Want to buy a X but can’t decide

[Sidsgothem]

Ok so I’ve been such a fan of Tesla since it’s release. Literally dream about having one...but I just want advice on your thoughts on my situation before or if I should purchase one.

the car I want...Tesla x P100D (ludicrous,self drive), doesn’t matter used or new imo but I do what free charge and I heard that only comes with a new.

my brief personal finance situation:

I work as a software eng I make roughly 5k after taxes and everything...no real expense I live with my family and they plan on moving and leaving their house for me when I hit 30 (27 now). I don’t have a car right now aswell. Credit score is 740...

I never purchased a car so I don’t know the ins and outs of this let alone I’m not entirely business minded so I’m very wary of making expense purchases with relatively long term plans. My brother said reach out to a credit union instead of financing through Tesla and see if they can help me out.

thoughts idea etc?

Thank you ahead of time!

 

[SystemDisc]

$5k per what amount of time?

 

[gaswalla]

Used X from Tesla currently have free unlimited Superchargering

 

[Evan1701]

I found that Tesla had as good as a rate as my local credit unions, so YMMV there.

 

[gjunky]

I would put the 100k in an investment or retirement fund or real-estate if I had that kind of money at age 27....
It looks like you plan to finance it though so that wouldn't work

 

[shiftelectrics]

How long do you plan on living at home? If you plan on buying a house in the Los Angeles area, I'd probably prioritize that first over a $100k car. If you're OK living at home for the foreseeable future, then you can afford an X with $5k take home per month.

$100k is a lot of money to drop at 27.

 

[Sidsgothem]

How long do you plan on living at home? If you plan on buying a house in the Los Angeles area, I'd probably prioritize that first over a $100k car. If you're OK living at home for the foreseeable future, then you can afford an X with $5k take home per month.

$100k is a lot of money to drop at 27.

You’re saying I should buy a home or think about it when they’re going to pass on their home to me in 3 years that’s already paid off?

 

[Sidsgothem]

I would put the 100k in an investment or retirement fund or real-estate if I had that kind of money at age 27....
It looks like you plan to finance it though so that wouldn't work

i suck with business stuff...leaving my money with other ppl to invest for me scares me too..real estate in la is crazy 100k is like down payment for a house in Compton now lol..

 

[Sidsgothem]

$5k per what amount of time?

5k a month after all taxes n fees... a typical standard job 9-5 but tbh I can work remotely...and tbh aswell I probably realistically work like and he or two a day.

 

[Sidsgothem]

I would put the 100k in an investment or retirement fund or real-estate if I had that kind of money at age 27....
It looks like you plan to finance it though so that wouldn't work

Also what do you mean that wouldn’t work?

 

[RoBoRaT]

Test drive a Model 3, compare that test drive with Model X.

Maybe a 3 is enough to satisfy your want of Model X.

 

[gjunky]

Also what do you mean that wouldn’t work?

If you plan to take a loan out to f8nance the X, there is no 100k to put in an investment.

my suggestion was that if you have a 100k in cash to buy an X, as much as I like the X, it would probably make more sense at your age to invest the money instead (of spending it on a depreciating item). Totally a personal preference of course but money invested this early in life goes a long way to invest into your future.

reading RoBoRat’s comment: I might like our 3 better than our X. Just such a fun car to drive.

 

[shiftelectrics]

You’re saying I should buy a home or think about it when they’re going to pass on their home to me in 3 years that’s already paid off?

If your parents are you giving you their house in the 3 years, then great.
I agree with gjunky, I prefer our Model 3 as a Daily Driver to our X.

The X is the best road trip car though.

 

[Uncle Paul]

OP has $60,000 year in disposable income. Lives at home, so few expenses.

He can pretty easily afford a new Model X. no problem.

Suggestions that he check with a credit union or directly with Tesla to see who would offer him the best financing are good advice.

He will be able to charge at home, and new X will come with free Supercharging as well.

 

[Kuhz]

If you really want one that bad, just get it. Life is too short.

 

[Need]

If your parents are you giving you their house in the 3 years, then great.
I agree with gjunky, I prefer our Model 3 as a Daily Driver to our X.

The X is the best road trip car though.

Same here... every weekend when I have to drive the X for the family... I missed my 3 LOL. The X is great if you have a family to transport.

 

[user212_nr]

I work as a software eng I make roughly 5k after taxes and everything...no real expense I live with my family and they plan on moving and leaving their house for me when I hit 30 (27 now). I don’t have a car right now aswell. Credit score is 740...

Even the Model 3 is a expensive car for someone who makes 5k /month after taxes. Definitely you don't need the X and haven't given the reason you need it.

A free house makes it more affordable, but is that your house or just one you get to live in?

"but I do what free charge" --> this is time for reality check on how much the car costs vs. how much does electricity cost