View Poll Results: How much, if any, are you financing for the model S?

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  • Yes I am financing for the bulk of my purchase

    72 34.95%
  • Yes I am financing, but for less then half of the purchase

    21 10.19%
  • Yes, I am financing for nearly half

    31 15.05%
  • I am not financing at all

    82 39.81%
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Thread: Are you financing to get the Model S?

  1. #1
    Member Bardlebee's Avatar
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    Are you financing to get the Model S?

    I'm not sure if there is a thread out there, perhaps this is another demographics thread. If so mods slap me and point me in the right direction.

    I would like to get input on how many of us are financing, who perhaps don't want to wait or feel they can't afford to drop that much money down to buy the car with cash. I suppose I would like to hear that I am right. That is, maybe I feel I am a bit crazy trying to finance 40k worth of a vehicle which otherwise could go to almost a third of my mortgage and pay off my house better. Or perhaps buy an ICE car (something I don't want to do) and have money left over to invest in stocks, something I would like to try my hand at more. I could even put the money in retirement, I am young (26) and starting now would be smart. There are numerous ways I could use the extra money then dropping 40k then financing for another 40k as my plan is to get the 230 with most options.

    I guess my ultimate question is, are you financing and why? I feel like I am alone sometimes on this forum when it comes to being someone who doesn't make over 100k (yet! ) or perhaps single income purchasing. The wife makes good money like me, but doesn't want to help. And that is not a jab at people with higher incomes, as I like to think those people earned it and went to school or worked hard and are working hard for it, more power to them. I would like to see however those people who make... I don't know 50-100k or maybe less. I guess I would like to know I am not making a silly financial mistake and I'm not the only one my wife should be calling crazy.

    Also it would be nice to get a feel for those naysayers saying "THIS CAR IS ONLY FOR RICH PEOPLE!" Because while I am not rich, I am above average I think but still not rich.

    This thread may also be titled "Should I buy this considering other options?"

  2. #2
    Model S 03182 ElSupreme's Avatar
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    I am going to finance the car. Interest rates are pretty low. I can spend the cash I have better other places.

    Think with dispassion; Speak with equanimity; Act in calm.
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  3. #3
    Member Bardlebee's Avatar
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    Quote Originally Posted by ElSupreme View Post
    I am going to finance the car. Interest rates are pretty low. I can spend the cash I have better other places.
    Plan B for me is to convince my wife we need this car.

    I suppose money could always be spent better in other places...

  4. #4
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    1.99% credit union rate sold me on financing for 60 months.

  5. #5
    Member Bardlebee's Avatar
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    I ask this in ignorance, because I have only had one car, my mustang. Have interest rates dropped at all? I don't have a long and drawn out credit history and since my car now was my first, it was 7.5% My credit has since gotten better since.... well I have credit history. Is 3.0 and below pretty expected with a good credit rating?

  6. #6
    Model S: VIN P 3552 gg_got_a_tesla's Avatar
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    I'm financing for all of the following reasons:

    - A dollar today is worth a lot more than a dollar 5 or 6 years later. That'd apply even with the interest paid on money from a car loan.

    - As ElSupreme said, interest rates are quite low (2.99% is widely available) so, the monthly payments and the overall interest paid over the life of the loan are very reasonable.

    - I like cash liquidity rather than locking up all that money in a fast-depreciating asset. Can be invested elsewhere in a reasonably low-risk fashion.

    - From certain lenders, there's an affordable GAP insurance option that'll cover the delta between what the insurance company would pay and what you still owe on the loan in case of a total loss. So, a loan situation can be no worse than buying outright in that regard.

    - As someone (Robert.Boston?) said on another thread, not wanting to have any sort of debt could be "emotionally satisfying" but, not necessarily financially prudent.

    - I just cannot afford to buy it outright without making a huge dent in savings that I can tap into for a rainy day!
    Awaiting 85 kWh, Dual Motor AWD, Green, Pano Roof, Textile Seats, Piano Black trim, Tech Package with Autopilot, Dual Chargers, Subzero Package, Active Safety, Smart Air Suspension, 19" Wheels, ETA January 2015

    VIN P 3552 - 60 kWh with Supercharging, Green, Black Roof, Black Leather, Piano Black trim, Tech Package, Active Air Suspension, 19" Wheels, 28,343 miles, Delivered January 2013, RIP August, 2014

  7. #7
    Senior Member kevincwelch's Avatar
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    Stay tuned for my demographics survey. It will go live soon.

    A lot of people are financing at last some part of the car.

    Sent from my Nexus S 4G using Tapatalk 2
    MODEL S 85 | BLUE

  8. #8
    R1211 & S282 NigelM's Avatar
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  9. #9
    Member Bardlebee's Avatar
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    Quote Originally Posted by NigelM View Post
    Oh wow, what a difference there. It's almost fifty percent of people buying are financing. That is definitely good (though a low sample size) stat to show people who think this car is for rich people. Though you notice the media generally doesn't define what is "rich" when they refer to items such as a 50+ thousand dollar car. They always point out its a 100k car (they make it sound like thats the minimum) and that only the "SUPER RICH" can afford it. Well, I am neither superman, nor rich.

    Thanks for that link! I will search for your poll kevincwelch, I would like to contribute.

    EDIT: Contributed!

  10. #10
    Driving a Volt for now...
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    My model S will be the first car I have ever financed, I have paid cash for all of my previous cars. My plan is to put down a deposit equivalent to a car I would normally buy (25-30K) and to finance the rest. Hopefully the low rates will still be available when my number comes up.

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