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Want to buy a X but can’t decide

Sidsgothem

Member
Sep 23, 2019
8
0
Los Angeles
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!
 

gjunky

Trifecta: Solar and both cars are EVs
Mar 26, 2012
1,251
407
Scottsdale, AZ
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 ;)
 
Mar 26, 2019
91
61
Santa Barbara
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.
 
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Sidsgothem

Member
Sep 23, 2019
8
0
Los Angeles
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

Member
Sep 23, 2019
8
0
Los Angeles
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..
 

gjunky

Trifecta: Solar and both cars are EVs
Mar 26, 2012
1,251
407
Scottsdale, AZ
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.
 
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Mar 26, 2019
91
61
Santa Barbara
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

Well-Known Member
Nov 1, 2013
6,296
6,858
Canyon Lake,CA
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.
 
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Need

Active Member
Nov 22, 2017
2,949
2,244
SoCal
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.
 
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user212_nr

Active Member
Aug 26, 2019
1,407
744
US
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
 

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