I agree that wealth is more important than income in general for a decision like this. But in this case we were asked to make two explicit assumptions: 1) that the person has no savings, and 2) that the entire purchase price will be financed.
Call me short witted:
The person would need to have such an income that she could save the purchase price of the car during the time from ordering it to payment due (about 6 months - currently).
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My take home income is 40K and I'm finalizing my order now. I'm getting the base model with the 85kWh battery. My bank already approved the loan as long as I sell my car and pay off the loan on it. You save up enough money, and put enough down, you can buy anything.
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PLEASE NOTE: these musings are the copyrighted intellectual property of the author, and are intended as part of a conversation among the Tesla Motors Clubs membership. My words may not be quoted by any third party outside the Tesla Motors Clubs forums, without my expressed consent. Especially the NYT, which is clearly ethically challenged.
For most people being able to pay for something doesn't always translate to it being financially prudent. Your situation with the MS is very unique. The value proposition for BEV is obviously tightly tied to miles driven and you sir are the king there (I'm actually rooting for you to end up with the S just to see the miles rack up)!
Last edited by Omer; 11-24-2012 at 06:38 AM.
Now buying the car in the first place is more relevant -- if you have money sitting around to buy the car, your house is paid off, etc, then you can afford a Model S on a retired income. If you are already straining to make payments on your house and other things, then you probably shoudln't buy it even if you make $250k.
I have always believed in paying cash for a car. However with the model S one can justify financing the tax rebate and gas savings. I have been setting aside $5000 per month this year and I still am short of my purchase price. Like many on this board I am far enought along in life that many of our financial goals are in sight.
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