tesla financing reddit

Well, using a maximum of 43% Debt to Income Ratio (DTI) we can start to analyze our situation. Factor in charging costs and we'll round to $1000 per month to operate the Model 3. The money set aside could be invested anywhere, but I wasn't going to make suggestions here. What is Tesla Financing? However, the bulk of the post is meaningless for anyone saving up to pay cash. While doable, it's not super smart. Press J to jump to the feed. That's quite significant, about a third of the monthly cost of a lease or 5-year loan for a reasonably optioned Model S. You keep using the word "investment" but I'm not sure you know what it means. Went ahead with Model S because I really wanted my first car to be an EV, it was the only one that had comfortable range for my commute, and I estimated that I'd have it paid off in under a year at the same rate I was saving up. A Reddit user who claimed in a post a month ago to be a Tesla Inc insider and knew about the electric car maker's purchase of bitcoin said … He isnt saying dont buy a car, he is saying do it responsibly. ️ alphamystic007 ️ Crawled from # reddit ⚠️ Report spam post by messaging us No text found The point was for people to understand their financial burden if they were to purchase a tesla. A Reddit user who claimed in a post amonth ago to be a Tesla Inc insider and knew about theelectric car maker's purchase of bitcoin said on Tuesday thathis assertions were not true. New comments cannot be posted and votes cannot be cast, More posts from the teslamotors community. The 60kWh Model S is easily the best value and still works great for the occasional cross-country trip; I know from personal experience. Awesome, right! An unofficial forum of owners and enthusiasts. Rates are automatically updated every 4 hours. Make sure to put some income away for an emergency savings account and further to retirement savings like a ROTH IRA. Look at the values of MS post ap2), they're significantly more expensive than comparable ICE vehicles (in general), financing on them costs the same at best, but typically more than other vehicles (which many times have captive financing with discounts). you don't really need one and you could persist on a $10,000 used car and gas/insurance for lower cost, but a Tesla sure would be an exciting investment)! If the car you are looking to buy does, save more. Obviously not possible if you have a wife lol, Might want to get the X if you're going this route :p. Thanks for taking the time to do this. Lowest "open" rates(as of this writing) I can find are 0.89% - 36 months & 1.87% - 48 months. Of all the income and spending profiles, only someone making $75000 a year and willing to dedicate 1/4 of their income just to a Model S could afford one. But some people may find out that with some discipline, setting aside an extra grand a month is easily doable, and they may be able to afford a Model 3 in a few years. An unofficial forum of owners and enthusiasts. Seems like OP is bringing a little r/personalfinance. The original and largest Tesla community on Reddit! This. This calculation is huge because obligatory spending beyond what you are capable of places you at significant risk for financial hardship! Tesla vertically integrates energy products with solar, batteries … I think this is reasonable. Obviously this ignores any down payment, delivery, taxes and registration fees OR federal/state incentives. Then, insurance will vary on locale, model, deductibles, and driving record but conservatively plan for a $700+ six-month premium, or about $120/mo. Now, let's assume that what was saved by buying a less expensive car (Model 3 vs S) is added to insurance cost in buying a new high performance Model 3, so the premium remains the same at $700ish for six months or $120/mo. Easy fix here. If not then well you can still go out there on vacations and what not. "Modest" meaning responsible credit history, limited or zero outstanding debt, and a stable career/income source near the US median. Drink water instead of soft drinks or beer. Tesla Financing offers used car loans starting at 3.99% APR on its own certified pre-owned vehicles (CPOs). Their mission is to accelerate the world's transition to sustainable energy. However with additional financing from Volkswagen and the assumed exercise of … Given a savings of $1000/month through 2018 you could have $24,000+ as a down payment. Saving is used as a litmus test for future spending ability. r/teslamotors: The original Reddit community and supporters of the Tesla mission. The chart I built is meant to show that. A Reddit user claiming to be a 'Tesla insider' appeared to announce in a Jan. 2 social media post the carmaker's large purchase of bitcoin. See r/TeslaLounge for laid back discussion, and more photos! I did build it to see how much I could afford, given that I save a lot. An unofficial forum of owners and enthusiasts. New comments cannot be posted and votes cannot be cast, More posts from the teslamotors community. The offered term is 72 months. I like how the post focuses on saving up before purchasing. I bought it because i could and i love the car. Most people use leases as a way to afford a car they shouldn't and end up payment slaves. Tesla (formerly Tesla Motors) is an energy + technology company based in Palo Alto, California. Other things to consider: while saving, work to bring your debt down close to zero and improve your credit if applicable. It's not a race - get to where you are financially stable! Tesla is accelerating the world's transition to sustainable energy with electric cars, solar and integrated renewable energy solutions for homes and businesses. It’s time to apply for financing for my Tesla Model 3. Some fairly easy ways to reduce expenses: Reduce mobile usage so you can get one of the $30/month or cheaper plans. I needed one of these when I was purchasing mine too, Anyway to filter by state? I probably am not eligible for most of these :/, The ones with "open" join rule you can join from anywhere as long as you're US citizen. Hope is great. The original and largest Tesla community on Reddit! You need a reliable place to efficiently charge your car and some rental properties may not be amenable to the required modifications. Anyone with lower income should not even be considering it. The New York Post added that with the timeline on the Reddit post, Tesla would have had to start buying bitcoin in late December. The original and largest Tesla community on Reddit! If you can maintain the savings for 2-3 years as if it were a current monthly loan payment, then you are likely financially stable enough to afford the car. Consider how switching to a mortgage from renting might affect your savings or DTI. The comforting part is you won't lose money on interest to the loan, but you can also gain interest via sound investing and still have access to that money should you need it. This is an incredible resource. they depreciate faster than ICE vehicles (rebates, massively changing features, range, etc. When you get around to buying the car, don't pick options you don't really need. Option 1: Save for a down payment on a new maxed out Model 3 or fiscally comparable S with the most modern hardware in 2+ years and use a much smaller loan that is well within your means for the remainder. You're paying for the heaviest bit of depreciation and rarely do you win the bet that the leasing company has over estimated the residual. Tesla (formerly Tesla Motors) is an energy + technology company based in Palo Alto, California. Purchasing a Tesla or any other electric car is a flicking horrible decision from almost every financial angle. Tesla works with select financiers to provide a commission free finance product exclusively for Tesla owners. My credit is pretty good. This entire post is navel gazing with a massive amount of justification and poor advice letting people think they can afford a car they have no business affording. Er, what fixed income products give you 3-5% with little risk? A down payment helps to reel in the loan term while keeping monthly payments low. I don't make any money from the Credit Unions for this -- they tend to use any earned income to lower their rates. This doesn't include other debts (such as student loans/car payment/credit card payments) which should be taken into account. Get a nice gym membership that has nice benefits (Pools, Jacuzzi, awesome classes, etc) and enjoy your MS? The original and largest Tesla community on Reddit! By using our Services or clicking I agree, you agree to our use of cookies. Press J to jump to the feed. And, you can't take money with you when you die. TL;DR don't buy now: rather save for a couple years, re-evaluate your situation, and make a decision then. After that the 50/50 percentweightages given in order to determine the final price of the share. Tesla said it started purchasing bitcoin in January. So for a nice round figure, including charging costs, let's say it costs $1600 per month to operate this vehicle on a loan. Although, in my case, I was constantly re-evaluating for the couple years I was saving, with the objective of paying cash (I hate debt). Tesla Referral Program! With this method you will have created options. or having partial cash and taking consumer credit for cash to 20-30%. Generally, the longer the debt, especially if it's necessary to afford the payments, the higher the risk of something unexpected happening that could prevent you from being able to afford the payments and leading to your car being repossessed. Thank you friend, you may have given me the final justification I needed to pull the trigger on a model 3. That said if they're grossly over valuing the residual (which I think Tesla did with the q3 10k mile 2 year lease) you can get value out of a lease. If they can't consistently save what would be required in monthly payments, they can't afford the car. More focus on expenses would have been nice since I find that to be a huge factor that most people don't seem to pay much attention to and usually could be adjusted to make things much more affordable. Well, let's talk about achieving those goals responsibly rather than emotionally.

Furnished Houses For Rent Cape Coral Florida, Gabrielle Aplin Website, Ultimate Beefy Rig, American Journey Salmon And Sweet Potato Treats, Beau Ginner Wikipedia, Fallout 1 Shady Sands Rope, Onn Dvd Player Ona18dp001 Troubleshooting, De'longhi Radia S Manual, What Happened To Just Mayo 2020,