I'm 25, paying $450/month for rent, and make $85k a year plus bonuses. I'm trying to save for a house, and the amount of money one must save is astounding (I've about 5k saved up, due to a stupid drinking incident that I'm not too proud of..). Anyways, I owe $20k on my car, and I'm a huge Tesla fan. How stupid would it be for me to reserve the Tesla 3 tomorrow? I understand it's a new $35k vehicle, but...it is electric, and the possibility of breaking even could be a factor, since maintenance and gasoline won't be part of the cost. Thoughts?
MPG: Up to 21 city / 30 highway on my car, if that matters. Gas is $2.04 where I'm at (for premium, as it's a sports coupe).
It would be abso-fucking-lutely retarded to buy the car.
85k is like 60k after taxes... Your rent is 5k, and you've only got 5k saved up. How is that possible?
You could easily be saving something like 40k a year.
>>1169205
buying a brand new car is never a good financial decision. you are just throwing money away. why do you owe $20k on your car? is it because you bought it new and you're still paying it off? if so, why the fuck are you already looking to buy another vehicle? pull your head out of your ass
What kind of car do you have now?
>>1169233
A 2013 Genesis Coupe 2.0T. My reasoning was that I pay about $35 every 2 weeks in gas. 52 weeks in a year, so 26*35 would be $900 a year, almost $1k a year if I switched to the Tesla. Could be talking out my ass though, who knows...
>>1169241
>Could be talking out my ass though
Well you are disregarding the electricity cost for one.
>>1169241
no no no no no no noooo.
The best thing you can probably do at the moment is try and sell your car that you owe $20,000 on and buy a cheap car that's fuel efficient.
>>1169257
this you should never take out a loan for a car
>>1169205
get a honda faggot
>>1169386
THIS you stupid nigger. Sell the car you have for as much as you can and buy a 4k beater you homo.
>>1169286
If you put down 20% and get a 1.99% interest rate and finance for 6 years (assuming it's a good car that won't depreciate hard) you can beat the money you pay in interest with an index fund.
>>1169401
Or you know, just NOT be a retard and buy a 35k depreciating asset.
>maintenance wont be a factor
>Because electrical problems aren't a thing in cars, especially electric cars.
It won't be as much though, sure. Just when shit goes wrong, it's going to cost you.
t. an electrician.
>>1169406
Espescially a BRAND NEW model that really hasnt been proven yet.
>>1169401
>assuming it's a good car that won't depreciate hard
you're a fucking idiot
>>1169422
Doesn't depreciate hard relative to other cars*
I understand all cars depreciate but you get a shit car that depreciates so hard that you're underwater you're dumb.
It's not a investment.
You're 25 and already have a good salary. Have some fun with your money, and buy the Tesla.
>>1169205
Battery replacement nullifies gas savings. That said many states give huge tax credits for owning an all electric vehicle which can help with the cost. But cars are always a depreciating asset and hardly ever worth it unless you actually really like cars as a hobby so you get some benefit from it other than transportation.
teslas have shit interiors made out of mcdonalds toy plastic.
How can someone making 85k, and 1000$ expenses a month max only have 5k saved?
>>1169205
It would make sense if you commute on a freeway for long distances since then you could take advantage of the automatic driving feature.
>>1169434
no new cars depreciate less than used cars
if you are buying a new car you are buying a car that will depreciate at the highest rate no matter what make or model it is.
if you think it is a good financial decision to purchase a new car, then you are a fucking idiot
if anything, you should be looking for a vehicle that is 6 or more years old
>>1169567
lol, if he is like me, he spends far more than $1000/month
>>1169205
Why would anyone pay over $5000 for a car?
>>1169436
>Have some fun with your money
>by buying a tesla
haven't you ever heard from people TO NEVER BUY A 1ST GEN CAR?
OP if you really want to have fun with your money take a vacation to some 3rd world country for hookers and blow
>>1169216
>Thanks grandpa
This is why boomers are chilling at home now
>>1169205
What's your job/career? What are the requirements? Do you like it?
if you arent driving pic related or a corolla from the same time period, youre doing it wrong.
>>1169205
>paying $450/month for rent
I'm going to assume you're renting with friends? I saw that number and thought it was just you and I almost cried
>>1169629
Fuck you. We're chilling at home, partly living of our Social Security payments you young shitheads are providing us today. Your fucking angst is delicious and your tears about ll this are like a fine wine. Spend less time having your pecker pierced and tattooed and save that pizza delivery money .
>>1169711
Based conservative. Based valid insult.
>>1169614
I was never comparing depreciation between new and used cars, everybody knows that new depreciates more.
However not all new cars of various make and models depreciate at the same rate.
>>1169740
Yes, I know. All used cars depreciate at a lower rate than all new cars.
>>1169741
Is English not your first language or something buddy?
Two cars (regardless of new or used), one a toyota and one a Dodge, one will depreciate faster than the other. It's a mistake to finance the depreciating turd of Dodge, always.
>>1169467
Most sensible post is most underrated post
>>1169670
i'v seen these in midnight blue and they are nice especially when well maintained. these cars can last forever.
>>1169791
So would you suggest to...get the hell outta Dodge?
>>1169205
All cars are engineered to run on 87 octane, m8y. Spend more if you like, but the additional mileage you get from 89 or 93 octane won't offset the higher gas cost. There is a logic behind gas pricing.
As has been said here before, sell $20k car, use your $5k to get a good used Camry or Corolla. Then bank the $6 to $8,000 the tesla would cost you for a year and see how you feel in 12 months.
>tl;dr don't buy a meme car homo
>>1169711
kek
>>1169205
What you do for a living OP?
>>1169711
I agree with friend
>>1169859
I'm in tech support. Austin, TX pays well.
>>1169846
Some sports cars require higher octane fuel. They usually print on the gas cap the recommended grade and minimum grade.
>>1169214
>85k is like 60k after taxes... Your rent is 5k, and you've only got 5k saved up. How is that possible?
I too am curious about this.
>>1169403
What's the point of having money if not to spend it improving one's quality of life?
My gf is depositing her $1k for a model 3 today. We too are saving money for a house. It'll be so long before we take delivery of the car that we'll be moved into our first home by then. I can cover a $600 car payment by working two extra shifts per month.
>>1169406
There's a difference between maintenance and repair, dummy. And a brand new car is going to come with a warranty anyway. The fact is electric motors require way less M&R than internal combustion engines. Funny how you throw out being an electrician like knowing how to twist wire makes you an expert on electric vehicles.
t. USAF Electrical Power Production veteran and California C7 and C10 licensed electrician.
>>1170383
$85k a year to read a tech support script in TX? I doubt that.
why do you lie on the internet?
wow biz u guys are a bunch of dumbass Fucking idiots. don't buy a Fucking honda. buy a Fucking Subaru. lowest cost of ownership for 5 years and also the best resale value beyond any other.
second you would be a Fucking idiot not to take advantage of a low Apr financing because of you have cash you can use that to make money whole making low payments and making back more from the money you decided to keep in your pocket rather than be an idiot and spend it on a car.
>>1170654
also op you are a dumbass for buying a Hyundai. you upside down as shit on that thing right now I bet.
your best bet would be to get a fully loaded package #23. limited subaru legacy for 31k msrp and you can get it for invoice wich is around 28k.
>>1170383
I might move to Austin soon. What company (if you don't mind me asking)? What are some comparable companies? What kind of tech support? Is it hard/aggravating to do (hard to learn or have to deal with complex problems and stupid customers)?
>>1170383
Also, what are the qualifications/requirements to be hired? College of any kind?
>>1170623
Hello wageslave.
purchasing a brand new vehicle from the current, or even recent years, would be on par with your stupid drinking accident.
im thinking you suffered from a lot of head trauma that is still affecting you today.
>>1169205
Rule of thumb is never have more than half your gross income in vehicles. So if you can get $12.5k for your car (probably more for tt&l on your car), than you should be finacially ok.
I will recommend not doing this and buy a cheap car since you are behind on where you need to be for savings and investments. You'll thank yourself 30 years from now.
Civic or Focus Used Dumb Nig NOGS
>3K for transportation and not retarded shiny financed meme car
wtf are you doing bro i'm about to graduate college debt free (paid for through co-op and low tuition since canada) AND a maxed out TSFA...
