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Tesla buying money guilt :-(
- Thread starter AutomaticMan
- Start date
HenryT
Active Member
I'm bitter as heck I missed TSLA.
You didn't. But I reckon you'll be kicking yourself again in a few years (if that) for not buying today.
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Yeah it's killer. I can't afford 1.2k / share now. It would have been 2019 or nothing. Sadly any decent number of shares will wipe me out.
LCID will never be another Tesla, but, it's a very very infant stock. It's mumbling and churning just like the old Tesla days at the moment, but ahead of time, there's some huge milestones coming, Europe delivery, deals with Saudi.. only time will tell, but, out of sheer spite, I dumped a bit on it just in case. Heck even it it reaches 100 it'll pay for my M3
Forecasts suggest it's not out of scope to reach $200 - $300 but, we don't have a crystal ball, else we'd all be sitting on about 100,000 TSLA shares each lol.
ajbrun
Member
Fractional shares are available via freetrade/trading212 etcYeah it's killer. I can't afford 1.2k / share now. It would have been 2019 or nothing. Sadly any decent number of shares will wipe me out.
LCID will never be another Tesla, but, it's a very very infant stock. It's mumbling and churning just like the old Tesla days at the moment, but ahead of time, there's some huge milestones coming, Europe delivery, deals with Saudi.. only time will tell, but, out of sheer spite, I dumped a bit on it just in case. Heck even it it reaches 100 it'll pay for my M3
Mr H
Active Member
you're not blowing 50k on a car because it will probably be worth 60k in 4 years ;-)
Personally I honestly don't understand the need to see any car as an 'investment' aside from man maths, if you can afford it just do it and enjoy it.
Life surely isn't just all about money? Money is an enabler, it buys you time and opportunities.
Infact right now with the still crazy low interest rates (I've just borrowed £200K at 1.45% fixed for 7 years) the opportunity is there to grab essentially 'free' money and swap it for something real and tangible, than let inflation wipe out a good proportion of the borrowing!!!
For me life is for living and experiencing, not watching figures in the bank account.
Well, I will admit that I'm getting about £1.5k more for my 1-year old, 10,000 mile VW ID.3 than I paid for it when brand new. We are in the era of new car purchases appreciating apparently... what a time to be alive
Can't see that remaining the case forever, though I guess if inflation goes through the roof who knows. Of course, if inflation does go through the roof and interest rates follow, the next time I remortgage will probably wipe the smile off my face from any strong residuals in the Tesla!
ajbrun
Member
Slightly off topic, but can I ask where/how you managed to get such a low rate for such a large sum? Was it a remortgage? If I can beat the 3.99% Tesla’s loan gives me, it might be sensible to do so.
page3
Member
Unless via a business I don't think PCP/Lease makes financial sense for a Tesla. Certainly didn't when I was looking last year, coming from a long line of leases.
I'd talked about it many times with my dad, but never quite made the leap. He passed away unexpectedly last year (non-covid), and I felt it only fitting to spend some of his legacy on my M3. It's what he'd have wanted and expected. Bitter-sweet really.
I'd talked about it many times with my dad, but never quite made the leap. He passed away unexpectedly last year (non-covid), and I felt it only fitting to spend some of his legacy on my M3. It's what he'd have wanted and expected. Bitter-sweet really.
hairysteve
Member
If it was me, I would lease and get the mortgage down as the next thing you will want to do is move up the housing ladder to get a more expensive house because Bricks & Mortar seldom go down in value. For those of you that are company car drivers or directors this is good read Should I buy an electric car through my business? : Tax ImplicationsJust wondering how many of you out there are buying Teslas on normal incomes and do you feel guilty about it? I keep going back and forth between excitement at getting a Model 3 LR, and guilt/worry about it being a stupid financial decision.
My personal situation is that I'm a higher rate taxpayer, but only just. I am in my late-30s, have no kids (nor want any), am dating but not cohabiting. I don't have any debt except my mortgage, which is about 75% LTV on a 2-bed property in a reasonably priced area (so, not London!). I currently have a VW ID.3 that I just sold for £33k, and a motorbike that is worth between £15-18k that I'm intending to sell this summer as I've fallen out of love with motorcycling a bit. The money I'm getting for the car and bike will essentially pay for the Tesla, and my excuse for getting the Tesla is that it will combine the 'fun vehicle' factor of my motorbike with the day-to-day practical car factor of my ID.3 into one vehicle. I have about £50k in investments in an ISA, £5k emergency cash fund, and I'm saving/investing about 20% of my salary each month. I also pay into my workplace pension.
So part of me thinks, I can afford this. It will make me happy, life is short, why shouldn't I buy it?
But another part of me feels sick at the idea of blowing £50k on a car. I drive around my neighbourhood, which isn't an affluent area, and see very few new cars, let alone new cars as expensive as a Tesla and think, am I mad? I could take the £50k, add it to the £50k I have in investments, and pay off my mortgage in a few years probably. I have to admit, I couldn't sleep last night with all the worry going around my head that I'm being far too extravagant for my means in getting this car. Was wondering how everyone else justifies it? Or maybe you're all like "meh, I earn £200k per year working in the City... £50k is nothing to me", or "it's a company car, I'd never get it as a private buyer"...?
I also know that an obvious partial solution is to get the RWD version instead of the LR. But I'll still feel guilty about buying a £43k car too...
Yeah, I guess that's where I was coming from with some of my initial worry. I don't have a very big house, and other friends who are on similar money have bigger family homes. But then, they have families to fill them with and I live on my own. No point in heating a mansion for one person and all that. Though I guess I could get a similar sized place in a nicer location, bigger garden, things like that.
But if doing it just for the appreciating asset, I reckon it would be just as wise to invest the extra money in an index fund rather than move into a bigger house. Index fund shares will (over the long term) appreciate in value as well, and you don't have to pay to furnish or heat them!
Maybe controversially I would offer the opinion that if you're losing sleep over this then just get the RWD - especially if you don't really need the range - it is a very big expense and the RWD is undoubtedly better value for money if you want to justify it to yourself.
Paying £7k extra solely for the slightly better speakers and a faster 0-60 time is probably not really worth it IMO and it's easy to lose perspective on the money a bit. I have an RWD and it's insanely fast, I rarely floor it anymore because it's just completely excessive and passengers complain. It will still completely blow an ID3 away.
If you need the range regularly then that's a different matter I would say, although even then the RWD is more efficient per kW and now has a bigger battery and as it's LFP can be charged to 100% all the time so it's not as clear cut as a few years ago.
Paying £7k extra solely for the slightly better speakers and a faster 0-60 time is probably not really worth it IMO and it's easy to lose perspective on the money a bit. I have an RWD and it's insanely fast, I rarely floor it anymore because it's just completely excessive and passengers complain. It will still completely blow an ID3 away.
If you need the range regularly then that's a different matter I would say, although even then the RWD is more efficient per kW and now has a bigger battery and as it's LFP can be charged to 100% all the time so it's not as clear cut as a few years ago.
What you say makes sense, and I probably can't counter it with anything that makes sense to anyone but me... haha. But, I really liked the sound system in the LR. Music is really important to me and I made a mistake with the ID.3 of getting one of the mid-spec trims that didn't have all the speaker grills filled. While I know it doesn't matter to most people, it really really bugged me. I feel like if I'm buying any car above £40k I want to feel like I'm living my dream every time I drive it, not be constantly reminded that I compromised.
The acceleration, similarly... I suppose once I've come to terms with spending a ridiculous amount of money on a car (either £43k or £50k seems ridiculous to me) I want the car itself to be equally ridiculous... haha. I realise I could stretch that argument until I'm buying the Model 3 Performance, but I would have to either take on debt or dip into long-term savings to make that happen and that's a bridge too far.
But, as I say, I accept that these are not good logical arguments
Nope they're logical. You're same as me. Listen, you're going this far, you may as well make the dream come true.
I chose the LR yes because range is a future investment if we go on family holidays, but it includes many other features like AWD, who can dismiss this in the UK winter? The audio is mind blowing. And the acceleration is something a 150k car would struggle to compete with.
hellodave is spot on though. Every word. No denying
I chose the LR yes because range is a future investment if we go on family holidays, but it includes many other features like AWD, who can dismiss this in the UK winter? The audio is mind blowing. And the acceleration is something a 150k car would struggle to compete with.
hellodave is spot on though. Every word. No denying
HenryT
Active Member
With one notable exception on another current thread in these parts, there are very few who regret buying a Tesla. Just buy your car and get on with enjoying it.
If you do want to justify it to yourself, just have a look at what you have been spending on road tax, servicing costs and of course fuel in the last couple of years.
If you do want to justify it to yourself, just have a look at what you have been spending on road tax, servicing costs and of course fuel in the last couple of years.
One of my mates asked me what I thought of the Tesla right after my test drive, and I realised I spent the first minute raving about the sound system before I even mentioned the accelerationNope they're logical. You're same as me. Listen, you're going this far, you may as well make the dream come true.
I chose the LR yes because range is a future investment if we go on family holidays, but it includes many other features like AWD, who can dismiss this in the UK winter? The audio is mind blowing. And the acceleration is something a 150k car would struggle to compete with.
hellodave is spot on though. Every word. No denying
Clearly days of my youth nosing around Halfords at car stereos and speakers have stayed with me all these years... now where's the nearest McDonalds drive through to take my Tesla to?
I totally get it, my Tesla was my first new car so I had much the same situation in convincing myself it was justified as a replacement for my second-hand car.What you say makes sense, and I probably can't counter it with anything that makes sense to anyone but me... haha. But, I really liked the sound system in the LR. Music is really important to me and I made a mistake with the ID.3 of getting one of the mid-spec trims that didn't have all the speaker grills filled. While I know it doesn't matter to most people, it really really bugged me. I feel like if I'm buying any car above £40k I want to feel like I'm living my dream every time I drive it, not be constantly reminded that I compromised.
The acceleration, similarly... I suppose once I've come to terms with spending a ridiculous amount of money on a car (either £43k or £50k seems ridiculous to me) I want the car itself to be equally ridiculous... haha. I realise I could stretch that argument until I'm buying the Model 3 Performance, but I would have to either take on debt or dip into long-term savings to make that happen and that's a bridge too far.
But, as I say, I accept that these are not good logical arguments
And to be fair if the sound quality is very important to you I don't think the sound system is as good as it should be on a £40k car in the RWD, I think it just about passes but I'm not a massive audiophile.
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