Anyone buying Tesla Model Y in cash?

[mgraff]

I've never been a fan of financing for a depreciating asset. The only exception has been the last two EVs that I leased knowing I was not planning to keep them. The Tesla Model Y, I plan to keep beyond 3 years so we plan to pay cash. In my family we have always had the philosophy that you don't buy something you can't afford. If you need a car, you save up your money until you have enough to buy one.

 

[BluestarE3]

As others have mentioned, it doesn't matter what your profession is; it's how you deal with your finances. I've never had a car loan. If I don't have the money, I don't buy the car until I do. That means I tend to keep my cars for a long time, but that's OK since I'm not hung up about always having the latest and greatest shiny new thing.

 

[LasVegas2019]

Yes, I would like to disclose my financial situation on this open forum. In fact to save time I will just post my social security number so you can pull my credit report. Its 666-66-6666. And my real name is B. Alzabob

 

[ftmaybe]

My opinion:

1. I don't believe purchases should be made based on income. First, buy only what you need (ie, just a car, any car to get from A to B). Second, anything beyond "need" (ie, nice car instead of the minimum) should be reflective of your net worth, not your income. That's just my opinion. I have seen far too many people I know personally go up and down over the years, some years living it up and other years barely scraping by. Any time between up and downs they incur losses they would't have otherwise were they able to keep whatever it is that they buy. If you buy based on need and net worth, you should be able to keep whatever you buy, no matter what happens. If you buy on income, once that income goes away, so does all your stuff.

Unfortunately if most people followed this they would live considerably below how they "want" to live, and it seems a lot of people cannot handle that. When I was young I spent based on my income. I never experienced a setback, but as I got older and saw what was happening to others and I wised up. Now instead of feeling like life is boring or crappy if I don't have a new BMW every two years, I try to remind myself daily to be thankful that I am employed and my family has food and shelter and health. That's all that should really matter in the end.


2. I always finance cars. Its just about the very cheapest money you can borrow, and I'd rather invest my cash than drop it on a car and make money on the spread.


I am not buying a $60k tesla because my net worth justifies it. Not that my net worth is bad, it is more that I have annual targets I want to meet and spending that money on a car screws them up. But, there are qualitative reasons for moving forward with the purchase anyway. I figure you have to allow yourself something, your life doesn't have to be 100% bean counting. I already have a cheap, paid off car that works. I am only buying a Model Y because it is wholly, dramatically different than all cars have been in the last century. I want throw my hat in on this new experiment.

 

[linux-works]

. Its 666-66-6666. And my real name is B. Alzabob

I used to know a guy who lived at 667. I think it was the neighbor of the beast.

 

[Aarons12]

Suggested reading 'Rich Dad - Poor Dad' by Robert Kiyosaki

 

[Undisclosed]

live frugally and save up to buy it..

 

[Wennfred]

Lots of overtime or get a second job, all depends if you’re a go getter or a Lazy F... you do the math. That’s how it’s done. I did not have sexual relations with that women.

Fred

 

[Mr. Burrito]

I did numbers and realized I could theoretically make $50-55k year playing at this one arcade if I went 5 days week, 4-6 hours each day

Which game?

 

[ElectricIAC]

I've never been a fan of financing for a depreciating asset. The only exception has been the last two EVs that I leased knowing I was not planning to keep them. The Tesla Model Y, I plan to keep beyond 3 years so we plan to pay cash. In my family we have always had the philosophy that you don't buy something you can't afford. If you need a car, you save up your money until you have enough to buy one.

If you’re investing properly, borrowed money is as cheap as it’s gonna get. I’d rather make 10-15%+/yr on what I can spare to invest and borrow at 2-3% on an auto. See how that works? My investment covers depreciation instead of me eating it from the start.

 

[addictedtocars]

I am retired and heavily invested in the stock market as I can easily survive any downturn including the latest. My personal rule is I have to make twice as much as my intended purchase once I set my eye on it. Always pay cash for my cars.

 

[Kuro Houou]

It all depends on your financial state, if your on track for retirement or in retirement, then really it doesn't matter if you pay cash or not. If your still trying to save and need to gain more interest on your retirement funds then it would make more sense to finance. Everyone is different, no right or wrong answer for everyone.

 

[computerchuck]

I have paid for my cars in cash for the last 15 plus years. Why? Because debt, and living outside your means now will be your greatest hindrance to gaining significant wealth later. A principal I acted on 20 years ago. Now we can afford to pay cash, retire with dignity, have college funds for our kids, and give to others more than we’ve ever dreamed. Wealth building comes through sound choices and dedication. For us, finding Dave Ramsey and listening to his story gave us what we needed to commit to this goal. It was very tough living with less, so later we could have so much more. I urge you to consider a new path. Give this video a try and see if it will help you improve your thinking about cars and finances.

best, Chuck

How To Make A Smart Car Purchase

 

[S3XY]

I was going to pay cash for my Model Y but that is so passé. Instead I'm paying with gold bullion packed in a cloth sack with a giant dollar sign on it. Can't wait to hear the bang/jingle as I slam it on the desk.

 

[Electric Steve]

I was going to pay cash for my Model Y but that is so passé. Instead I'm paying with gold bullion packed in a cloth sack with a giant dollar sign on it. Can't wait to hear the bang/jingle as I slam it on the desk.

I thought the only legal tender since the apocalypse is ammunition.

"Either you take this ammo in payment for the car, or I give it to you the other way and just take the car. I don't want to get it dirty, so just take the ammo, ok?"

 

[rxlawdude]

I thought the only legal tender since the apocalypse is ammunition.

"Either you take this ammo in payment for the car, or I give it to you the other way and just take the car. I don't want to get it dirty, so just take the ammo, ok?"

That's dangerous! Haven't you heard of lead poisoning?

 

[BluestarE3]

I thought the only legal tender since the apocalypse is ammunition.

I thought it was only toilet paper or bottled water?

 

[Electric Steve]

That's dangerous! Haven't you heard of lead poisoning?

This isn't 1895: the lead is clad or plated in copper, depending. The lead isn't dangerous unless you pull the trigger.

There's even (what I believe is) a documentary about this.

Full Metal Jacket (1987) - IMDb

 

[Electric Steve]

I thought it was only toilet paper or bottled water?

I don't see how that would even work.

"Give me the car or I'll use this toilet paper to, uh, TP your house!"

"Give me the car or I'll use this bottle of water to, uh, get you wet!"

See? Doesn't make sense!

No, ammo is the only legal tender since the apocalypse. Trust me: this isn't my first apocalypse.

 

[rxlawdude]

This isn't 1895: the lead is clad or plated in copper, depending. The lead isn't dangerous unless you pull the trigger.

Good to know. Copper in excess is toxic, too.