Thinking of getting a Tesla

[Max*]

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.

I don't want next gen seats either, I'm actually annoyed that the regular seats are only available in black now.

Do you do roadtrips a lot? Even if you don't want autosteer, TACC alone is worth it. Auto-high beams are cool, and useful, but I wouldn't pay extra for that feature alone.

 

[autodidaddict]

I've mentioned this in another post, but when I go into a purchase for something as big as a Tesla, I spreadsheet the hell out of it. I take the concept of a "pros vs. cons" list and that list becomes a 4-chalkboard college professor scrawl of epic proportions. I figured out how much I've spent on routine maintenance over the life of the past 2 vehicles I've owned, factored in how much gasoline I've spent on them over the life of those vehicles, compared that to the amount of driving I expect to do (I make multiple large road trips per year).

In the end, I found that while I could justify the increase in cost of the vehicle by listing off all the fuel savings I would be getting, it came down to this...

The Tesla is
- A beautiful car
- Makes me grin from ear to ear to drive
- Zero emissions
- Zero combustion
- Zero gasoline
- Makes long road trips fun again

The rest of the stuff ended up not mattering much to me. I honestly don't care what I'm going to get in resale value for it, because I intend to drive it until it stops working or I replace it with a newer one, both of which will happen after I've paid off the 70D.

 

[Zybane]

Silly to put cash down on a car when with good credit you can get ~1.99% interest rates. That money is much more useful being invested.

 

[McHoffa]

I'm just about ready to purchase one (which will by far be my biggest car purchase ever) but first things first, I need to get electrical work done for home charging and have a place to put it so it's not out in the elements. The hardest part for me is that I REALLY want more than a 70D, but that's not realistic for me.

 

[yo mama]

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.

For what it's worth, the only option I *didn't* get was the rear facing seats and snow package. If I lost any of the options I did get, I would certainly miss them. But I'm honestly not sure I'd care if I'd never ordered them in the first instance, as I'd never had known the difference. I guess my point is that I enjoy - and do not regret - any of the options I selected.

 

[cytranic]

For what it's worth, the only option I *didn't* get was the rear facing seats and snow package. If I lost any of the options I did get, I would certainly miss them. But I'm honestly not sure I'd care if I'd never ordered them in the first instance, as I'd never had known the difference. I guess my point is that I enjoy - and do not regret - any of the options I selected.

I'm with ya. South Florida is no place for heated seats. Those come free. Rear seats are only for kids. Dont need anymore reasons for the wife to want more.

But the grey turbines make the car in my opinion.

 

[AB4EJ]

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!

I have to agree with the above; at least, if you must have a Model S in the short term, consider a CPO (or maybe even buy from private party). This can save $$.

For other car budgeting advice, see: Dave Ramsey His advice would definitely be to wait for a more affordable Tesla if you can't pay cash (or mostly cash) for MS.

 

[DrManhattan]

Car Loan <= 1/2 pre-tax annual income (or 6 months income, pre-tax)
Home Loan <= 3 years pre-tax annual income (or 36 months income, pre-tax)

If you want more car or more house than fits the equation, save for a down payment big enough to reduce the car note or mortgage.

I would say this is roughly accurate, but I would shoot for 1/3 - 1/2 for Car, and 3-4 years for a house (especially in CA). Most importantly, you should probably know your own finances and budget and know if you can afford something. If you have to ask it sounds like you're trying to justify something. I probably average around 30-32K for the last 4 cars I bought (or leased), so jumping to 70-80K is quite a lot, but I know I can afford it.

 

[California Roll]

Maybe get the most expensive configuration way beyond your means, then start a youtube channel to tell the world about your suffering. Eventually that youtube will pay for the car.

 

[Max*]

Tesla is running the $1k off promotion again. You can use the link in my signature to save an extra $1k off your purchase

 

[Navyguy]

In reply to a few comments since my lest log in. one yes condo. two Garage lol. 3 I do not pay electric haha only gas and sewage lmao. so actually since I am on a yearly lease, unless it doubles my usage I see no reason they would care. not family owned but friend. I know the people who own the condo. I pay an even 800 a month plus gas / sewage. gas, the only thing is drier. (electric heater lol)

Also Looking at loans I cannot justify much of a down payment. I can get one say 3-5K but from zero to almost 10K was only a difference in 100 dollars a month. sorry but over 84 months. that's less than 10K no reason for a DP. obv to help the loan I would put down maybe 1-2k deposit. but other than that logically speaking they do not really help your payment enough over the course of a loan to justify them (they are usually there for credit issues etc as in if a bank wants to see you have some financial liability so as to less likely stiff them.)

a 70D with the AP and winter package as well as sport susp. comes to just shy of 1200 at 84 months. that's about 40% of my after tax take home pay NOT including residual commissions which average spread is 5-10K yearly. (paid monthly based on previous months shipments) so obv some months may be very little one month may be really high. (just over 4K a month)

I know generally it is 20% max. I do not have much debt. really not much at all. I mostly spend my money at the casino and some out to dinner with GF. and movies etc. if I leveraged my monies better in those places I think I could make up the difference.

Yes I now cars are the worst investment. its not an investment. It's a want. everything you buy isn't either. a house yes that appreciates. your clothes depreciate so do your tv's computers, furniture. etc etc etc.

so investment wise i don't really care I would prefer to work til I cant, saving for when I am old to me is dumb because you work / live for 60 years like crap then live great for 10-20 more years in relatively poor health. The reason they want you to save for retirement is because they know you will never use it all lol. so they want your kids to get it and the government hahaha I am kidding. but in a way live now. or live later is really all that comes down too.

All I am saying as a 27 year old who was in the navy since 18 and got out in 2012 if living on 1400-1500 a month of disposable income (after all bills are paid) is tight life or decent. I like my condo. so to have this car and still be able to completely give away 1500 a month (maybe 12-1300 more likely) and still have my bills paid I think seems plenty doable and not have a feeling of poorness for 84 months lol


I mean isn't 1500 in spendable income a pretty good amount to live well if that's how much you have to blow for the month? That is 375 a week. that I could use to spend on Movies, going out, gambling etc. And of which I do not do a ridiculous amount of that as it is. although having that car I may want to do more. so I mean even if its 200-350 a week in spending money after bills are paid. sound ******? or fine?

- - - Updated - - -

I'm just about ready to purchase one (which will by far be my biggest car purchase ever) but first things first, I need to get electrical work done for home charging and have a place to put it so it's not out in the elements. The hardest part for me is that I REALLY want more than a 70D, but that's not realistic for me.

That is kinda how I feel. I for sure want the p90d ludicrous upgrade never will get that tho.) but really the base model with AP and some other few upgrades is within my grasp even now. so idk)

- - - Updated - - -

Maybe get the most expensive configuration way beyond your means, then start a youtube channel to tell the world about your suffering. Eventually that youtube will pay for the car.

HAHAAH No ****. probably would work too lmao. people love to watch a trainwreck. think that BS honey boo boo lol OMG. the crap on tv today haha

- - - Updated - - -

Tesla is running the $1k off promotion again. You can use the link in my signature to save an extra $1k off your purchase

Lol whoopy do. make it 10K and its worth jumping the gun to save a bit. Even if I miss that I would be better off making the right decision in due time rather than a poor one two quick (hence why I am here asking lol)


I mean it only really becomes irresponsible when I all of a sudden have an issue like if I had a kid and got married to someone who don't work the day after I buy the car lol.



Think Gofundme would work hahaha I think I have seen a few on there. people getting like 2 bucks from their friends lol haha. if you think this forum has 30K users if each one went there and gave me 3 bucks I could buy the car lol

We could all buy each other them hahaha.

 

[Brass Guy]

It sounds like you know exactly what you're getting into, and are in a decent situation to do it.

The only thing I'd add at this point is though P90D is just too irresponsible, see how the numbers look if you went 85D, which is about as fast as the "old" P85. The way I see it, before the D, it cost about $20k to upgrade from 60 to P85. Lots of people found it worth it. You get the same upgrade from 70D for $10k.

 

[Brass Guy]

a 70D with the AP and winter package as well as sport susp. ...

I think you mean Smart Air Suspension. It is not sport suspension. If you want even sportier handling, the 21" wheels is the only factory upgrade for that; ever since they did away with the + package. But then you're talking about replacing tires much more often. The air suspension is a different feel, but I don't think I'd say it's a sport feel. I don't want to sidetrack too much, there are many threads about tires and SAS. I just want to point it out since you're on a budget and I'm very happy with the standard coil suspension.

 

[Ugliest1]

I know generally it is 20% max. I do not have much debt. really not much at all. I mostly spend my money at the casino and some out to dinner with GF. and movies etc. if I leveraged my monies better in those places I think I could make up the difference.

Yes I now cars are the worst investment. its not an investment. It's a want. everything you buy isn't either. a house yes that appreciates. your clothes depreciate so do your tv's computers, furniture. etc etc etc.

<snip>

All I am saying as a 27 year old who was in the navy since 18 and got out in 2012 if living on 1400-1500 a month of disposable income (after all bills are paid) is tight life or decent. I like my condo. so to have this car and still be able to completely give away 1500 a month (maybe 12-1300 more likely) and still have my bills paid I think seems plenty doable and not have a feeling of poorness for 84 months lol

I mean isn't 1500 in spendable income a pretty good amount to live well if that's how much you have to blow for the month? That is 375 a week. that I could use to spend on Movies, going out, gambling etc. And of which I do not do a ridiculous amount of that as it is. although having that car I may want to do more. so I mean even if its 200-350 a week in spending money after bills are paid. sound ******? or fine?

I support you, notwithstanding all the excellent financial-related advice and warnings above. It sounds to me like you've thought through the necessary things to figure out the true reality of the costs. Going into this with your eyes open, seems like.

My one piece of advice I'd give once you entered into this is, make sure you get a loan that you can pay extra into to reduce the overall interest. Then, if you find at the end of a month (/pay period) you have $25 left over, stick it on the loan. Or $10. And repeat. Doesn't seem like it will make much of a difference... but it does. And if the loan rules limit the number of extra payments you can make, then stick the extra in a "special place" and dump it on the loan as soon as it makes sense (cents?).

And... I think a 70D (or 85D...) will blow your mind. P'ing not necessary. Spoken from a non-P owner.

 

[gsxdsm]

All I am saying as a 27 year old who was in the navy since 18 and got out in 2012 if living on 1400-1500 a month of disposable income (after all bills are paid) is tight life or decent.

What about savings? Are you including savings/401k/emergency fund in your bills? You're relatively young - you have a long future ahead, every dollar you save today, your future self will thank you for. If you can fund a 401k and have savings, with 1400-1500/mo left over, go for it. But don't forget to save...

 

[asudan]

Car Loan <= 1/2 pre-tax annual income (or 6 months income, pre-tax)
Home Loan <= 3 years pre-tax annual income (or 36 months income, pre-tax)

Solid advice. However over a certain income level things "change". Someone making $50k a year should have a $25k car and live in a $150k house. On the flipside, someone making $400k a year probably should NOT have a $200k car, but could easily have a $1.2M house.

 

[Soolim]

I think the OP already made up his mind. He was just seeking confirmation from TMC. His future is bright and secure. I never had his optimism while I was young, so I did not enjoy life (material aspect) until now.

 

[RyanT]

I'd like to suggest he look at getting coil suspension. Like someone mentioned air suspension is not sport suspension(I think coils may be more sporty?). I would definitely get AP. I make a little over $100k and got a $80k car on 74 month loan 1.74%. I have just about enough to pay for the car outright if I wanted to though. I'd rather take advantage of the interest rate : )

Nice thing about the car is your loan payment is about all you have to worry about. Factor in tires every 25k miles.. But otherwise I think it's about equal to a high $40k car especially if you keep the options down.

 

[2krazykats]

Nice thing about the car is your loan payment is about all you have to worry about. Factor in tires every 25k miles.. But otherwise I think it's about equal to a high $40k car especially if you keep the options down.

Well I wouldn't forget about insurance :smile:. Mine was quoted almost $500 a year more than my current car but I think your point is gas and oil changes, stuff related to other maintenance for ICE vehicles. Also, there is a Tesla maintenance package you're practically required to buy in order to qualify for warranty has been discussed multiple times in these forums.

just read some of the details and it's $600/year or every 12,500 miles.

 

[Max*]

It's not required for warranty.