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Thread: Subjective Question: Minimum Annual Salary to Buy Perf 85kWh w/options

  1. #41
    Member dailydriver's Avatar
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    Quote Originally Posted by napabill View Post
    "what is the minimum annual salary"

    $0. But, of course, I'm retired!
    I'm not, but this post made me laugh.

  2. #42
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    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.

  3. #43
    Member Johann Koeber's Avatar
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    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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  4. #44
    P# 8,878 Alexander's Avatar
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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.

  5. #45
    Model Sig 304, VIN 542 Arnold Panz's Avatar
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    Quote Originally Posted by Alexander View Post
    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.
    ^^^Right on!!^^^

    Save on the small stuff and you can afford the big stuff, and always live below your means. My parents were raised during the Depression and drilled this into our heads.

  6. #46
    Burrito Founder brianman's Avatar
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    Quote Originally Posted by Alexander View Post
    base model with the 85kWh battery
    I'm confused by this phrasing.
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  7. #47
    Roadster #1144 + Sig 114 dsm363's Avatar
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    Quote Originally Posted by brianman View Post
    I'm confused by this phrasing.
    I assume he means no tech package, leather seats or pano roof...etc
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  8. #48
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    Quote Originally Posted by Alexander View Post
    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.

    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; 2012-11-24 at 07:38 AM.

  9. #49
    Junior Member jat's Avatar
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    Quote Originally Posted by rorystewart View Post
    Thx for sharing!

    Funny. I always thought that it was the opposite. Like your car should at least never be worth more than half of your annual salary. Thus 180K would be the bare minimum acceptable salary. As I think back about it, I cannot remember where I got that idea in my head though. This is one of the reasons I posted this thread. I am curious what the average opinion is on the matter.
    I think it is silly to compare the price of the car with your annual salary. First, a car is not an asset -- you would do better burying money under a rock compared to buying a car just for an investment (there are exceptions, such as collector's items). What you should care about is the ongoing costs of having the car -- property tax, maintenance, fuel, etc. In that regard, even a $100k Model S is reasonably cheap (if you live in a state with high property taxes on cars it may not be).

    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.

  10. #50
    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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