To Tesla or not?

[Bbbbrass]

Hey all, with the low prices and a much larger paycheck than before I'm debating purchasing my first new car ever. Model 3 is tempting to me even though I've always had manual transmissions and don't love the company/leader. Any thoughts on the cheap "partial-premium" interior vs getting a LR or Model Y? Hard to justify $10K more, but if I'm using the car for 10 years I want the inside to be pretty nice, especially the audio.

 

[MurphyGuy]

Hey all, with the low prices and a much larger paycheck than before I'm debating purchasing my first new car ever. Model 3 is tempting to me even though I've always had manual transmissions and don't love the company/leader. Any thoughts on the cheap "partial-premium" interior vs getting a LR or Model Y? Hard to justify $10K more, but if I'm using the car for 10 years I want the inside to be pretty nice, especially the audio.

Pay off the mortgage, drive a cheap car. Real estate goes up in value, cars go down.

 

[Bbbbrass]

Always had cheap cars (never more than $5,000), mortgage less than 10% of net pay, completely understand this would be a toy.

 

[MurphyGuy]

Always had cheap cars (never more than $5,000), mortgage less than 10% of net pay, completely understand this would be a toy.

In today's world, pay off that mortgage first.. Then put away three to five years of property taxes and enough extra for three to five years of being unemployed.

When the economy goes tits up, or you find out the CEO embezzled most of the company you work for, you'll be glad you don't have any debt.

Nothing wrong with a Tesla if you need a new vehicle, but I wouldn't buy toys until everything else was paid for.. and then pay for the new vehicle with cash.. That's what we did.. I'm absolutely floored by how much money we've saved by not buying things with payments.. We paid off our 30 year mortgage in 8 years.

The only thing I don't pay off is the rental property.. and that's because it doesn't affect my security.

 

[Bbbbrass]

Yep, that’s how I’ve always done thing. No debt ever except mortgage and while I would love to keep it that way (and pay off the mortgage even faster) my wife gets a say and she wants a car. I don’t want to use $40K in cash, because that’s the emergency fund.

So if I’m compromising with my partner and taking on a car payment, does anyone have experience with the current “lower end” Tesla offerings? It’s not like they have a dealership I can just go to and compare. Nearest store is 200 miles away.

 

[MurphyGuy]

Yep, that’s how I’ve always done thing. No debt ever except mortgage and while I would love to keep it that way (and pay off the mortgage even faster) my wife gets a say and she wants a car. I don’t want to use $40K in cash, because that’s the emergency fund.

So if I’m compromising with my partner and taking on a car payment, does anyone have experience with the current “lower end” Tesla offerings? It’s not like they have a dealership I can just go to and compare. Nearest store is 200 miles away.

All I can tell you is that I took a ride in a Tesla once.. Some guy came to my home to purchase something I was selling and he was in a Tesla. I'm in the rural countryside so we don't see them very often.

That car is fast.. really really fast. It did not rattle going down our dirt road.. but suspension was stiff. It did however have a bit of a cheap feel to it, but maybe I should attribute that to the fact that I've never been in an EV before.

When he hit the pavement, we were going about 30 mph, then he floored it and we went from 30 to 80 like we were being launched off an aircraft carrier catapult.

By far, the strangest thing about the experience was the lack of any dashboard controls. No buttons, no dials, no gauges, no lights.. absolutely nothing.. just a computer screen that resembled a tablet in the middle between the seats.. a strange thing to see the first time you get in one.

The guy owned two of them.. one for wife, one for himself. I was only in it for 10 minutes so that's as much as I can tell you.

 

[JeepHammer]

I'm all for NOT being in debt...

People asked why I did without while getting businesses of my own up and running...
You can't sell a job when you are ready to retire.

When I made some money people asked why I didn't buy new cars, etc.
Instead of SPENDING money, I reinvested it.

When I sold my businesses people asked why I didn't buy bigger house, move where 'Rich People' live, etc.
I built here, my family, friends, people who helped along the way are here.
If I'm going to throw money around I'm going to spend it right here with the people that helped me get where I am today.

Most of the time it's a $5,500 small pick-up that's 16 years old. Doesnt even have power windows...

I'd say if you drive a bunch, get something with a good warrenty, cheap to operate & maintain, etc. Don't confuse your identity with basic transportation...

A long time ago someone gave me a copy of "The Millionaire Next Door" (or something like that)... It's an interesting read.

 

[Batvette]

Hey all, with the low prices and a much larger paycheck than before I'm debating purchasing my first new car ever. Model 3 is tempting to me even though I've always had manual transmissions and don't love the company/leader. Any thoughts on the cheap "partial-premium" interior vs getting a LR or Model Y? Hard to justify $10K more, but if I'm using the car for 10 years I want the inside to be pretty nice, especially the audio.

If youre already considering it and are financially comfortable, go for it. Some people find happiness paying down their mortgage and driving around a beater. They certainly arent "car guys". Driving a new machine can put a smile on your face every time you get in it, and make you look forward to getting up and going to work.
Id look into the whole tesla experience and make sure the companys practices are a good fit.
No I dont mean Elon buying twitter to combat leftist censorship. Not buying a car because of that is a stupid hill to die on.
Go to owners forums, see how they handle warranty repairs. If there is supply chain problems with parts. One thing Ive heard is that a minor accident can total the car.
And the self driving and parking thing. Any liabilities incurred by you?
Ive heard some models are blazing fast but really nobody needs 0-60 in less than 5 seconds.
And check with your insurer. Not sure what rates are but it could get pricey.
With this kind of tech Id want a warranty as long as I owned it.
Finally you mentioned options packages. Thats tough. I normally buy used so theres more savings on options, but Ive always hated buying less than fully loaded and after owning it looking at every one I see and noticing features mine doesnt have.
Just dont get that primer/matte black color. Theres a few others that are hideous too.
Saw one yesterday with that mirrored gold wrap. Wanted to pull up and say hey dude is that solid gold?
As for that touch screen, well if thats what it has, but what an awful idea.
I used to be into high end competition car audio. The biggest system I built back in the late 90s, well it was a Clarion double din with a TV with a touch screen that flipped up for cassette and cd loading.. That was for the source. Most of the sound controls were through a Rockford Fosgate Symmetry EQ/Crossover Processor, that was completely menu driven with 31 EQ bands, global settings... Almost everything you did required scrolling through menus, 5 or 10 seconds of your attention... Because I competed in IASCA SQ competitions it was a necessary evil. I hated it though.





A few years later I scaled down to a used japanese SUV but carried a lot of gear over and had a nice system with a smaller head unit but something I will always think is the best way. I had both the head and an ipod(as well as a Zune) hooked up to a small half DIN EQ with 7 bands, sub control, volume and fader controls.
Knobs that you could push in and they popped out.
It was an amazing revelation and the EQ was less than $100.


I had complete control of all the sound adjustments without ever taking my eyes off the road. A few simple knobs right where they should be.
Now I have a honda odyssey. Its the elite trim with premium sound. Its got steering wheel controls for volume and radio channels but if I want to adjust the bass or treble or sub level, or select source, its menu driven through at least 2-3 clicks just to get to it.
In short, I LIKE KNOBS its the way to go.

Maybe in the self driving tesla its not a big deal. Just sayin.

 

[DaiwaTrout]

Yep, that’s how I’ve always done thing. No debt ever except mortgage and while I would love to keep it that way (and pay off the mortgage even faster) my wife gets a say and she wants a car. I don’t want to use $40K in cash, because that’s the emergency fund.

So if I’m compromising with my partner and taking on a car payment, does anyone have experience with the current “lower end” Tesla offerings? It’s not like they have a dealership I can just go to and compare. Nearest store is 200 miles away.

If she wants a Tesla, let her PAY for it.

 

[JeepHammer]

If she wants a Tesla, let her PAY for it.

We didn't go Tesla for two reasons, the ICE-hole harassment/damage and you need a monthly service contract for updates and stuff.

I'm not real keen on making monthly payments on something I already paid for.

We found a program/lease return that had very low mileage, no accidents, and by the time we got it 2 model years old (1 actual year old) and rhe dealer was willing to give us new warrenty from the mileage it had, so 100k mile warrent from day of purchase.
(Got it in writing)

The dealership assumed we would be financing since we said we had 'X' amount down, but the interest rate was a little high, so I paid cash.

Another thing about a used car, you don't pay the document fees and all that other crap, it already has a title and all they have to do is sign or stamp it, give you a receipt and go to the DMV branch yourself...
That alone will save you $2k to $3.5k alone.

To each their own, but being a gear head all my life I found out if it's not a numbers matching muscle csr or collectable, or something you do world class work on, you aren't getting out of it what you put into it...

We have sold several at places like Barrett-Jackson in the last few years, it's like owning a boat, you dump money into a bottomless hole.

If it's sentimental, then by all means keep the vehicle up.
You just can't expect someone else to pay for your sentimental attachment...

 

[Matt.B]

Spend your money on whatever you want (but only if it won't put you in a bad position).

Personally, I would never buy a new car as it loses so much value so quickly. I'm risk adverse, so I am more likely to pay off mortgage, save for retirement...or I if I wanted to splash some cash I would do something with my family.

But thats just me. If you can afford it and it makes you happy, DO IT.

 

[aenyc]

Get a Lexus Hybrid instead. Much more value for your money and much more practical.
Also the build quality and inside feel is night and day compared to a cheap, plasticky model 3 or model Y