Thinking of getting a Tesla

[sub]

Fight the urge, that is financial prison buying a Tesla with that income. My wife and I make substantially more and I'm still planning to wait for model 3 unless we get a big increase in income between now and then. We leased an i3 and the gas savings alone will pay for A minimum of 75% the cost of the lease. This is coming from a TSLA shareholder that really should encourage everyone to buy a Tesla ASAP!

 

[smrtasp]

Buy used and go private party. Don't buy into the hype over auto pilot, it's a gimmick that you will get tired of. I bought a used 2013 P85+ With 26k miles on it for just under 70k. Nearly 50k less than new. No it doesn't have power folding mirrors, park sensors or any auto pilot hardware but that stuff wasn't worth 10-15k more for a 2014 model. It's still charges to 260 on a full charge, is super quick, had every option except rear facing folding seats and is under warranty. Point is you can get a used one with plenty of warranty for a ton less than new.

 

[InternetDude]

Autopilot is not a gimmick, it is 100% awesome and I wouldn't buy a car without it.

 

[davidc18]

+1 - Have to agree that autopilot is amazing and one of the top reasons to GET a tesla.

 

[Soolim]

Fight the urge, that is financial prison buying a Tesla with that income. My wife and I make substantially more and I'm still planning to wait for model 3 unless we get a big increase in income between now and then. We leased an i3 and the gas savings alone will pay for A minimum of 75% the cost of the lease. This is coming from a TSLA shareholder that really should encourage everyone to buy a Tesla ASAP!

Glad to hear that from an investor.

 

[ChadFeldheimer]

For vehicle purchases, I have a litmus test: I like to calculate the cost per mile - that is, take total cost of ownership and divide by the miles I drive over that period. Then I think about how I use my cars and whether I'm comfortable spending that much for each trip. If the (prorated) cost of each trip would change my driving behavior in the negative (i.e. it would cause me to choose to skip a trip I would normally take), that's a sure sign to me that it's too much car.

I think you'll find that the incremental cost of a Model S versus basic (but still comfortable) transportation is somewhere around $1/mile.

As a personal example, I drive 50 miles round trip to commute for work, so that's $50 each work day. I plan to take a cross country road trip once a year. That's several thousand dollars each road trip.

Perhaps you can apply this litmus test to your situation.

 

[sandpiper]

Do not be a typical American and consume what you can't afford.

A Model S is not a Ferrari 355 - i.e. it is not a classic that will gain in value. It's a mass market production car (albeit a pricey one) that will be almost worthless in 10 years. Go look up what a 10 year old Mercedes S class with 200,000 miles on it is worth - it's not a pretty sight.

But if you aren't driving a ton and you like to trade cars frequently then sit tight and wait - for a 50,000 mile used autopilot Model S or a Model 3 at half the price a few years from now.

This is exactly it. A Tesla S is a bit like the first iPhone; the tech in this car amazing now but will be much less so in a few years. Tesla is doing a phenomenal job on their stated mission - "to promote clean driving" and in doing so they are going to fairly quickly depreciate the early high cost cars. If you can wait 2 years, you'll probably get an 85D with autopilot and 50-60K on it for <50K. And you'll be able to keep both your left and right ones.

 

[Max*]

Buy used and go private party. Don't buy into the hype over auto pilot, it's a gimmick that you will get tired of. I bought a used 2013 P85+ With 26k miles on it for just under 70k. Nearly 50k less than new. No it doesn't have power folding mirrors, park sensors or any auto pilot hardware but that stuff wasn't worth 10-15k more for a 2014 model. It's still charges to 260 on a full charge, is super quick, had every option except rear facing folding seats and is under warranty. Point is you can get a used one with plenty of warranty for a ton less than new.

Autopilot is not a gimmick. It depends on how/where you travel, if you don't do a lot of long distance highway driving, then you don't need AP. Otherwise it's great. TACC alone is amazing, but combined with auto-steer it goes one level higher.

 

[Armadillos]

I'll add my $.02 on this...

I'm in the same area as the OP. Make around $88K/year, ended up buying a Tesla 70D with Autopilot. The car did cost around 1x my salary before taxes. And I'm okay with this. I'm still investing my money, and still putting money away for retirement. I ran the math on a spreadsheet, and figured out that I can live the lifestyle I wanted while owning a Tesla. I don't travel that much, I don't have any kids, and I live in a modest house (no need for a big house when it's just me).

Let me put it this way. I was driving a 2012 Dodge RAM 1500 Limited truck for 24,000 miles a year. The cost of that truck plus the gas I was spending equaled to the payment I am making on this car. And I'm okay with that. YMMV, but if you can live with having the car and still do the things you want to do (don't forget about retirement), then by all means do it. You have one life, and no dress rehearsal. If you can afford to do it, then do it.

 

[McHoffa]

I'll add my $.02 on this...

I'm in the same area as the OP. Make around $88K/year, ended up buying a Tesla 70D with Autopilot. The car did cost around 1x my salary before taxes. And I'm okay with this. I'm still investing my money, and still putting money away for retirement. I ran the math on a spreadsheet, and figured out that I can live the lifestyle I wanted while owning a Tesla. I don't travel that much, I don't have any kids, and I live in a modest house (no need for a big house when it's just me).

Let me put it this way. I was driving a 2012 Dodge RAM 1500 Limited truck for 24,000 miles a year. The cost of that truck plus the gas I was spending equaled to the payment I am making on this car. And I'm okay with that. YMMV, but if you can live with having the car and still do the things you want to do (don't forget about retirement), then by all means do it. You have one life, and no dress rehearsal. If you can afford to do it, then do it.

I would have to agree with this. Don't put yourself in a bind for one, but if you have cash to play with and the way you want to play is with a Tesla, go for it. I've known plenty of people that blow money on much worse things.

 

[brkaus]

Unless your in a situation where fuel savings would offset, try to save up a significant down payment over the next six months and then make a decision when the model 3 info is available.

 

[Brass Guy]

Another $.02 to add.
I'd say I'm not too far off your financial situation. I did have a substantial down payment, which you didn't mention. I was fully aware that it is a poor financial decision, and weighed many factors - domestic vehicle, domestic energy, cost of gas vs electricity, sales/annual excise tax, insurance, cost of tires, "you only live once," etc.

I did factor in the federal credit. After the down payment I kept what I'd consider a modest emergency fund until I got my return; after which I let a sigh of relief.
Lease is always out of the question for me with over 20k miles/year. With the Model S, more like 24k miles and increasing.
I got a loan for 60 months. As I said, I put down a substantial amount to keep the monthly payments down, but with rates still so low it may have been a better move to invest the money and pay more monthly; but that's not a comfortable area for me and I hate debt so I dumped it into the car.
I still don't see a used one as a very good deal. Maybe if you're going for lots of options on an older car, which it sounds like you're not. Also consider the cars are constantly improving, and not just features. The newer the car, the better the build.

As long as you understand that it is poor financial planning (as is any new car) and know where you stand, go for it if you can. I have not a shred of regret, over 2 years now.

 

[rsquared99]

"...I got rear ended by some broad in a..." As an Air Force guy, I see the Navy still has problems with gender language.

 

[FloridaGary]

Does anyone here have less than an 800 dollar payment on this car? lease not leased? prefer to not lease a car. never have but always seems like a bad idea. unless you like to get a new car every 3 years and limit on driving it. etc.

I agree with you regarding leasing not being the best financial decision, but with the Model S, I am considering it due to the technology advances and model design changes that can occur in the next 3 years and I'll want to upgrade like an iPhone. If you're on the fence, you may be better off waiting until the Model III comes out. I'm sure it will be another home run for Elon.

 

[2krazykats]

Navyguy mentioned he lives in a condo. Where/how would he charge the Tesla?

Im also vacillating between wants/desires and financial goals. I am hoping for a 70D but also considering an older model S. Based on quotes I've been given for a CPO 70D, the prices are still not where I would feel comfortable making the commitment so I wait.:frown:Sometimes, good things come to those who wait, I am hoping!

 

[FloridaGary]

Navyguy mentioned he lives in a condo. Where/how would he charge the Tesla?

Im also vacillating between wants/desires and financial goals. I am hoping for a 70D but also considering an older model S. Based on quotes I've been given for a CPO 70D, the prices are still not where I would feel comfortable making the commitment so I wait.:frown:Sometimes, good things come to those who wait, I am hoping!

I'm with you on this too. I just don't see the value in CPO prices when they are close to a new Model S 70 or 70D.

 

[Drucifer]

The value in CPO is if you want a lot of options, and are willing to forego all wheel drive, next gen seats, parking sensors, autopilot and folding mirrors.

Trust me on this - see signature below

 

[Ugliest1]

+1 - Have to agree that autopilot is amazing and one of the top reasons to GET a tesla.

Autopilot is amazing, a friend demo'd it for me since Sparky is blind (and old, and slow). But now I think we should start an argument about just where autopilot should fall amongst all the OTHER "top reasons" to get a Model S. Because there are a whole bunch besides Autopilot! However, I suppose I'll eventually have to grudgingly admit that AP might squeeze itself up there with all the others...

 

[Drucifer]

Autopilot (and all wheel drive) - which gets me to why I am seriously considering Model X for my wife.

 

[FloridaGary]

The value in CPO is if you want a lot of options, and are willing to forego all wheel drive, next gen seats, parking sensors, autopilot and folding mirrors.

Trust me on this - see signature below

Understood regarding the options. I must be in the minority in that I only want the Tech package. AWD, next Gen seats and AP are not wanted or needed. I'll wait for AP to develop further before I consider it.