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I retired recently at 56. Last year, I bought a P90DL and it is by far the most expensive car that I have ever purchased. When I got out of college I bought my first car. I bought a modest car and took a 3 year note. After paying it off, I kept the car for three more years and made payments into my saving account. I traded that car and with the money I saved, I paid cash for the next one and every car since. Savings ahead rather than taking car loans caused each of my cars to be worth about 20% better based on the difference in interest rates . I looked at a car as an expense rather than an asset. I sometime kept my cars ten years. I paid off my mortgage with increases in income rather than change my lifestyle. My plan was to build real assets and minimize expenses. Over time my investments made more money than I did. The excess on income went into more investments. Today I can buy any car I want, live most any house and do what I wish. I have raised five kids and passed on this advise to them. The moral of the story is early sacrifices in life few pay tremendous returns later in life. I love my Model S, it is the most fun, best car ever. If I were you I would keep the Prius and put the excess earnings into paying off notes and building your investment portfolios.
That's very true. But there's a corollary that irresponsible decisions are irresponsible decisions. The OP has not just himself to think about but his wife and 3 kids and both financially and with his time.My point is that what is right for others may not be right for the OP. Only he can decide what is best for him.
Everyone approaches life differently. I have a friend who never owned any cars, never had kids, rented small apartments, looked at every dollar he spent even after his income reached into 6 digits. He retired at 35 years old, even though he could have easily kept on working as he was an excellent engineer and manager. He's been traveling around the world for the last 6 years with his wife who he married shortly before retiring. That approach worked for him, but it's probably not for everyone. Personally, for me, I believe there are some things that I will enjoy much more earlier in life. Cars fall into that category, and so do kids by the way (I can't imagine having my first kid at 40, but it works for a some of my friends).
My point is that what is right for others may not be right for the OP. Only he can decide what is best for him.
My Wife does not work outside the home. So 125k will represent out total income. We have 3 kids, 7,4,and 7 months.
Hello good people of the Tesla Motor's Club.
I have a story to tell you. Now I know, the internet is not known to be very tolerant of long stories. I will provide a TL;DR at the end, but I just jumping to it will remove the emotional justification I have for my idea. So, if you feel that emotion can be an important part of decision making, I hope you will take the time to dive deeply into my story. If you believe that the best decisions are based on the facts alone, the bottom of this post is for you.
They say that those who fail to learn history are doomed to repeat it. The very tone of the sentence implies that we can only learn from the failures and that the prudent course is evasion. What if history, like truth is in the eye of the beholder.
When I was a young man, fresh out of college, It was my dream to own the most technically advanced automobile of the time. That car was then, the Toyota Prius. Back in the day, when the cars came from japan, and the waitlist was 6-9 months long. I was poor college graduate, I could not afford a brand new car, but I had a dream. So, I threw myself into learning about it. I joined the newly created Prius chat website, I followed bloggers, downloaded manuals. At gas stations I would speak to those happy few who got their new shiny. At car shows, I would sit in the models. I would answer questions that people asked, even before the showman could say, “Let me look that up.” One dealer had be throw on a sweater from his dealership and do a TV interview. I felt like the Prius king. Alas, the emperor had no clothes, and I had no Prius.
Forward a few months, I had gotten my first “real” job. The beginnings of a career, that will last a life time. It was a damn good job, the starting salary was more than I could fathom at my young age. Today, it is a small amount, but back then I was rich. $55k. Being young and brash. I took my future earnings and then and there set out to fulfil my dream. I ordered a Prius and began to wait.
The car arrived with 8 miles on the odometer, and along with it the bill for $31,853. Financing arranged, I set out on the wheels of my dream. The Prius was my loyal car. Even when my commute stretched itself to 150 miles a day it saw me through. 8 years and 132k miles later I said goodbye.
My commute shorted to a measly 10 miles, my family had grown, and the Prius was just sitting more often than not. But I remember the days, and felt empowered by a dream fulfilled.
Now to today. I may have an opportunity to receive a substantial raise in pay (+$30,000), but it will mean returning to the 150 mile commute. On a commute such as this, I know even a Prius will wear over time. More oil changes, brakes, filters, and fuel. I today am just as enamored with the Model S as I was with the Prius.
I joined a website of enthusiasts, I read articles, and watch youtube videos. I contacted my local tesla store and arranged an extended test drive. I have convinced myself that the tesla will be the most cost efficient commuting car to handle this possibly new commute.
At the same time, I’m not as young as I used to be. Spending 60% of your annual income when you are young is a lot different then when you are (supposed to be) a responsible family man.
TL;DR begins here
I have convinced myself, the question is, am I blinded by my dream. I need a jury of my peers. If I take this opportunity, should I spend 60% of my one year’s salary to buy a model S 70 because I believe it is the car most qualified to handle my 150 mile commute. Or should I stick with a Prius, while no longer as flashy and edgy as it used to be represents a safe and prudent choice going forward.
I look forward to your questions and comments
Thank you
That's very true. But there's a corollary that irresponsible decisions are irresponsible decisions. The OP has not just himself to think about but his wife and 3 kids and both financially and with his time.
I think people are missing the point.
-He's not switching jobs to get the Tesla, he's switching jobs because his old job will no longer be available.
-There might be 101 reasons why he can't move. Better schools where he lives now, he doesn't plan on working at the new job forever, housing costs 2x more at the new location, etc. It's easy to say "pack your stuff and move" to a stranger on the internet, but I bet half of you wouldn't just willy nilly pack your stuff and move.
/soapbox
With a young family I would try to find a job with a shorter commute, unless this job is going to boost your career in other ways - then it could be worthwhile for a short stint. But your kids are only young once...
Only you know your financial situation and whether you can "afford" a car like this. My opinion is to wait a while. Maybe buy a used one. Maybe get a different car - instead of a Prius you could get a CPO Lexus CT200h, which is the sporty/luxury version of a Prius. That might give you some driving excitement but will only cost around $25K. See if you can put aside some money each month to save for the future Tesla, like a Model 3, or an S if that is your dream car. (As was said earlier, the insurance will be much higher for the Tesla, too.) At some point you may dig into that cash for other needs, and you'll be happy all your cash isn't sitting in your garage.
What does your wife drive? She needs a safe, sturdy, tank of a car to haul the kids around.