topic lol? You act like I've abandoned the thread for a week. It's only been half a day. Chill out, mod.Im reasonably certain that the post from @UncertainTimes was a sarcastic one. I also dont take posts like the one from this OP too seriously since its another in a line of:
"brand new poster who created an account to make this post on a fairly controversial topic ("should I pay cash for this 60k car when I make 85k a year?") designed to "get conversation going". Where the poster creates an account to make the post, but doesnt actually log back in to check on the thread they started.
This is considered a controversial topic lol? You act like I've abandoned the thread for a week. It's only been half a day. Chill out, mod.
Anyway, I've decided to wait and see if any part of the new ev tax credit will apply before purchasing.
It's actually about buying a 54k car (rounded up without tax credit) with 100k in savings on top of the aforemetioned salary, so no, not really."give me financial advice on purchasing a 60k car when I make 85k a year" is a type of topic that always draws lots of discussion about financial responsibility, etc etc, so, yeah actually.
Pretty sure that was a joke you missed.*NOT* if you make $85k a year... jeeze... recommending a $65k vehicle plus tax (once you add FSD) for someone making $85k / year. that's a super unhealthy ratio...
Do you have a car now? Is it a wants or needs? How long you plan to keep the car? Spending half of your life savings on a depreciating car is a lot ... Cash in your pocket is king, I will avoid buying new or used car unnecessarily especially at this time. Interesting thing is millionaires drive simple and cheap car.A RWD will cost me around 54k after tax assuming the new ev credits don't apply. I make 85k a year and will have around 100k in savings by the time I get the car. Loan means I'll pay more, but cash means my savings basically get cut in half. Loan or cash?