I know, this is not smart. Coming to a Tesla enthusiast forum to ask this question. Like walking into a Star Wars fan rally and asking around if I should watch the movie or not....(although it doesn't cost $100k to watch Star Wars, so maybe that's a bad analogy). And in the end, I know these types of questions can only truly be answered by me, because only I know my situation. But its still fun to get independent and unbiased (right? :wink opinions. So here it goes anyways. *Caution, I tend to be long-winded, so if you don't care to read, no hard feelings.
Up until 3 days ago, I wouldn't have even known what a Model S is. I knew slightly what Tesla was and who Mr. Musk was...but that was about it. That darn CNN Money article about the Tesla S and Consumer Reports ranking it on top for 2 years in a row, made me raise my eyebrows. Then I saw the rave reviews from the current owners. I had 0% interest in changing my vehicle right now, and here I am...3 days later...reading practically everything I can on the Model S, watching youtube videos, doing math in the shower...I even dreamed about charging last night. Sigh.
I tend to get these types of things in my head and have a hard time letting them go until either A) I buy it or B) I come across a firm and logical reason for not going with Option A.
So I'm still in this phase, and until I can figure out which option I'm going with...it's going to eat away at me.
A little info on me.
Early 30's, married, 2 kids, small business owner, live in a rural part of the country where cost of living is low, and I live about 35 miles away from my office. Currently I'm driving a gas guzzling 2011 Tahoe, and I (or business) am paying $400-$500 a month in gas. My company bought my vehicle back in 2010, and I have about 130k miles on it now. It has given me no problems at all, and the vehicle before that was a 2002 Tahoe that had 208k miles on it.
I consider myself to be fairly financially conservative aside from a few things every now and then. We just put in a swimming pool last year and that was a major financial decision and one that didn't come without a lot of thought (and as a matter of fact, I did this same thing on a swimming pool enthusiasts forum. I need to stay away from forums apparently.) We are saving for retirement at a fairly aggressive clip, saving for kids college, and no debt aside from our mortgage. My business is very stable and generates a very steady flow of income that would take a major industry-wide event to have an appreciable effect. The business and/or I could handle a $1500 /mo car payment with no problems (assuming $100k 60 months).
So right now, here are my current worries:
1) The elitist effect. We are very conscientious of trying not to look like we're trying to show off. That's why we currently drive a Chevy and a GMC. In our small rural communities, even a Lexus will generate the perception that John Smith is just throwing money away and trying to show off. I know this vehicle turns heads, and I kind of like the fact that from one angle it could look like just your standard sedan and another angle you're like "Whoa is that a Maserati?" Have any of you found any negative social connotations with buying a $100k vehicle? I know in a neighborhood where Range Rovers and Mercedes are the norm, it would be no big deal. But driving around in a town where my vehicle cost twice as much as the majority of the homes here would really make me second guess myself, and wander if I'm really just being too materialistic.
2) The sheer fact of spending $100k on a depreciating asset just kills me. Just a week ago if I saw my neighbor drive up in a brand new Jaguar, of course I'd be googling it, and then telling my wife at dinner that night, "Can you believe the Jones' spent a HUNDRED THOUSAND DOLLARS on a vehicle? Those poor children..." It seems to be that if I'm going to buy this car, I have to throw all financial sense out of the window. I can't look someone in the eye and justifiably say, "Yeah, well I wanted to save $500 a month on gas because, you know, I drive a lot to work." Because the obvious retort to that is, "Oh yeah for sure. Spending an extra $50-$60k on a car to save $5000 a year in gas totally makes sense". I would assume that most of you bought this vehicle because you wanted it, and not for the practicality of it (even taking into account the "full tank every morning" and "no more fill ups in freezing weather" etc.)? I realize there is real value in having enjoyment out of your car, especially if you spend so much time in it. Otherwise I could just go buy a Volt :-(
3) I've never owned a sedan before. Here out in the rural parts of the country...guys either drive a truck...or a truck (in some cases an SUV like me, which is still unusual). I love fast cars and I enjoyed the heck out of driving my wife's old Toyota Camry V6 SE when we had to switch vehicles on occasion. Perhaps this shouldn't be a real worry after all.
4 - 16) Again, just the money. I just have this bad feeling in my stomach that I would have immediate buyer's remorse for spending that much money on something like a car. Not a business, or house, or weekend home (any of those that would hold or appreciate in value), and especially giving where I live. I don't mean to make it sound like I live in the slums, because my house is in a decent middle to upper middle class neighorhood (homes anywhere from $120k to $450k). But where I work tends to be in a little more economically stressed areas. I realize that no one would continue to be on this forum if they decided that they had made a mistake and sold it anyways. I guess if that really happened, these cars seem like they hold their value really well and I could sell it and recover a lot of my money if I did go down that road.
Again, mainly this is just be venting and putting some thoughts down somewhere. I'll welcome any and all comments, suggestions. Thanks!
Up until 3 days ago, I wouldn't have even known what a Model S is. I knew slightly what Tesla was and who Mr. Musk was...but that was about it. That darn CNN Money article about the Tesla S and Consumer Reports ranking it on top for 2 years in a row, made me raise my eyebrows. Then I saw the rave reviews from the current owners. I had 0% interest in changing my vehicle right now, and here I am...3 days later...reading practically everything I can on the Model S, watching youtube videos, doing math in the shower...I even dreamed about charging last night. Sigh.
I tend to get these types of things in my head and have a hard time letting them go until either A) I buy it or B) I come across a firm and logical reason for not going with Option A.
So I'm still in this phase, and until I can figure out which option I'm going with...it's going to eat away at me.
A little info on me.
Early 30's, married, 2 kids, small business owner, live in a rural part of the country where cost of living is low, and I live about 35 miles away from my office. Currently I'm driving a gas guzzling 2011 Tahoe, and I (or business) am paying $400-$500 a month in gas. My company bought my vehicle back in 2010, and I have about 130k miles on it now. It has given me no problems at all, and the vehicle before that was a 2002 Tahoe that had 208k miles on it.
I consider myself to be fairly financially conservative aside from a few things every now and then. We just put in a swimming pool last year and that was a major financial decision and one that didn't come without a lot of thought (and as a matter of fact, I did this same thing on a swimming pool enthusiasts forum. I need to stay away from forums apparently.) We are saving for retirement at a fairly aggressive clip, saving for kids college, and no debt aside from our mortgage. My business is very stable and generates a very steady flow of income that would take a major industry-wide event to have an appreciable effect. The business and/or I could handle a $1500 /mo car payment with no problems (assuming $100k 60 months).
So right now, here are my current worries:
1) The elitist effect. We are very conscientious of trying not to look like we're trying to show off. That's why we currently drive a Chevy and a GMC. In our small rural communities, even a Lexus will generate the perception that John Smith is just throwing money away and trying to show off. I know this vehicle turns heads, and I kind of like the fact that from one angle it could look like just your standard sedan and another angle you're like "Whoa is that a Maserati?" Have any of you found any negative social connotations with buying a $100k vehicle? I know in a neighborhood where Range Rovers and Mercedes are the norm, it would be no big deal. But driving around in a town where my vehicle cost twice as much as the majority of the homes here would really make me second guess myself, and wander if I'm really just being too materialistic.
2) The sheer fact of spending $100k on a depreciating asset just kills me. Just a week ago if I saw my neighbor drive up in a brand new Jaguar, of course I'd be googling it, and then telling my wife at dinner that night, "Can you believe the Jones' spent a HUNDRED THOUSAND DOLLARS on a vehicle? Those poor children..." It seems to be that if I'm going to buy this car, I have to throw all financial sense out of the window. I can't look someone in the eye and justifiably say, "Yeah, well I wanted to save $500 a month on gas because, you know, I drive a lot to work." Because the obvious retort to that is, "Oh yeah for sure. Spending an extra $50-$60k on a car to save $5000 a year in gas totally makes sense". I would assume that most of you bought this vehicle because you wanted it, and not for the practicality of it (even taking into account the "full tank every morning" and "no more fill ups in freezing weather" etc.)? I realize there is real value in having enjoyment out of your car, especially if you spend so much time in it. Otherwise I could just go buy a Volt :-(
3) I've never owned a sedan before. Here out in the rural parts of the country...guys either drive a truck...or a truck (in some cases an SUV like me, which is still unusual). I love fast cars and I enjoyed the heck out of driving my wife's old Toyota Camry V6 SE when we had to switch vehicles on occasion. Perhaps this shouldn't be a real worry after all.
4 - 16) Again, just the money. I just have this bad feeling in my stomach that I would have immediate buyer's remorse for spending that much money on something like a car. Not a business, or house, or weekend home (any of those that would hold or appreciate in value), and especially giving where I live. I don't mean to make it sound like I live in the slums, because my house is in a decent middle to upper middle class neighorhood (homes anywhere from $120k to $450k). But where I work tends to be in a little more economically stressed areas. I realize that no one would continue to be on this forum if they decided that they had made a mistake and sold it anyways. I guess if that really happened, these cars seem like they hold their value really well and I could sell it and recover a lot of my money if I did go down that road.
Again, mainly this is just be venting and putting some thoughts down somewhere. I'll welcome any and all comments, suggestions. Thanks!